US farmland hits $20,000 an acre as market revives

The US farm economy is showing signs of reviving from a drought-induced decline, with farmland prices hitting $20,000 an acre in some areas, and a recovery in the agricultural equipment market too.

A farmland price index compiled by Creighton University rebounded to a four-month high of 61.6, from 52.8 in August, indicating price growth recovering in a rally that has now lasted for nearly three years.

Any figure above 50.0 indicates rising values.

Recovery was notably strong in Minnesota, where the price index rebounded to 71.1, and where a 27-acre parcel of land sold on Wednesday for $14,000 an acre, a record for its county, and only $1,000 an acre short of the state high reached in 2003, on University of Minnesota figures.

http://www.agrimoney.com/news/us-farmland-hits-$20000-an-acre-as-market-revives–5015.html