PUBLISHED: 10:16 17 July 2017 | UPDATED: 10:16 17 July 2017
Machinery sales are proving profitable for farmers as Cheffins on site machinery auctions top £4m in six months.
A cocktail of doubts over the profitability of farming enterprises, rising costs of new machinery and favourable exchange rates have led to an increase in on site sales hosted on behalf of farmers in 2017.
This increase is double the number of sales in the same period from last year.
Bill King, chairman of Cheffins, said: “Many of the sales conducted in the past six months have been complete dispersal sales following the farmer’s decision to retire and to enter into contracting arrangements.
“We have had other farmers who are re-structuring following changes to farming policy and we have seen an increase in those reviewing or bringing forward retirement plans as a result of faltering profitability.
“Whilst commodity prices have improved, this has been countered by increasing input costs and this, coupled with the increasing costs of new machinery, has had a knock-on effect on the demand for second-hand equipment.
“Just as input costs have risen due to a weaker pound and more expensive imports, export trade has been strong which…