The northwest Iowa farmland market moved to a new price level today when a local farm family paid $14,350 an acre for 153.2 acres in O'Brien County in northwest Iowa. The farm is located a little south of Sheldon and has 150.3 tillable acres and a CSR (Corn Suitability Rating) of 73.2 versus a county average CSR of 71.8. It has farm program direct yields of 122 bu. per acre for corn and 42 bu. per acre for soybeans.
Rich Vander Werff, whose Sanborn-based auction firm handled the sale, says, "Bidding began at $10,000 per acre. It look less than five minutes to get to $14,000. We had five bidders up to $13,000 per acre with several more waiting in the wings around that number. I believe this is a record price for northwest Iowa."
"Interestingly enough the family was telling me this farm was bought by their father in 1956 for $538 per acre," he tells me, "which was a record price at that time. And they tell me the sales price at that time made the headlines in the Sioux City Journal." This might possibly make the Journal again.
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