Yes I believe the warranty is two years, but I am not positive. For some reason, I don't have a copy of the warranty policy in my document package.Don't know what the warranty is, but that does look like material or workmanship defect. Although, if for some reason you can't get it covered either with warranty or insurance; that could be repaired. First choice would obviously be warranty.
Ideally, the dealer would document the failure, then hopefully AGCO lets me weld and keep using the defective boom while I'm waiting for the replacement. Unfortunately, I can see it is currently listed as backordered on the AGCO parts website.