Much like the Iowa State basketball team in the first round of this year's NCAA tournament, farmland values in Iowa were dropping recently.
Check out this fascinating article from Donnelle Eller with the Des Moines Register:
Though the entire article is filled with interesting information and insights, the first sentence tells you everything you need to know:
"After peaking two years ago, Iowa farmland values have tumbled about 15 percent, a new report shows, and are likely to continue dropping, given weakness in corn and soybean prices."
Eller also includes some useful quotes from Wells Fargo agriculture economist Michael Swanson, who "believes the continued contraction in farmland values in Iowa and elsewhere will be significant."
The article includes a table showing average tillable cropland prices for the past decade, starting at $3,070 in March 2006, rising as high as $8,690 in March 2013, before falling back to $7,372 in March 2015.
If you have any questions about farmland prices in your area, please call me at 320-894-7528 or e-mail me at firstname.lastname@example.org.
Have a great week!