My friend Bill was trying to help me. I shoulda listened. He told me five years ago. He bought back in 1943, for few hundred dollars an acre, and started with 3 acres, and bought more every year. I don't know how many acres he owns now, but it's somewhere between 1,000 and 2,000. Asking a farmer how many acres, is like asking a cattleman how many head of steer he owns... or, like how much money do you have.
Farmland value, depends on the potential productivity of the land. Good soil, average annual rainfall, and clima-zone determines the value. (CSR)Corn Suitability Rating. Fifty miles can make a big difference.
This NYT article covers the most recent boom in farmland values.
http://www.nytimes.com/2012/10/23/us/across-corn-belt-farmland-prices-keep-soaring.html?partner=MYWAY&ei=5065&_r=0
Now, that's the article about the boom... Here's an article from earlier this year, that shows historical charts on farmland value, and asked the question about a "bubble" in the prices.
Crazy Question “Are We in a Farmland Real Estate Bubble?” | Dollars And Dirt Iowa Farmland Values at Auction
Any expertise here on farmland prices?
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