Land Sale of the Week: $9,633/acre in Boone Co., Indiana

August 25, 2014 04:08 AM

Mike Walsten

This farmland auction Aug. 20 located north of Indianapolis caught our eyes as it occurred as December corn futures traded around $3.70 and November soybean futures hovered near $10.40. Corn prices are down more then $1.30 from prices seen in May and soybean prices are down more than $2.00 from prices seen in June. The downswing in prices has dampened demand. But strong crop prospects, as highlighted by the Pro Farmer Midwest Crop Tour, tempers the demand downturn as ample yields always buoy farmer attitudes.

The property in question consisted of 120 acres and was located halfway between Noblesville and Lebanon in Boone County, Indiana. The sprawl from Indianapolis is just to the south but development is still years away. The property offered 102 tillable acres and a corn PI of 154.5. It was offered as three tracts but purchased as a single unit for $9,933 an acre.

Todd Freeman of Schrader Real Estate and Auction Company, Inc., Rossville,800-451-2709 handled the sale.

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