Despite concerns over rising costs and current economic challenges in agriculture, the market for used equipment remains ...

Another week, another record shattering used farm equipment auction. This one took place last Friday in the Hawkeye State near Kingsely, Iowa, and it had Machinery Pete scouring the record books.

Greg "Machinery Pete" Peterson said auction sales of late model used large farm equipment have soared while prices have plummeted. He talked about the state of the industry at the Big Iron Farm Show.

According to Greg Peterson, known as Machinery Pete, the market for used farm equipment is just beginning to see the effects of these price drops. Farmers like John Lawless, who manages 6,000 acres in ...