If that 12,000/a 417a land was purchased by someone who owns 500 a of paid for land, his payments per acre are as if it was all $6k land. If they own 800 paid for acres the purchases looks like the whole is $4k land.

People with the large equipment and significant paid-for acres and a son or daughter coming into the business can pay 12k/new acre without much overall risk to their operation, even at $4.00-4.50 corn which I feel is the "new normal".

Yes the stock market is at 16,000 right now but why? P/E ratios make that value very questionable.

net result: Ag land is not going to drop significantly in value. Ridiculous peaks may be less common but land is not going to tank. jmho.

Jim