Farmland prices continue to increase

Published 03/14 2013 08:27PM

Updated 03/18 2013 01:29PM

CHAMPAIGN -- A dry year for weather isn't drying up farmers' pocketbooks. Farmland prices in 2012 went up about 21%. That's above-average. 

Gary Schnitkey is a professor of Farm Management and also helped compile the data. He says prices went up for two reasons; one, 2012 was a good income year for farmers despite the drought and, two, because of good interest rates. Schnitkey says most people expect the same from 2013.

The price of the best farmland was estimated at $12,670 per acre at the end of 2012. At the beginning of the year, it was about $10,510.

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