The used farm equipment market remains elevated in the new year, although there are signs pointing to a market softening in 2024 as commodity prices decline and inventory pushes higher.

Greg Peterson, better known as “Machinery Pete,” has been tracking and researching farm auction prices for 34 years and says four years of record price increases continued through 2023 but potentially could stabilize this year.

“The supply side is changing on the dealer lots … We have more inventory of combines and high horse tractors,” Peterson said this week. “With lower commodity prices, an educated guess would be...