Well we don’t have to take a backseat to Iowa anymore. I just talked to an eyewitness who was at an auction for 160 acres of Saline Co. Missouri farmland. It went for a record price of $10,700 per acre. Even more amazing to this witness was the fact that there were still 5 bidders at the $10,000 level. Now it’s true that the soils in that area are especially good, but I’m willing to bet that no one anticipated seeing Missouri farmland go within $3,000 per acre of a price like this.
We also are having difficulty keeping up with inventory changes. As the planting season is now just a few days away there are a lot of final decisions being made. That does not mean that you cannot still by cropland this year, or that it will stop coming on the market. But the number of new properties being listed will fall off and some accommodations may have to be made regarding the income and rentals from this years crop.
But it does not seem as if there is anything on the horizon that is going put a crimp in the escalating prices of cropland. It still looks to be an outstanding investment for both the short and long term.
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