In the Eastern Corn Belt, the trend of less land on the market continues. Roger Hayworth, Farmers National Company area sales manager for the region says the market is basically stable.
Prices for good quality tillable acres are steady in most areas. Lower quality land is steady to slightly lower as there is less demand for these farms. Hayworth sees a slight switch from public auctions as the preferred method for selling a farm to having more private treaty listings as buyers become more cautious in their land purchases.
Those selling land at this time are predominately trusts and beneficiaries. Very few sales from farm operator financial stress have been seen so far. Farmer and local investors buy most all the good quality cropland that comes up for sale. Larger investors are in the market, but they are measured in their land purchases.
“We believe land buyers are being more cautious right now in making large purchases, but in Michigan, Farmers National Company has experienced strong interest in farms that we have sold to date. Our agents in Michigan report good interest in cropland that hasn’t been on the market for a while,” Hayworth says.