An overflow crowd gathered at the Albert City town hall this morning for an auction of flat farmland. Eighty acres within sight of the Valero ethanol plant opened at $8000 and passed $10,000 within the first minute. The land is available for the purchaser to farm this spring. Sellers Everett and Sandra Nordine will pay the property taxes due next month, but the buyer must pay for fertilizer already applied since harvest.
The bidding stopped at $11,500/acre. The land has a corn suitability rating of 77.2. This means it sold for nearly $149/point, far above recent auctions reported on this website.
On sale day corn was about $6.15 and beans about $12.08 in local cash markets.