An auctioneer suggests the farm machinery market is softening.
Jon Tofte with I-35 Auctions in north Iowa says prices for heavy equipment of all kinds seem to be leveling off.
“Some sources I’ve seen in the last few months have stated that they’ve come down about 9 percent versus the quarter of the year previous.”
He tells Brownfield interest rates are a primary factor.
“There’s no doubt about it in my mind.”
Tofte says this is typically a slower season for machinery auctions, but with online sales continuing to gain popularity he believes the winter months could become a very strong time.
