A 230-acre tract of Iowa farmland with "no commercial development potential" was sold recently at auction for a record $6,010 per acre. It surpasses previous record price for similar set just two weeks prior. That land sold for $5,350 per acre.
The new record-setting property, located in northern
Agricultural and real-estate consultants has anticipated a run up in farmland prices and rents in response to the growing "ethanol fever," especially in the Midwest. The question is how far will the biofuels and feedstock demands push prices?
Source: Iowa Ag Connection