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Used values higher in Michigan, Ohio

GREG PETERSON 02/28/2013 @ 9:00am Greg Peterson writes "Machinery Pete" column for Successful Farming magazine and appears on the Machinery Show on RFD-TV, talking about trends in the used equipment market

I enjoy hanging out with my buddy Al.

Al Kluis that is, commodity analyst and columnist for Successful Farming magazine. We were on a tour of (5) regional Minnesota for a series “2013 Ag Outlook” meetings for the Linder Farm Radio Network back in mid January. Each stop I would give my talk about current & historical trends in the used equipment market and Al, www.alkluis.com, would do his talk on current and historical commodity price trends and thoughts for the coming year.

One comment Al made really stuck with me. In response to a drought related question Al referenced his clients out in Michigan and Ohio, he said they were “chomping at the bit and ready to roll”, meaning those folks had a more positive outlook based on healthy moisture levels vs. folks in drought stressed areas heading into 2013. I concur.

I say that because of the auction sale prices I’ve been seeing coming out of Michigan and Ohio here the past 4-5 weeks. Wow, I guess they’re chomping at the bit. You may recall the 1993 JD 4960 MFWD tractor with 3,045 hours sold on a farm auction in west-central Ohio for $114,000, a new record sale price on a JD 4960 by a mere $27,000. That sale was by Schrader Real Estate & Auction.

On a nice farm auction last Thursday (Feb. 21, 2013) in central Michigan a 1988 CaseIH 1640 combine with 3,370 hours sold for $32,500. That’s with no heads. $32,500 is the 5th highest auction sale price I’ve seen on a CaseIH 1640 in the past 10 years, back to February 2003. Here’s a picture of the 1640 that went for $32,500, the sale was by Sykora Auction Service, Inc. (corn head sold separate).

Just yesterday, February 26, 2013, on a farm auction in southeast Iowa, another very nice CaseIH 1640 combine sold, a newer 1992 model with only 2,248 hours, so 1,120 fewer hours and four years newer than the 1640 sold for $32,500 in central Michigan a week earlier. Here’s a pic of the 1640 sold yesterday in southeast Iowa:

How much did the 1640 with lower hours sell for on yesterday’s southeast Iowa auction by Sullivan Auctioneers? $27,000.

A very strong sale price, no doubt, just not quite as “white hot” as the older one sold for $32,500 in central Michigan with 1,120 more hours. Goes back to what my buddy Al said about farmers in Michigan and Ohio, they’re chomping at the bit, ready to roll. Yes they are.

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