You're missing the "location, location, location, livestock" thingy. Add to that "old" money and non farming money.

Extreme NW IA has some of the highest priced land that there is relative to the quality of it, mostly because of livestock and smaller farm sizes.  Smaller farms means there are more farmers relative to the amount of land which is available which means there is more competition.

Look at land that is for sale via RE agents/land brokers throughout the state and tell me there isn't better land elsewhere for less money.