Strong demand expected for farm equipment in 2023

Dec 07, 2022

Farm Credit Canada's chief economist J.P. Gervais says with a good crop in 2022, receipts for 2023 are going to rebound and that should sustain the demand for equipment.

He notes there are caveats to this positive outlook, interest rates is one of them, the cost of farm inputs overall, and the weakening Canadian dollar.

While the depreciating loonie makes new tractors and combines more expensive, it also has a positive effect on farm commodities destined for export.

Gervais feels the used equipment market is expected to stay robust for most of 2023 and into 2024.

FCC says the used equipment market has seen increased demand because of the pandemic-related shutdowns with limited availability for new equipment.

He says we've seen quite a bit of disruption in the system from problems accessing parts to equipment, but most of the indicators are telling us that, globally, the supply chains are improving.

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Video: Agriculture Secretary Rollins Speaks at American Farm Bureau Federation Convention in Anaheim

One of the highlights at the 2026 American Farm Bureau Federation Convention in Anaheim, California, was an address by U.S. Secretary of Agriculture Brooke Rollins. During her remarks, she thanked America’s farmers and ranchers and said the Trump Administration is fully aware that food security is national security.

She also acknowledged the challenging times in Farm Country with low commodity prices and high input costs and said that’s why the President stepped in to help with the recent Bridge Assistance Program.

Montana Farm Bureau Federation Executive Vice President Scott Kulbeck says that Farm Bureau members are appreciative of the help and looks forward to working with the American Farm Bureau Federation and its presence in Washington, DC to keep farmers and ranchers in business.

Secretary Rollins said the Trump Administration is also committed to helping ranchers build back America’s cattle herd while also providing more high-quality U.S. beef at the meat case for consumers.

And she also announced more assistance for specialty crop producers who only received a fraction of the $12 billion Farmer Bridge Assistance (FBA).

It’s important to note that producers who qualify for Farmer Bridge Assistance can expect the Farm Service Agency to start issuing payments in late February. For more information, farmers and ranchers are encouraged to contact their local USDA Service Center.