Murray Wise spent most of his day Monday trying to figure out how he’d handle it.
“I was stunned when I saw this,” he says.
The farm land broker and manager said it all started when he saw a copy of the sale bill from a series of farm land rent auctions held around Iowa between Thursday, February 2, and Saturday, February 4. It was the first time he’d seen such an auction, and the type of sale that could change the makeup of the farm land value spectrum from now on.
“It’s just a puzzling set of circumstances,” says Wise, president of Champaign, Illinois-based Murray Wise Associates, LLC. “The question I would now pose is are these rents economically feasible from the farmer’s point of view?”
The rents he’s talking about came from the 4 auctions — attended by hundreds of farmers — in Guthrie Center, Eldora, Osage and Mason City, Iowa, over the weekend. At stake were 2-year leases on around 3,300 acres of land owned by Charles Lakin of Milford, Iowa. The land, sold in 24 different tracts, was rented for anywhere between $325 and $530/acre………