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Mike Walsten has covered major business trends in agriculture for more than 40 years.
Iowa farmland prices are expected to rise 14.6% in 2012, according to a survey of 153 land professionals conducted Wednesday at the Soil Management and Land Valuation Conference sponsored by Iowa State University (ISU). The survey found those attending the conference expect the state average value of farmland to reach $7,688 an acre by November 1. For perspective, the ISU annual land values survey pegged the value of an acre of state farmland at $6,708 as of November 1, 2011.
The university has conducted the attendee survey in conjunction with the conference since 1964. The survey's track record has proven quite accurate with the only major variance occurring in 2008 when the financial market collapse struck in the fall. In 2010, the attendee survey missed the final ISU November 1 figure by just 3%. Last year, the attendee survey projected a 33% annual rise. The ISU survey found a 32.5% annual increase -- a miss of just 0.5%.
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