Illinois farm land selling for US$5,800/acre, up twofold from 2004, as high corn and soybean prices, low investor confidence in other assets drove demand, USDA says

Andrew Rogers

Andrew Rogers

Sep 28, 2011 – Associated Press

NEW YORK , September 28, 2011 () – Farm land is starting to come up for sale in some parts of Illinois, and it's happening at a time of sky-high prices.

The U.S. Department of Agriculture says Illinois farm land is selling for $5,800 an acre. Prices have doubled since 2004. High corn and soybean prices and low investor confidence in other assets have pushed up demand for farm land.

Land brokers in central Illinois say they're starting to see more tracts on the market.

Dave Klein is a broker with Soy Capital Ag Services in Bloomington. He tells The Pantagraph that his firm has 12,000 acres for sale. That's 20 percent more than last fall.

Klein believes land could continue to be a good investment if demand for corn and soy keep crop prices high.

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