COVID-19 may be hurting many areas of the U.S. economy, but strong demand has continued for tractors, combines and other farm assets, according to a spring report from Steffes Group.
During the first four months of 2020, the company conducted 170 auctions, all of which were successful. The company is conducting online auctions exclusively during the “shelter in place” period.
Demand was strong for tractors, combines and sprayers throughout the period, regardless of the auction method. The company says well-maintained equipment with low hours commanded a strong premium. Even older machines did well in many cases, with sharp rises in tractors 15 years and older, showing great care.
Land values have been strong, but with some weak spots. Premium land still commands premium prices, and land values continue to benefit from historically low interest rates.
Steffes Group provides services throughout the upper Midwest, including Iowa, North Dakota, South Dakota, Minnesota, Wisconsin, Montana, Illinois and Nebraska.