Farmer's $183,000 Tractor Sale Points to Growing Optimism in US Agriculture

America's aging farmers have been holding on to machinery for longer than usual due to low crop prices and rising costs, but signs suggest a recovery is underway.

Donald 'Shorty' Peterson, a 104-year-old farmer in Illinois, recently sold his 2013 Deere 8235R tractor for $183,750 at an auction. This sale demonstrates the strength of the used equipment market, which has been boosted by recent rallies in crop prices.

Corn futures have jumped about 15% in August, and soybeans have added more than 8%. Wheat is up roughly 20% this month. Global supply concerns have sent benchmark corn and wheat futures to three-year highs.

'I haven't seen this combination of factors in my 36 years of tracking,' said Greg Peterson, known as 'Machinery Pete.'