No surge in land or equipment prices likely, experts say. A panel of auctioneers and used equipment salespeople discussed trends in prices for farmland and farm equipment at the Agweek 360 Building at the Big Iron Farm and Construction Show. Ann Bailey | Published on: Sep 16, 2026 WEST FARGO, N.D. - There's only one direction for land prices and that is up, predicted a panel of agricultural land and equipment sellers. A panel of Lindsey Brown, of Peoples Company, Devin Deile, of Ulmer Auctions, Dennis Biliske, of Resource Auction, Ryan Thompson, of Big Iron Auctions, and Don Aberle, Titan Machinery used equipment sales manager, discussed questions about land and used machinery sales during a panel at the Agweek 360 Building at the Big Iron Farm and Construction Show on Tuesday, Sept. 15. "I don't think land prices will drop, especially with an increase in farm prices," Brown said. Land is a non-renewable resource, which makes it more precious than gold, Biliske said. But the value of land is not always commensurate with the price it fetches. "When good land is high, poor land is really, really high," he said. While purchases of land by outside investors has been as much as a 70% rate, compared to 30% farmer purchases in the 37 states where Peoples Company does business, the ratio is nearer to 50-50 "up here," Brown said. But Aberle said the majority of his customers are more likely to sell their farmland to a neighbor than to an outside investor. Biliske noted outside investors, such as Bill Gates, have purchased land in North Dakota, but that 80% of the sales are to farmers. "That neighbor farmer is going to be your best buyer," Biliske said. A new twist in land sales is investors who buy land aligning with producers to farm the land, Thompson said. Just as demand for land is constant, so is demand for farm equipment, the panelists said. In Biliske's 42 years in the farm auction business, there has never been a time when there was not demand because farmers need to replace equipment. However, there are times when farmers can't afford to buy equipment. "The ability to buy the equipment is the thing that affects the market," not demand, Biliske said. During a "buyer's market," equipment purchases are more of a need than a want," Deile said. "I need to update," he said. Essential pieces of equipment that farmers need to buy are planters, tractors and combines. Combines rapidly increase in price, making them a good piece of equipment for resale, Biliske said. "If there's something that people should be paying attention to, it is combines. It will pay dividends for you - big, big dividends," he said. Equipment that has precision agriculture technology also adds value, Aberle said. Precision agriculture also makes farmers' land more valuable because they can use the technology to maximize production. Neither land or machinery prices likely will see a surge in the next two years, the panelists predicted. Equipment prices will rise slowly in 2027 and be stronger in 2028, Aberle said. Thompson expects equipment prices to be steady and slightly stronger in the near future. Biliske doesn't expect there to be any big uptick or downturn in land prices.

Titan Machinery Q2 earnings call highlights. Titan Machinery (NASDAQ:TITN) reported a second-quarter fiscal 2027 net loss as revenue declined amid continued weakness in agricultural equipment demand, though the company said inventory-management efforts supported improved equipment margins and lower floor-plan interest expense. Earnings report analysis For the quarter ended July 31, 2026, Titan recorded total revenue of $496.4 million, down from $546.4 million a year earlier, reflecting a 6.2% same-store sales decline. Net loss was $9.2 million, or $0.40 per share, compared with a net loss of $6 million, or $0.26 per share, in the prior-year quarter. The prior-year result included a $2.2 million tax benefit that did not recur because of a tax valuation allowance established in the fourth quarter of the prior fiscal year. Discover more Access Premium News TVAL ETF performance Short interest ratio Adjusted EBITDA was $4.6 million, compared with $5.6 million a year earlier. Margin gains offset lower sales. Chief Executive Officer Bryan Knutson said quarterly results were largely in line with the company's expectations. He highlighted continued improvement in agricultural equipment margins, which he attributed to actions including reducing aged inventory, improving inventory mix and strengthening inventory-management processes. Gross profit was essentially unchanged at $92.4 million despite the revenue decline. Gross margin expanded 150 basis points year over year to 18.6%, according to Chief Financial Officer Bo Larsen. Equipment margins increased 190 basis points to 8.5%, supported by healthier inventory and a higher consolidated mix of parts and service revenue. NASDAQ daily summary "These margin improvements are being driven by actions within our control rather than any meaningful improvement in underlying industry demand," Knutson said. Operating expenses rose modestly to $94.1 million, primarily due to variable expenses associated with sales initiatives and efforts to clear aged inventory. Larsen said headcount and discretionary spending remained below prior-year levels. Floor-plan and other interest expense fell 30% to $8.1 million from $11.5 million, reflecting lower interest-bearing