The Steffes Group, which sells agriculture equipment at auction, reported a strong spring for sales of tractors, combines, and sprayers.
The company conducted 170 auctions from January through April, many of which were exclusively online.
President Scott Steffes said buyers are looking for well-maintained equipment.
“The market is discriminating,” he said. “Well-maintained equipment with low hours commanded a strong premium. We sold the highest-priced tractor in the history of our company this spring, a late model John Deere RX.”
Older machines also did well.
“Most surprising was sharp rises in tractors 15 years and older, showing great care, good tires and a pedigree,” according to the Steffes report.
Land sales remain strong while showing a bit of vulnerability.
“Buyers have shown up and sales have been impressive and yet we’re starting to see, perhaps, a little chinking in what has been exceptionally strong armor,” the report said. “It probably reflects more of a hesitation in a consistently rising market, and we’ve only seen it in areas where weather has greatly affected crop production. Premium land still commands premium prices in all our markets.”
Steffes Group provides services throughout the Upper Midwest, including Iowa, North Dakota, South Dakota, Minnesota, Wisconsin, Montana, Illinois and Nebraska.
Source: Farm Progress