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Ritchie Bros. Digs into Farm Equipment Trends with May Market Trends Report

May 18, 2022, 07:00 AM
Filed Under: Agriculture

With its May Market Trends Report, Ritchie Bros. digs through farm equipment data to showcase trends in tractor, combine, header, sprayer and air drill sales. According to Ritchie Bros. agriculture index, equipment prices are up approximately 14 percent year over year, for the three months ending April 2022.

The free monthly report outlines decreasing inflation rates for most U.S. and Canada price indexes. Pricing is still up year over year, but the month-to-month inflation rate is slowing. For example, in the U.S., truck tractor prices in Ritchie Bros.' May report are up approximately 52 percent year over year—they were up 58 percent year over year in last month's report. However, the May report does show increasing inflation for construction equipment prices in Canada.

Download the May Market Trends Report here.

"We have experienced unprecedented price inflation for equipment and trucks over the past year, with record demand and well-publicized supply chain issues causing significant tailwinds," said Doug Olive, Senior Vice President (Pricing), Ritchie Bros. "We are continuing to drive strong pricing across most equipment categories and, as expected, the rate of inflation growth is starting to slow down, especially for transportation and aerial equipment. There continue to be pockets of price inflation increases—for example, in Canada, our large earthmoving index increased a further 2 percent in April, while agricultural equipment and farmland prices have recently set new highwater marks."

Doug Rusch, Managing Director of Rouse Sales, added, "We continue to see tight supply and strong demand for equipment across the retail market, with values continuing to rise month over month. In April we saw retail values increase 2 percent, making that an increase of 24 percent year over year."

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