Farmland Auctions This Week Marked New Highs
May 27, 2011
A friend recently asked me if I had seen any backing off in prices for Corn Belt farmland. I said I hadn't but that it was a little difficult to get a reading in April/May because farmers are usually in the field and offerings are limited. Sales this week answered the question -- no backing off at all. In fact, it looks like new highs instead.
Wednesday May 25, 80 acres southeast of Royal, Iowa, in Clay County sold for $10,550 per acre. It featured 79.5 tillable acres and a CSR (Corn Suitability Rating) of 78.2 versus the county average of 67.7. We are told it was purchased by an investor from Sioux County. Auction was held by The ACRE Co., Spencer, Iowa.
Thursday May 26, 257.5 acres offered in three tracts ranging from just west of Champaign, southwest of Pesotum and southeast of Bement, (Champaign and Piatt Counties) Illinois. Prices for each tract -- $12,900 per acre, 77.5 acres with a soil Productivity Index of 143.3 (147 max); $11,700 per acre, 80 acres with a PI of 140; $11,300 per acre, 100 acres with a soil PI of $140.4. Auction has handled by Hertz Farm Management, Inc., Monticello, Illinois.
Here is another of interest:
Saturday May 21, 160 acres 6 miles northeast of Storm Lake (Buena Vista County), Iowa. $7,200 an acre -- probably a new high for the county, 156 acres tillable and CSR of 77.8 versus 72.4 county average. Get this-- it had 20 acres enrolled in CRP until 2020 at $186.16/acre -- not viewed as a positive. This was handled by Stalcup Ag Service, Storm Lake, Iowa.
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