Farmland values getting attention at this week’s Farm Progress Show. Don McCabe with the Illinois Society of Professional Farm Managers says farmland values in the state increased by 5 percent during the first half of 2012 and he doesn’t believe the drought will have much of an impact on future prices.
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On July 1st, farmland prices averaged $11,200 per acre for excellent quality farmland, $9,200 for good quality farmland, $7,800 for average quality farmland, and $5,900 for fair quality farmland. A year ago the 2011 Mid-Year survey indicated the value of the best quality land surpassed $10,000 for the first time.