November 2023 Wallace’s Farmer “MarketPlace Extra”

Land Stable as Harvest Rolls

The 2023 Iowa harvest season is well underway. Early yield reports show variable results – e.g., you don’t have to look very hard to find 35-bushel beans or 75-bushel beans! Seems strange to write that, but the haves and have-nots from a rainfall perspective have both showed up this year.

Farmland sales across the State continue. It’s not the same “go-go” market of 2022, but the market is certainly not weak. You don’t have to look very hard to find activity at or above $15,000/acre. Even in areas with inconsistent rain, there seems to be ample liquidity from recent year profits that are powering many land purchases. Higher interest rates and lower grain prices are both headwinds for the land market, but lower sale volume – thereby supporting demand – is helping to offset the pressure. Full harvest results will influence land sales between now and year-end. But for now, the land market seems to be holding its own.

NORTHWEST

Pocahontas County:

114 +/- acres, located east of Palmer, recently sold at public auction for $11,400 per acre. The farm consisted of 113 +/- tillable acres with a CSR2 of 83.8, and equaled $137/CSR2 point on the tillable acres.

NORTH CENTRAL

Winnebago County:

77 +/- acres, located near Thompson, recently sold at public auction for $15,800 per acre. The farm consisted of 75 +/- tillable acres with a CSR2 of 85.2, and equaled $190/CSR2 point on the tillable acres.

NORTHEAST

Buchanan County:

152 +/- acres, located southeast of Jesup, recently sold at public auction for $16,700 per acre. The farm consisted of 152 +/- tillable acres with a CSR2 of 79.1, and equaled $211/CSR2 point on the tillable acres.

WEST CENTRAL

Calhoun County:

135 +/- acres, located east of Rinard, recently sold at public auction for $15,250 per acre. The farm consisted of 134 +/- tillable acres with a CSR2 of 85.1, and equaled $180/CSR2 point on the tillable acres.

CENTRAL

Webster County:

156 +/- acres, located southeast of Otho, recently sold at public auction for $17,000 per acre. The farm consisted of 155 +/- tillable acres with a CSR2 of 84.6, and equaled $202/CSR2 point on the tillable acres.

EAST CENTRAL

Benton County:

98 +/- acres, located southwest of Keystone, recently sold for $20,900 per acre. The farm consisted of 97 +/- tillable acres with a CSR2 of 95.6, and equaled $221/CSR2 point on the tillable acres.

SOUTHWEST

Taylor County:

120 +/- acres, located southwest of Corning, recently sold at public auction for $9,100 per acre. The farm consisted of 114 +/- tillable acres, with a CSR2 of 55.8, and equaled $172/CSR2 point on the tillable acres.

SOUTH CENTRAL

Madison County:

160 +/- acres, located southwest of Cumming, recently sold for $8,100 per acre. The farm consisted of 105 +/- tillable acres with a CSR2 of 72.6, and equaled $170/CSR2 point on the tillable acres.  Note: The balance of acres were timber and waterways.

SOUTHEAST

Henry County:

76 +/- acres, located north of Mt. Pleasant, recently sold at public auction for $11,225 per acre. The farm consisted of 73 +/- tillable acres with a CSR2 of 80.0, and equaled $146/CSR2 point on the tillable acres.

Hertz Real Estate Services compiled this list, but not all sales were handled by Hertz. Call Hertz at 515-382-1500/800-593-5263 or visit www.Hertz.ag. 

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