MANKATO, Minn. (KEYC) - Crystal Valley hosted their annual winter conference at the Mayo Clinic Health System Event Center on Wednesday bringing together producers to learn about new technologies and equipment along with the trends of used equipment.
From vendors to lenders, producers and agriculture professionals across the industry filled the Mayo Clinic Health System Event Center for Crystal Valley’s annual winter conference.
“So trying to cover a big base of agriculture in general and make it well worth somebody’s time,” said Crystal Valley agriculture technology manager, Jason Leary.
The conference included various breakout sessions updating producers on new technologies and findings.
“You know, if we can get ahead of the curb a little bit and speed things up a year or two, produce the most ROI possible for these growers and trial these new products out there, validate what’s working, what we can do to raise our bottom line,” said Leary.
The keynote speaker at the conference, Machinery Pete, who's been tracking auction prices on used equipment for 30 years, presented on recent trends in the used equipment market.
“When times are tough, more emphasis gets shifted on the used market, so what people are looking for is kind of two things in particular: one, the 1 to 3-year-old used stuff that’s under warranty that keeps them protected against any downtime with the short windows we have in the spring and fall now and the other thing that really everyone is after is the ten-plus year-old stuff,” said Greg Peterson, or Machinery Pete.
Machinery Pete attributes the increased demand and rising cost of used equipment to the need for producers to update, the rising cost of new equipment and producers having the ability to make repairs on older equipment more readily compared to new equipment.
“In Bingham Lake back in August, there was a ’79 model John Deere 4640 that sold for $61,000 bucks, $25,000 over the highest I’d ever seen, so that had people around the world talking,” said Peterson.
Machinery Pete said those that are are buying should look at the 5 to 6 year-old models as they tend to be overlooked at auctions and in a few years they will be the 10 to 12 year old model everyone wants," said Peterson.