Farmland prices continued their upward march last week with the auction of tillable land near Elkhart, Ind., for $11,683 per acre. Schrader Real Estate & Auction Company managed the sale.
A bidder combined two tracts in the sale, purchasing 57.3 acres for $740,000, or $11,693 per acre.
"As we have consistently seen all year, farmers and farmland investors are recognizing the true value of tillable land, and that is reflected in the results," said R.D. Schrader, president of the auction company. "I have no doubt that even these prices -- which few dreamed of a few years ago -- are being driven by international demand for America's farm products. Indeed, the Chinese demand alone seems to grow with every new report."