Sales of imported used tractors have taken a heavy hit in Ireland as the British sterling currency continues to climb in value against the euro, making the purchase of used tractors more expensive to the point of being prohibitive.

The evidence of the market effect is confirmed from the Irish registration data as well as reports from the big British machinery auction firms.

The most recent analysis of used tractor registrations, both from the Central Statistics Office (CSO) and from the Farm Tractor and Machinery Trade Association (FTMTA) service, shows that for the first seven months of 2015, 1,141 used tractors were imported and registered in Ireland, compared with 1,493 for the same period last year.

This drop of 23.5% is due mainly to the strength of sterling, which is making used British tractors too expensive for Irish farmers.

The monthly Cheffins machinery auction, based in Cambridge, is the largest in the UK.

Bill Pepper of Cheffins reported that the August auction was probably quieter than previous years. He reported that the pound sterling trading at over €1.40 and some poor commodity prices were the cause of the lower prices.

There were just over 300 tractors at the Cheffins August auction and Cheffins reported that low to mid-priced machines created the most interest, but that trade was patchy. “Reserve prices were too high for the prevailing trade,” said Bill Potter.

At the July auction, Cheffins failed to reach their 50% benchmark of tractor sales.