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| Just in my opinion (I can and often am wrong :-) ) I don`t see the 1980s returning. Back then there were more and of course smaller farmers who farmed 400 and owned a quarter, where they got in trouble was getting caught up in the hype and buying a "expensive" 80 for $3,000/acre. Operating money went to 20% and the value of their 160 and newly acquired 80 dropped to $1,000/acre. I recall every week for awhile the AgriNews paper out of Rochester would have 4 pages of area farm auctions.
Today it seems outside money has filled the punchbowl, this +$16,000 land doesn`t have much to do with the cash bids at the local elevator. When you can write a check for $10 million without batting an eye, it`s like a Picasso that sells for $5 million one day and for $20 million the next. But on the other hand, when the tide goes out even Monet Farms was swimmin` necked. | |
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Old farmland article
