Spring is here — and the farmland market continues its recent strong tear. Sales ranging from $15,000 per acre to more than $20,000 per acre have been seen in many, if not most, areas across the state. Incredible! Heading into what is typically the slowest part of the land sales season, landowners’ and farmers’ focus shifts to getting a crop planted. With corn and soybean prices both at lofty levels rarely seen, it will continue to be interesting to watch moves in the land market into the summer months, especially with developments elsewhere.

Case in point of those developments elsewhere: The Federal Reserve moved forward in late March with an interest rate increase of 25 basis points, or one-quarter percentage point. This may not seem significant, especially considering the low-low levels of current interest rates. However, the Fed’s messaging of several additional rate bumps to come in future months — some of which may be 50 basis points at a time — offers a preview to the end of the ultra-low-rate environment that we’ve enjoyed for some time now.

The 40-plus-year highs in domestic economic inflation, and a very unstable wartime situation continuing to unfold in eastern Europe with the Russian invasion of Ukraine, are motivating our economic monetary policymakers to attempt to get our house in order. When you add this together with a dysfunctional Congress, an already strained labor market, and all kinds of manufacturing and shipping complications, it adds up to a very complicated time. One thing is not in dispute — none of us have ever seen demand for farmland like we’ve seen in recent months, and the sales below reflect that point.

NORTHWEST

Osceola County. About 160 acres east of Ashton recently sold at public auction for $16,200 per acre. The farm consisted of 151 +/- tillable acres with a CSR2 (corn suitability rating) of 91.1, and equaled $188 per CSR2 point on the tillable acres.

NORTH CENTRAL

Franklin County. About 74 acres near Sheffield recently sold for $16,000 per acre. The farm consisted of 74 +/- tillable acres with a CSR2 of 96.9, and equaled $165 per CSR2 point on the tillable acres. Note: This farm was diagonally cut into two pieces by a former railroad right of way that now serves as a bike trail.

NORTHEAST

Bremer County. About 97 acres near Sumner recently sold for $16,350 per acre. The farm consisted of 97 +/- tillable acres with a CSR2 of 87.0, and equaled $188 per CSR2 point on the tillable acres.

WEST CENTRAL

Harrison County. About 210 acres south of Little Sioux recently sold at public auction for $12,500 per acre. The farm consisted of 215.5 +/- tillable acres with a CSR2 of 66.5, and equaled $183 per CSR2 point on the tillable acres. Note: This farm featured a seven-tower Valley-brand irrigation unit.

CENTRAL

Poweshiek County. About 48 acres north of Malcom recently sold through an online auction for $14,700 per acre. The farm consisted of 46 +/- tillable acres with a CSR2 of 76.5, and equaled $200 per CSR2 point on the tillable acres.

EAST CENTRAL

Cedar County. About 78 acres northeast of West Liberty recently sold for $14,600 per acre. The farm consisted of 78 +/- tillable acres with a CSR2 of 80.5, and equaled $181 per CSR2 point on the tillable acres.

SOUTHWEST

Montgomery County. About 150 acres northwest of Red Oak recently sold through an online auction for $5,650 per acre. The farm consisted of 146 +/- tillable acres with a CSR2 of 48.0, and equaled $121/CSR2 point on the tillable acres.

SOUTH CENTRAL

Madison County. About 34 acres south of St. Charles recently sold at public auction for $15,100 per acre. The farm consisted of 33 +/- tillable acres with a CSR2 of 91.5, and equaled $170 per CSR2 point on the tillable acres.

SOUTHEAST

Van Buren County. About 33 acres north of Keosauqua recently sold through an online auction for $10,300 per acre. The farm consisted of 33 +/- tillable acres with a CSR2 of 56.9, and equaled $181 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.