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Illinois no-sales a sign of instability in the farmland market
There are signs of instability in the farmland market.
Compeer Financial certified appraiser Josh Miller covers several counties in central Illinois and says no-sales are occurring more frequently.
“I’ve got a sale at $20,600 (an acre), and then not even 10 to 15 miles away a similar farm stalls out $12,500 or $13,000 an acre bid and they end up no-saleing it.”
He tells Brownfield the market has otherwise been resilient.
“That’s really been the thing that’s a little bit confusing in our market right now and for all appraisers really, it’s just been a wide range and hard to make a good rhyme or reason for it.”
He says farmland values are likely to weaken this year if there continues to be downward pressure on commodity prices while interest rates remain high.
Miller made these comments during an upcoming Compeer Financial appraisal series podcast, a content partnership with Brownfield Ag News.
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