In this episode of On the Record, brought to you by Associated Equipment Distributors, we share an update on the beef producers and their equipment plans. In the Technology Corner, Noah Newman visits with Bane-Welker on its 3-pronged approach to precision service. Also in this episode, AgRevolution’s Stacy Anthony provides his outlook for 2026 and an update on how customers in his region are feeling and more details on Yetter’s acquisition of Martin-Till, with insights from Martin-Till President Steve Martin.

   Associated Equipment Distributors

This episode of On the Record is brought to you by Associated Equipment Distributors — the leading association in North America for the equipment distribution industry.  

Get ready for a powerful start to the year with AED’s packed lineup of Q1 and Q2 events designed to connect, educate, and energize industry professionals. From high-impact conferences and hands-on training sessions to exclusive member gatherings and strategic leadership programs, AED is bringing together top experts and forward-thinking dealers to share insights that drive growth. Whether you’re looking to sharpen your team’s skills, stay ahead of emerging trends, or expand your network, our first-half-of-the-year events deliver unmatched opportunities to elevate your business and strengthen your competitive edge. Visit www.aednet.org/ for more information.

 

TRANSCRIPT

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Beef Producers to Remain Strong Segment for Equipment

In the February 19, 2026 article, “The Beef Industry Has a Message for Consumers: Get Used to High Prices,” the Wall Street Journal reported that U.S. cattle herds are at their lowest level in 75 years, according to the USDA. Ranchers, as a result, are seeing their strongest profits in decades.

Beef Producers to Remain Strong Segment for Equipment graph.jpg

“Ranchers began shrinking their herds several years ago because of poor financial conditions stemming from the Covid-19 pandemic,” reports the WSJ. Drought added to the woes in ranchers’ feedstocks.

According to the report, “ranchers say they’ve been pouring their earnings into repairs, long-overdue equipment purchases and paying down debts.”

Dealers on the Move

This week’s Dealer on the Move is Forrester Farm Equipment. The New Holland dealer has purchased majority stakes in AG-Industrial Inc. The acquisition includes 4 full-line New Holland agriculture dealerships located in Rising Sun, Md., New Holland and Tamaqua, Pa., and Dover, Del.

Bane-Welker’s Unique Approach to Precision Service   

We stopped by Case IH dealer Bane-Welker in Lebanon, Ind., on our way to the National Farm Machinery Show earlier this month. We had a great conversation with marketing manager Lindsay Yeager, who explained how the 13-store dealership takes a three-pronged approach to precision service. 

“We have a semi-complex way that we organize our precision team, but they work together well. We have an application team that deals with sprayers. We have our precision farming specialists that are located at several stores and help with service or sales of precision items, installations, upgrades, whatever our growers need. We also have our data specialists. They help more with the FieldOps aspect that Case IH provides, but anything from helping set field boundaries or importing/exporting prescriptions.” 

Noah Newman: “When you’re out in the field shadowing your precision people, what impresses you most about them?”

“I like that they’re problem-solution-focused. They’re always eager to share the knowledge that they have with customers and growers, but they’re also willing to work on their feet very fast. They have well-established connections with the rest of the team. They know if a certain situation is happening with electrical systems, they can call a certain people and help get that issue resolved.”

We’ll have more highlights from our conversation with Lindsay Yeager coming soon on PrecisionFarmingDealer.com. 

Commodity Ticker 

As of February 24, corn prices were $4.27, flat from our last episode. Soybeans closed at $11.39, up 15 cents. Wheat closed at $5.67, up 30 cents. Starting this week, we’re also tracking Class III milk prices, which closed at $16.37, up 5 cents

Commodity Ticker.jpg

Tariff Situation in Flux

On Feb. 20, the Supreme Court ruled that President Trump exceeded his authority when he imposed sweeping tariffs on imports from nearly every U.S. trading partner. However, a new tariff on most global imports went into effect just after midnight on Feb. 24 at 10%. Previously, Trump had pledged to impost a 15% tariff.

Our editors are working on a story right now about what — if any — both of these changes on tariffs will have on ag equipment manufacturers. If you have any comments on how this news changes the picture for ag manufacturer, please reach out to me at kschmidt@lessitermedia.com 

Steve Martin Shares Insights on Acquisition 

Farm Equipment editors met with the Yetter and Martin Industries ownership groups in Elkton, Ky., earlier this month following the announcement that Yetter was acquiring Martin. 

Steve Martin, President of Martin-Till provided some details on the monumental deal, and what his role will be in the organization. 

“Yetter has doors open that I can't open. We have always complemented each other's product lines. I feel like they can take us to another level with their global reach, their additional OE platforms that that maybe we can get into. I never wanted to run a company and definitely didn't want to be part of HR, but my strength is seeing a problem, getting a thought of how to fix it and taking that and running with it. And Dad was the same way.”

“Once we get that first prototype built, then the real work starts and that's where we would get bored. We've got countless examples of that that I could mention, but, we have also been careful about what products we did choose to push out there. We've got dozens of things we've built oneoffs or one set of that have worked well, but the headache of taking it to the next level, marketing, doing fit up documents and what-not were just overwhelming.”

“So [Yetter] acquiring Martin will give me more freedom to do what I do best and let somebody else take the reigns of the day-to-day running of the company. So mom and dad, Dad was okay with it. He gave his blessing. I want to be real clear here. This is not a reaction to his death. This was in preparation, in plans from way back. So Mom, I have her blessing as well.”

As we reported previously, the Martin-Till brand will remain. Steve Martin will also stay on in an R&D, innovation type role. He reiterated that each brand will operate independently behind the scenes.

Cautious Optimism for Dealers & Producers  

During the National Farm Machinery Show in Louisville, we caught up with Stacy Anthony with AGCO dealer AgRevolution. He’s optimistic for 2026 and says there could be a turnaround this year. And while that’s still to be seen, he says we just need a couple adjustments economically to see farmers start reinvesting in and updating their fleets. 

“We're optimistic for [2026], we're prepared for whatever it delivers. If it continues to give us another flat year, we're prepared for that, but quite honestly we do think we're on the bring of a turnaround.”

He says the farmer outlook varies depending on their operation, but most producers are cautiously optimistic. 

“And I think that they're looking for a way to manage and control inputs and they know that the price is going to be what it is for commodities. But to me, I think that they're fairly optimistic. It ties right back into precision and what it can do to lower your cost and maximize you top-line revenue.”

DataPoint: U.S. Farm Sector Assets 

This week’s DataPoint is brought to you by the 2026 Dealership Minds Summit — Maximizing Operational ROI. To learn more about the Aug 4-5 event, visit www.DealershipMindsSummit.com

DataPoint- U.S. Farm Sector Assets.jpg

Farm real estate assets, land and its attachments, are forecast to be $3.77 trillion in 2026, a 3.8% increase from 2025 in nominal dollars (1.9% in inflation-adjusted dollars), representing 83% of total farm sector assets. Non-real estate assets include the value of investments and other financial assets, crop and animal inventories, purchased inputs, and machinery/vehicles. Non-real estate assets are expected to remain relatively stable from 2025 to 2026.

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