Indiana Farmland Sells High, Despite Drought

A 79-acre farm in an area hard hit by the drought sold for $13,189 per acre as bidders looked past the current crop season and focused on the long-term value of Midwestern farmland. The Indiana farm, offered as a single tract, sold for $1,045,000 to a local farmer.

“People keep saying that the drought will suppress farmland prices, but if that’s happening, you sure couldn’t see it in White County, where the most active bidders were neighboring farmers who have a commitment to the land and recognized the opportunity to add to their holdings in the area,” said R.D. Schrader, president of Schrader Real Estate & Auction that conducted the auction.