Indiana Farm Sale Blowout: $16,200 Per Acre

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Via Indiana Economic Digest

Elliott Farm sells at $16,200 per acre
Elliott Farm, located near Poseyville, recently sold its 69 acres at auction for $16,200 per acre, or $1,117,800 in total.

The farm had been held by the Elliott Family since the early 1940s and was purchased by a local farmer who was represented by proxy. According to auctioneer Andrew Wilson, the price per acre is a record for this area

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USDA: 97% of Farms Owned by Families

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USDA came out with some new numbers on who owns farms in America:

About 2.1 million farms in the U.S., 97 percent are what the report calls “family farms,”according to the the USDA’s 2012 Census of Agriculture Farm Typology.

Other key facts included in the report stated that 88 percent of those 2.1 million farms are classified as “small family farms” — operations with a gross cash farm income (GCFI) of less than $350,000 per year. Those small family farms contribute nearly 60 percent of all direct sales of product from farms to consumers.

H/T Indiana Economic Digest

U.S. Farmers Are Exceptional

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Kokomo Tribune writer Josh Sigler provided a good investment piece about why farming is an excellent investment. I blog about farmers and farming because the lack of respect towards the industry by people is simply naive. Here’s a snippet of the article that should give the world pause in how exceptional farmers in the United States are:

In 1928, the world’s population was 1.2 billion people. The United States made up 10 percent of that population, and at the same time, provided 10 percent of the world’s agricultural output.

By 1968, the world’s population had ballooned to 3.5 billion. The U.S. made up 6 percent of the world’s population, but increased its agricultural output, providing 20 percent of the world’s crops, doubling the output in 40 years.

Those numbers continued along the same path, and by 2012, the world’s population rose to over 7 billion. The U.S. now makes up 3 percent of the world’s population, but in modern times, produces 30 percent of the world’s agricultural output.

The world has a long way to go in catching up to the United States.

H/T Indiana Economic Digest

Farmers Buying Most of the Farmland for Sale in 2014

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Stumbled upon some interesting data about buyers of farmland while researching farmland value. This comes from AgriNews:

One thing they have noticed, Aupperle said, is that more farmers are purchasing the land. During the first nine months of the year, 71 percent of the land was purchased by farmers or their families.

“Farming community has really stepped up, while outside investors seem to be waiting to see if a correction comes,” Aupperle said. “The farming community has a lot of money from remaining steady for two years and when investors come back, an upward trend should continue.