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Weak dollar drawing foreign buyers

Agriculture.com Staff 05/22/2008 @ 10:30am

I stood auctioneer at a tractor collector auction a week ago Saturday (May 10, 2008) near the twin cities (Mnpls./St. Paul) with a huge crowd. Also in the crowd that day was a guy from Ireland.

The auctioneer told me of another collector auction he had the previous Saturday (May 3, 2008) that had multiple phone bids from European bidders. The very weak U.S. dollar is acting like a magnet, drawing used farm equipment buyers from all over the world to the US market.

And it's not just antique tractors foreign buyers are after. Earlier this week I had a conversation with Al, a farmer from eastern Iowa who dabbles a bit in buying/selling used equipment. Al told me he has a connection in Florida he's dealt with for many years. This winter the Florida guy had (5) JD 9320 four-wheel drive tractors with between 4,500 to 5,500 hours for sale. Al from Iowa was interested in buying one, but by the time he made it down to FL, all the 9320s were sold. . . heading to RUSSIA, all sold at top dollar, in the $96K range.

Check out the table below with auction sale prices on JD 9320 tractors. See how the 2003 model with 4,549 hours sold December 19, 2007 in west-central Minnesota for $81,000? Now compare that to the 9320s in this hour range sold for $96,000 to the Russian buyer. Quite a price jump, isn't it?

Untitled Document

Year

Hours

Condition

Price

Date

Location

Specifications

2003

2,084

G

$120,000

3/26/2008

SCID

4WD, Greenstar ready, active seat, PS, 4 hyd., drawbar, Goodyear 800/70R38 duals, inside & outside rear wheel weights

2003

4,549

G

$81,000

12/19/2007

WCMN

4WD, 520/80R42 DUALS, CAH, 4 HYD., 3 PT., 24 SPEED

2003

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