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Land Resources / News / Illinois
Illinois farmland prices reach $10000 an acre for first time
Source: SJ-R.com, by Tim Landis
Illinois farmland prices jumped 14 percent through the first half of the year, raising the cost of prime farmland to an average of $10,000 an acre for the first time, according to a mid-year survey released at the Farm Progress Show Wednesday. September 01, 2011 The survey also found that more than 80 percent of farmers expect prices to continue to rise at least another year. University of Illinois farm economist Gary Schnitkey said high commodity prices, limited land available for sale and the Federal Reserve’s promise to keep interest rates low another two years all have contributed to the trend.
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