Farmland prices remain stable across Iowa. We’ve generally observed a “sideways” land market for the past 90 days. After a weak commodities market through the spring, the early growing season featured a drought-induced weather scare that drove corn and soybean prices higher. However, the June 30 World Agricultural Supply and Demand Estimates (WASDE) report from USDA surprised everyone with 2 million more corn acres and 4 million fewer soybean acres than previously predicted. This sent the corn market lower and soybean market higher.

Where does this leave the farmland market? As new land sales come to market, farmers and nonlocal investors are making decisions only as they have to, with no overriding market strength or weakness themes driving land prices higher or lower. This is because there are current offsetting market realities.

Higher interest rates are not supportive to land prices, and breakeven corn is not exciting, either. But soybeans are profitable, and some areas in Iowa are setting up phenomenal crop prospects — not to mention that there have been very profitable crop-sale windows in 2023 for both corn and beans. So, it seems to be a midsummer “wait-and-see” market. The recent sales noted below point back to my opening comment — farmland prices remain stable across Iowa.

Osceola County. About 140 acres east of Ashton recently sold at public auction for $18,100 per acre. The farm consisted of about 138 tillable acres with a CSR2 (corn suitability rating) of 95.3, and equaled $193 per CSR2 point on the tillable acres.

Mitchell County. About 80 acres near Osage recently sold for $10,650 per acre. The farm consisted of about 75 tillable acres with a CSR2 of 82.4, and equaled $138 per CSR2 point on the tillable acres.

Winneshiek County. About 119 acres north of Burr Oak recently sold for $14,500 per acre. The farm consisted of about 111 tillable acres with a CSR2 of 87.8, and equaled $177 per CSR2 point on the tillable acres.

Sac County. About 220 acres northwest of Schaller recently sold at public auction for $13,600 per acre. The farm consisted of about 187 tillable cropland acres with a CSR2 of 93.8, and equaled $170 per CSR2 point on the cropland acres. Note: There was an additional approximately 20 acres of this farm enrolled in the Conservation Reserve Program.

Marshall County. About 94 acres southwest of Le Grand recently sold at public auction for $12,100 per acre. The farm consisted of about 95 tillable acres with a CSR2 of 72.0, and equaled $166 per CSR2 point on the tillable acres.

Cedar County. About 69 acres southeast of Tipton recently sold for $12,250 per acre. The farm consisted of about 68 tillable acres with a CSR2 of 63.4, and equaled $196 per CSR2 point on the tillable acres.

Adair County. About 102 acres south of Fontanelle recently sold at public auction for $7,500 per acre. The farm consisted of about 97 tillable acres with a CSR2 of 59.2, and equaled $133 per CSR2 point on the tillable acres. 

Appanoose County. About 26 acres southeast of Moravia recently sold at public auction for $6,700 per acre. The farm consisted of about 26 tillable acres with a CSR2 of 55.1, and equaled $122 per CSR2 point on the tillable acres. 

Wapello County. About 79 acres north of Ottumwa recently sold at public auction for $14,100 per acre. The farm consisted of about 79 tillable acres with a CSR2 of 85.8, and equaled $164 per CSR2 point on the tillable acres.

Hertz Real Estate Services compiled this list, but not all sales were handled by Hertz. Call Hertz at 515-382-1500, 800-593-5263 or visit hertz.ag.