Columbia Basin, Ephrata, WA | Boone & Crockett - 5/3/2024 15:39
Today. 153 acres pretty much central Mitchell county Iowa, 7 or 8 miles west of me as crow flies. 142 currently cropped balance in CRP. 71 average CSR, not great but very respectable dirt. $7,900 when gavel went down. There was a sale just a few miles away last fall, 160 cut up in 5 fields, just came out of crp, brought $13,000. That one was 73 avg CSR. Wake up call. More than 39% drop in 6 months. By far the lowest price I’ve seen in years around here. I don’t know how far I’d have to go back to find an equivalent sale price, but I’d guess 10 years.
If that’s how it’s going to go, some bankers are going to wear out their red pens adjusting customer balance sheets.
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