Not sure what the numbers are here in South Dakota, but this is crazy:
The average value of farmland in some Midwestern and Western states has risen 25 percent in the past year.
The Federal Reserve Bank of Kansas City, Mo., said Tuesday that bumper crops and strong farm income in northern Plains states, like Nebraska, helped push up prices despite drought and flooding.
And the biggest winner?
Nebraska farmland values increased the most with a roughly 40 percent jump over 2010. [emphasis added]
Does this mean the land was undervalued previously, or are we seeing the race to the top of the subsidy based bubble? What will happen when the new farm bill does not guarantee income for all of these farmers?