A recent farmland auction in southeast Iowa shows cropland demand as steady but somewhat cautious. The auction, conducted May 22, featured a total of 231.5 acres located one mile north of Rome, Iowa, in Henry County. The land was offered in three tracts ranging from 40.5 acres to 139 acres. An earlier auction of 280 acres, featuring CSR 83 cropland in the northern part of the county, brought $12,500 an acre on April 3. The ground offered at the May 22 auction carried attractive CSR2 ratings but was located in the western section of the county near the Skunk River. The offering had an exisitng cash lease in place with the buyer receiving the remaining payment of about $125 an acre.
Tract 1: 40.5 acres, 40 acres tillable, CSR2 75.4 with 5 acres in CRP at $1,091 annual income until 2030. It carried a FSA direct program yield of 115 bu. per acre. It sold for $7,000 an acre.
Tract 2: 52 acres, 48 acres tillable, CSR2 76.8 with an FSA yield of 117 bu. per acre. It sold for $6,850 an acre.
Tract 3: 139 acres, 121 acres tillable, balance in timber, CSR2 71.6 on the tillable, 54 acres in CRP at $5,306 until 2014 and $1,815 until 2023. This tract borders the Skink River. It sold for $4,125 an acre.
Steffes Group, Inc., of Mt, Pleasant handled the auction.
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