inventory levels. Domestic agriculture remains pressured. Domestic agriculture segment sales totaled $310.2 million, with same-store sales down 8.4%. Equipment revenue declined 13.5%, although it came in modestly ahead of management's expectations. The segment's pre-tax loss improved by $9 million to $3.3 million as stronger equipment margins helped offset lower demand. Knutson said grower profitability remains under pressure because corn and soybean prices, despite recent gains, remain below levels that would support a meaningful broad-based equipment-demand recovery. Elevated input costs also continue to weigh on farm economics. Titan said first-half domestic agriculture results benefited from earlier-than-expected factory shipments of pre-sold equipment. The timing accelerated deliveries to customers and strengthened first-half comparisons, but management expects it to create relative year-over-year headwinds in the second half. During the question-and-answer session, Knutson said the recent rise in commodity prices was encouraging but emphasized that cash prices vary based on local basis levels. He said sustained commodity-price improvement, farmer profitability and forward contracting into 2027 could support a more material pickup in buying activity next year. Short interest reports Larsen said domestic agriculture equipment margins were 6.7% in the first half, compared with 3.1% a year earlier. The company expects full-year domestic agriculture equipment margins of about 6.9%, while noting its normal range is generally 8% to 11% or 12%, depending on market conditions. Construction improves while Europe weakens. Titan's construction segment posted same-store sales growth of 9.2% to $78.6 million, driven primarily by higher equipment sales. Pre-tax income improved to $0.4 million from a pre-tax loss of $1.2 million a year earlier. Management cited infrastructure investment and data center projects as sources of demand that helped offset softer purchases from agricultural customers. Europe was the company's weakest segment. Sales fell to $66.1 million, including a $1.1 million benefit from foreign currency fluctuations. On a constant-currency basis, revenue decreased about 34%. Germany accounted for approximately $11 million, or roughly one-third, of the year-over-year revenue decline as Titan continues to wind down operations there. The balance of Europe's decline reflected weaker equipment demand against a strong prior-year comparison in Romania, which had benefited from European Union stimulus programs. The Europe segment reported a pre-tax loss of $1.3 million, compared with pre-tax income of $5.1 million a year earlier. Knutson said low commodity prices, higher operating costs, geopolitical uncertainty, poor crop conditions in some regions and weaker farmer sentiment have caused European customers to delay equipment purchases. Australia sales rose 36% to $41.4 million, including a $3.9 million foreign-currency benefit. Constant-currency revenue increased 22.5%, aided by the addition of the New Holland brand at six locations in the prior fall. The segment's pre-tax loss widened to $3.4 million from $2.1 million. Share price tracker Larsen said Australia's profitability was affected by softer equipment margins as the company works through aged inventory. However, management expects better rainfall, improved crop-yield prospects and strengthening farmer sentiment to support demand in the second half. Outlook maintained, segment assumptions updated. Titan reaffirmed its full-year adjusted EBITDA outlook of $17 million to $29 million and its adjusted diluted loss-per-share outlook of $1.25 to $1.75. * Domestic agriculture revenue is expected to decline 15% to 20%, toward the 15% end of the range. * Construction revenue is now expected to increase 5% to 10%. * Europe revenue is expected to fall 30% to 40%, including about $44 million tied to the German wind-down. * Australia revenue is expected to rise 15% to 20%, near the high end of the range, with foreign-currency translation expected to contribute about 8% growth for the full year. The company expects consolidated equipment margin of approximately 8.3% for fiscal 2027, up from 7.3% in fiscal 2026. It also expects operating expenses to decline year over year and represent roughly 17.5% to 18% of sales, while floor-plan interest expense is projected to fall about 30% for the full year. At quarter end, Titan had approximately $30 million in cash, total inventory of $931.5 million and an adjusted debt-to-tangible-net-worth ratio of 1.6 times, below its bank covenant of 3.5 times. Larsen said used equipment inventory was down $40 million year to date, while domestic agriculture inventory was down $16 million despite the challenging market. Compare Credit Cards About Titan Machinery (NASDAQ:TITN). Titan Machinery, Inc is a leading full-service dealer specializing in the sale, rental, and servicing of agricultural and construction equipment. The company represents major brands such as Caterpillar, Case IH and New Holland, offering new and pre-owned tractors, combines, excavators, loaders and other heavy machinery. In addition to equipment sales, Titan provides parts distribution, preventative maintenance and field service support to help customers maximize uptime and productivity. Beyond equipment transactions, Titan Machinery offers a comprehensive suite of support services.