Second-hand machinery sales gross over £11.3m in the third quarter of 2018 and September has seen the highest total since 2014.
Cheffins, which conducts sales of second-hand agricultural machinery, has reported sales of over £11.3m during July, August and September.
Whilst stock had decreased across the quarter by 11 per cent, the September 2018 auction was the highest grossing September sale since 2014, making a total of £3.5m.
A combination of a strong harvest and higher commodity prices has led to farmers looking to change up machinery as revenues increased throughout the summer.
Similarly, prices are continually buoyed by the strength of overseas buyers making the most of favourable exchange rates and a lack of stock.
Overseas interest
Around 80 per cent of stock sold at the Cheffins Cambridge Machinery Sales is destined for overseas, with buyers from around 30 different countries competing.
The third quarter of the year saw the most active buyer nationalities being southern Ireland, Spain and Poland, with a total of circa £3m being sold to these countries in the past three months.
Similarly, domestic buyers have returned to the market as a result of increased revenues, with circa £2m-worth of stock being sold at the Cambridge Machinery Sales to UK-based purchasers.
Bill Pepper, Director at Cheffins Cambridge Machinery Sales said “Additional reassurance for farmers in the release of the Agriculture Bill has also led to an increase in UK-based purchasers and we expect the last quarter of the year to see high levels of demand for the best second-hand opportunities.”
On-farm sales
On-farm sales have continued to thrive. Over four individual auctions, on-farm sales saw over £1.867m-worth of sales on behalf of farmers throughout Q3.
Sales have occurred in Suffolk, Essex, Dorset and Cambridgeshire with over 1,115 lots being offered over the three-month period.
The top selling lot for Q3 was a Claas Lexion 630 combine harvester which was sold for £88,000.
