Farmers are also being squeezed by their customers - prices for farm produce have been steadily falling for over a century, see e.g. [0].
JD's commercial model requires both capital outlay in purchasing equipment, and committing to a maintenance contract that the farmer can't influence. So the farmer loses control of maintenance costs whilst also under pricing pressure for their produce.
I can't speak to your experience obviously, but farming for many is a (very) low margin business.
[0]: https://www.ers.usda.gov/data-products/chart-gallery/gallery...