Farmland prices are soaring

The Midwest is seeing a rapid rise in prices of agricultural land, according to a new report by the Wall Street Journal. Prices in Iowa, Illinois, Indiana, Wisconsin, and Michigan saw an increase by an average of 6 percent, even while an increase in grain prices brought in added revenue to farmers.

Analysts worry that the sale of farmland will hurt smaller farmers as 75 percent of all farmland is owned by just 13 percent of farmers. Meanwhile, the supply of farmland remains low so the competition for available land is intense and many smaller farmers can’t afford the needed downpayment.

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