The Des Moines Register reports the sale of a 74-acre plot in Sioux County, Iowa, set a new state record for farmland bringing in $20,000 per acre.

The land near Hull in Northeast Iowa was purchased by Leland Kaster, a neighboring farmer. The auction began at $15,500, just below the previous state record of $16,750 per acre for a 120-acre tract which sold in early October.

Auctioneer Pete Pollema called the sale. Pollema, from Hull, noted the value of Iowa farmland. In November the Federal Reserve Bank of Chicago noted Iowa farmland rose 34 percent in the 12 months through October.

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Source: The Des Moines Register