I saw an excellent article in the Pioneer Press by Tom Webb the other day about how Minnesota's corn yields are the best in the Midwest. Thankfully our state - especially our region - wasn't hit as hard by the drought as states like Iowa and Illinois.
But not everyone is receiving the same results. In West Central Minnesota, our yields look good and the corn is relatively dry, which should make for a good harvest. According to Webb's article, data so far show average yields of 156 bushels an acre, but the range is anywhere from 20 bushels to 200 bushels per acre.
According to the article, "the U.S. Department of Agriculture issued its September crop production forecast. After the worst drought in decades, U.S. corn production was forecast to be a disappointing 123 bushels an acre. Minnesota has clearly fared far better than most states. Its forecast of an average 156 bushels an acre is the highest among the major corn-growing states, and it means $9 billion worth of corn awaits the combines -- a colossal payday for many farmers this fall."
Combine that with corn prices that have risen near $8 a bushel, and this should be a pretty good year for farmers with good corn yields. That should raise farmland sales and rental prices for the next year. If you'd like an appraisal on your farmland, I'd be happy to give you a better idea of your current value, and maybe some idea of where the market is going.
If you're ready to sell your farmland, I am an expert in farmland real estate sale including 1031 tax deferred exchanges. Our company also does farmland auctions, which have been netting outstanding prices for our sellers this year.
Please contact me at 320-894-7528 or firstname.lastname@example.org for more information or to set up an appointment. I'd enjoy the chance to work for you.