Here is one of those how-high-can-it-go? stories from Iowa. Apparently, one answer is $20,000 per acre.
Iowa set a new farmland price Wednesday when a 74-acre tract near Hull in Sioux County went for $20,000 per acre.
The buyer was a neighboring farmer, Leland Kaster, who bought the land from Clinton Shinkle of Washington State.
“Farmland is very valuable up here, with good commodity prices and a strong livestock industry,” said auctioneer Pete Pollema of Hull, who called the sale.
There is the appropriate gnashing of teeth about the paralells between now and the 1980s, which are ultimately dismissed—read the rest.