Welcome to Moving Iron with Casey Seymour and Greg Peterson, the podcast for anyone and everyone involved and interested in the business of ag equipment. If you want to understand what trends and market forces are impacting the price of your iron, you've come to the right place. Buckle up. It's time to move some iron.
Hello and welcome to Moving Iron podcast. This edition of Moving Iron podcast is brought to you by John Deere. I've got Greg Machinery Pete Peterson on to talk about what's happening in the world of equipment. Greg, how you doing today?
I'm doing well, Casey. How you doing?
Doing pretty good, man. I'm doing pretty good. So, you made it out to my neck of the woods last week. There you were over in Laramie helping your daughter get moved into their new home and all the fun stuff.
There you go. There you go, man. There you go.
Got to move in. I had not been to Laramie, so it was really fun to spend some time out there. Beautiful community, nice people, and I like the cool, crisp weather. It was like 90 and sticky in Minnesota. We got up there and it was like 72 and zero humidity, so it was nice.
Yeah, and they were probably complaining about how humid it was. Probably it was, you know, yeah.
To complain about something, but I also saw antelope roaming around near the kids' house, and I realized that's probably pretty common out there, but we do not see antelope in Minnesota, so that was fun.
Yeah. Yeah, it's a different kind of climate out there, and it's like you said, Laramie is a cool place. A lot of neat stuff going on there. But the good thing about your daughter and her family, they get out there, they're going to experience all kinds of weather in the same day. So, it'll be great. It'll be summer, spring, and fall, winter all in the same day. So, it'll be great. It's all going to be great.
They're in their mid-30s, just had their first child. They've been an interesting route. They lived in Minnesota. Our son-in-law is from Indiana, so they're Midwest, but they lived in Pennsylvania for 7 years, California for 3 years, and now in Wyoming. They've both been to China, been to Spain, been to Mexico, so they've traveled a lot more than Mrs. Pete and I have when we were in our mid-30s, put it that way.
Yeah, for sure. For sure. Well, speaking of travel, let's talk a little bit about what's going on in the auction space, you know, pre-4th of July time frame. You see some stuff happening that last week of June. Kind of like what we talked about, setting the table for what the rest of the year is going to look like. As we got into what we were going to talk about before the show started, you brought up a couple of things. One from Ritchie that we're going to talk about here just kind of directly, but some good late-model low-hour stuff that was out there and, you know, brought the money. So, talk a little bit about what you saw from Ritchie.
Yeah, that Ritchie Brothers sale was last Tuesday, June 30th. It was their US Ag event. So, I think most of the equipment was from just down the road from me, Medford, Minnesota, just south of the Twin Cities. Also, some stuff from Mead, Colorado, and I think some of the other Midwest regions. But, pretty much the same trend, Casey, we've been seeing since about June 17th. Good condition used has definitely bumped up at auction. So, on the Ritchie Brothers sale, for example, they had a 24-mile S780 John Deere combine. Nice machine. It was in Medford, Minnesota. 476 engine hours. It had some John Deere PowerGard warranty, I think, till mid-April of '27 or 750 hours, but it brought $414,000. I realize some people might look at that and compare it to, you know, the price of new and say, 'Oh my gosh.' You know, but in reality, $414,000, very strong hard cash auction price. In fact, that's the highest auction price on an S780 with over 450 engine hours in 2 and 1/2 years. I mean, you got to go back to December of '23 to find an S780 with over 450 engine hours sold for more than 414. So, that's a little continuation of the combine trend. We'll have a couple other examples I can share on that front. Some couple other sales last week, but the Ritchie Brothers sale also loader tractors, of course, and very strong for quite some time with the livestock sector. They had a pair of 23-mile 6R175s with loader. One with 310 hours from Colorado, one with 200 and some hours from Minnesota. Both went for 185. Now, the one with over 300 hours, that's the second highest auction price ever on a 6R175 with loader over 300 hours at 185. So, that did well. And a skid steer, I thought did real well, Casey. They had a 23-mile Deere 332G, super sharp. I mean, but it had 987 hours, so it wasn't like it was any barn find or anything, but it brought 41K, which is the highest auction price I've seen on a 332G with over 430 hours. This had 987. So, hats off to Ritchie last Tuesday. Again, great sale, really marketed well in advance 2 weeks out before the sale. So, good clean equipment sold well on that sale.
