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Farmland strength continues as local farmer pays $4.9 million for 565 acres in Illinois

Release Date: 
Friday, September 2, 2011 - 09:09
Client: 
Murray Wise

CHAMPAIGN, Ill. (Sept. 2, 2011) -- Farmland prices in the Midwest continued their upward march Wednesday as a local farmer paid $4.9 million for 565 acres of land adjacent to Minonk, Ill., just north of Bloomington.

"For all the conversation about the number of individual and institutional investors purchasing farmland, we continue to see auctions in which local farmers and investors -- who are in the best position to understand the value of the land -- are the high bidders," said Joe Bubon, executive vice president of Murray Wise Associates, which conducted the auction.

Murray Wise, chief executive officer, agreed.

"People keep asking how high land prices will go, but that's the wrong question. The people who have known, farmed and invested in farmland for years understand that the real question is what kind of returns they can achieve as a result of strong worldwide demand for corn, soybeans and other products. I believe we are in the early stages of a major shift in worldwide food consumption habits, especially in China and other Asian nations. As long as that trend remains intact, farmland will be a rock solid investment at today's prices -- and tomorrow's," added Wise.

Upcoming Murray Wise Associates auctions include acreage in Illinois and Indiana (Sept. 6), Missouri (Sept. 20) and Illinois (Sept. 21), as well as Ohio (Oct. 25).

Individuals interested in additional information about those and other auctions may call the company at 800-607-6888 or visit murraywiseassociates.com.

Murray Wise Associates LLC, headquartered in Champaign, Illinois, with additional offices in Florida and Iowa, is a leading national agricultural real estate marketing and auction company. The company also manages farmland assets for individual clients in Iowa, Kansas, Kentucky, Missouri, Minnesota, Nebraska, North Dakota, Oklahoma, South Dakota and Wisconsin.