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Ukraine: Wheat Market Boom Is Igniting Bidding Wars for Farm Equipment
Posted
March 24, 2022
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March 24, 2022
8,535
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7:14Now PlayingWheat isn’t usually something American farmers think much about in the spring. The vast bulk of the crop goes in the ground in the fall, and as temperatures start to climb, they’re focused more on their corn and soybean plantings.
But in a sign of just how much Russia’s invasion of Ukraine has upended global grain markets, farmers across the Midwest are scrambling to get their hands on the machine of choice for planting wheat. Called an air seeder, it’s a massive rig that hitches to the back of a tractor and sprays small seeds into the soil.
Demand is so hot -- and supply so scarce -- that new air seeders have become almost impossible to find. This in turn is sparking bidding wars for used models that are pushing prices to record highs, says Greg Peterson, the go-to source for pricing on used farm equipment in the U.S. A bunch of old Deere and Bourgault seeders listed for sale on Peterson’s website, machinerypete.com, are quoted in six figures, including one at $450,000 and another at $615,000. Some of these prices now exceed the list price on new models.
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