Machinery Pete's Quarterly Used Values Index Report for the first quarter of 2017 is at 6.7, compared with 6.6 for the fourth quarter of 2016. Index levels for rural equipment categories were in the 7.0-8.4 range.

"Smaller size/capacity used farm equipment is still hotter versus larger scale used equipment, but this gap is lessening in the past five months," according to Greg Peterson (Machinery Pete).

Peterson gathers data from a network of 1,000 regional auctioneers, 600 ag lenders, 2,000 implement dealers and thousands of farmers across the U.S. and Canada.

Here is a breakdown by segment and the comparison with the third quarter index as well as comments from Peterson.

Tractors 100 Horsepower and Under Index: Steady at 8.4.

Background: This is still the hottest sector on the used equipment market, with consistently solid auction sale prices across the country. Thre is also rising farmer website search traffic in this category on the MachineryPete.com site. 

Forecast: “Hold: Historically, second quarter tends to be softer for used values and auction pries, but I don't foresee the trend line here, which has been slighlty rising used values since the fourth quarter 2015, turning around at this point,” according to Peterson. Search traffic has been trending up in this under-100 horsepower tractor category for the past year.

High Bid: John Deere 2840 (made in late 1970s— early 1980s) with 2,000 hours (no loader) sold for $10,500 at a farm auction in central Tennesse on March 25, 2017. "This price is well above the average auction price of $6,345 last year. It’s indicative of how I’ve been seeing strong buyer demand for good condition used tractors under 100 horsepower all over North America the past year and longer," says Peterson. 

Garden Tractors Index: Down at 7.3.

Background: "We're treading water here," says Peterson.

Forecast: “Up slightly: Mowing time is almost here. Auction sale prices are likely to inch up,” says Peterson.

Skid Steers Index: Up at 8.0.

Background: Values were rising early in the quarter.

Forecast: Hold.

Record Price: $46,000 for 2012 John Deere 329D skid steer with 214 hours, sold March 24, 2017, at a farm auction in northeast Kansas. The previous record high price was $40,000.

ATVs Index: Down at 7.0.

Background: Weakening auction prices with an increase in volume of used ATVs/UVs sold at auction early in the quarter.

Forecast: “Hold to down slightly: A dealer recall issue is in play (Polaris). Dealers still have too much new inventory they are working to sell, which is pushing down on used values,” Peterson says.