In its May market trends report, Ritchie Bros. dug through farm equipment data to showcase trends in tractor, combine, header, sprayer and air drill sales. According to the company’s agriculture index, equipment prices were up approximately 14% year over year for the three months ending April 30.

The report also outlined decreasing inflation rates for most U.S. and Canadian price indexes. Pricing is still up year over year, but some month-to-month inflation rates are slowing. For example, in the United States, truck tractor prices in Ritchie Bros.’ May report are up approximately 52% year over year after they were up 58% year over year in last month’s report.

“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,” Doug Olive, senior vice president of pricing at Ritchie Bros., said. “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% in April, while agricultural equipment and farmland prices have recently set new highwater marks.”

“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%, making that an increase of 24% year over year,” Doug Rusch, managing director of Rouse Sales, said.

Source: Ritchie Bros. transactional data.