Yeah. So, that late model large stuff, we've been watching it here lately and, you know, we've talked about this last week. We've been talking about it for a while, but both of those two machines you just talked about that brought, you know, good money would have been that one to two year old segment for the most part, right? The 23s a little bit outside that one to three year old stuff, but if you're kind of like we talked about, you know, when you start taking off the cream off the top of that, you're going to start looking at the next level up or what the next best available machine is that fits your marketplace. And these last two sales you talked about here this weekend and last week, too, where we brought up some of that late model large stuff, you're seeing some movement there in price. I'm just like you talked about some highest prices that you've seen over the last, you know, two, three, four years and it's starting to kind of point a direction that you're starting to see that hey, maybe some of this one to two year old in good condition, priced correctly, things moving where they're supposed to be, good stories about what's going on with those pieces of equipment. Some doors are starting to open towards some people being excited about maybe looking at some of that stuff.
Yeah, no question. I think the supply issue, again, that's maybe the piece people don't see. You know, you and I are staring at it every day, looking at the back end data at MachineryPete.com. We can see overall supply levels but at the model level or the sector like combines or, you know, 100 horse, 200 horse tractors, whatever. That supply has really tightened over the last 18 to 24 months. And again, since mid-June, the prices have been strong. There was another sale that same day last Tuesday, Case IH in Moweaqua, Illinois. Our friends at Schmitty Auction, Trent and the crew there, great folks. This was a sale for Gordon Farms. Now, it's interesting how Schmitty Auction's pretty interesting. They're always up front, no reserve. Which personally, tracking auction pricing for all these years, I find that helps when potential buyers get to know like Adam Marshall out in auctioneer Wade Carriker, Nebraska, they always say no reserve, no buyer fees. But Trent had a sale last Tuesday, again, Moweaqua. So, on the combine front, a '13 model S670 with 2,316 engine hours. Now, it was a gold key tour, which our data has always shown that helps and Trent and team very smart to push that up to the front in the advertising. Through the shop every year, so really well cared for. Hard cash on 103,500. Now, if you're thinking about a '13 model S670, it's easy to think, well, it's easy to get stuck a few years ago when an S670 maybe was worth and you think 103,500, but I'm telling you that's really strong. In fact, the average on a '13 model S670 this year, including this one, is 75,125 bucks. So 1035, that's the second highest this year on a '13 model. Now overall S670s average price so far this year is just over 80,000 bucks. And last year it was about 88,750. So they're down 9.8% overall, but when you get a premium on a really well cared for gold key tour one owner, again you see that premium 1035. It did set a record on that sale last Tuesday in Moweaqua, Illinois. A pre-def course loader tractors, the recipe for a record right now because pre-def, everyone wants loader tractors, been hot. But then an '08 Kubota M108X with 1780 hours one owner went for 45,200. Highest I'd ever seen before was set 41,000, but get this, that 41,000 was July 22nd of '14. That was 12 years ago for 41k. So that's the strength with good used loader tractors and again if you're sprinkling pre-def, you've got dynamite. So if you're a farmer out there and you have a low hour pre-def whatever, you need to go look in machinerypete.com and see what these things are selling for because you can lose track even when times are challenging, you know, what they're going for.
Well, there they are mocking you.
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So, you did bring up one that we were talking through here. You had a 9660 come through with 3,100 hours on it.
And that one, I mean, you told me that price and like man, I was waiting for you to say like 40, 35, 40 and it was, you know, it was double that so.
Yeah, it was June 26th in Cecil, Ohio. It was a farm auction by United Edge Real Estate and Auction Company. Shout out to those folks. They do a really good job on their marketing, really pushing the envelope. And it was an '06 9660, 3105 engine, 2061 sep hours. I want, yeah, like you said, 68,000 bucks. And when I looked at our data on 9660s auction prices, I'm telling you that's the highest auction price on a 9660 with over 3,000 engine hours in 4 years. You go back to August of '22. So, again it's pretty deaf, super sharp, well cared for. I posted a picture of it on my Facebook and Twitter. You can tell how nice it was. But again, yeah, pricing has been up since about June 15th to the 17th. Good stuff. And again, interesting to see combines. I think we talked about three, four examples last week. Here's another three we just touched on. So, you know, it is what it is.
