Land Auctions Start the Year Strong at Farmers National Company

By: Randy Dickhut, FNC Vice President - Real Estate Operations

After the normally slow time right after the first of the year, auction activity picked up in late January as it usually does. We are seeing a good number of land auctions on the books into planting time as sellers are wanting to get their land sold and transferred for the 2018 season. The question on everyone's mind is: How is it selling and are prices holding up in the new year?

Sam Kain, Area Sales Manager in Iowa, reports strong auction sales of good quality land in 2018 so far. One auction in central Iowa brought substantially over what was expected and well above pre-auction talk. Brian Mohr, Sales Manager in the Dakotas and Minnesota, reports good quality land in eastern South Dakota selling for $1,000 to $1,500 per acre above average. In north-central Kansas and south-central Nebraska, Paul Schadegg, Area Sales Manager, comments that several recent auctions in those areas sold well and at levels somewhat better than originally thought. Farmers National Company continues to see good demand for high quality farm land that is selling at prices stronger than is expected. Roger Hayworth, Area Sales Manager in the eastern cornbelt, says that sales activity is up and that the good farms are selling, while lower quality land is slower to sell.

The ag community will be closely watching land sales and prices over the next few months as the market sorts out supply and demand for land along with changing interest rate expectations and farm income projections.

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