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ASFMRA Ag News - March 14, 2023

By ASFMRA Press posted 13 days ago
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Maryland Farmers Seek Protection From Surprise Tax Bills Howie Feaga got an eye-popping tax update last year for his farm in Ellicott City, Maryland. The assessed value of his buildings had leaped from $400,000 to $1.2 million, translating to a huge overnight increase in his property taxes. “Farm buildings do not increase in value like that,” Feaga, of horse and beef operation Merry Acres Farm, told lawmakers Feb. 21. “Please understand that farmers that farm for a living cannot make a change in their budgets to handle an increase like that.” Feaga was able to get his assessment reduced on appeal, but his experience typifies what Maryland ag advocates ...
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ASFMRA Ag News - February 28, 2023

By ASFMRA Press posted 27 days ago
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Selling Iowa's Historic Prison Farms During the Great Depression, when food was scarce across the country, men incarcerated at the Anamosa State Penitentiary grew the vegetables and fruit they ate behind bars. They raised hogs, cattle and poultry, collected eggs and even made milk, cheese and ice cream. Prison farms in Iowa and across the country not only supplied food for incarcerated people but they were the first prison vocational programs outside prison walls. The state now is considering selling more than 4,000 acres of farmland surrounding Iowa prisons and other residential facilities to raise an estimated $32.7 million. About one-third of the land ...
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ASFMRA Ag News - February 14, 2023

By ASFMRA Press posted 02-12-2023
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Bringing Millennials and Farmland Together Friction between generations has been going on for a very long time. Descriptions like lazy, entitled and excessive can be found for each new generation in literature all the way back to Aristotle. Maybe routine, everyday life causes those of us in the older generation to just forget what it’s like to be young. I tend to think that each successive generation faces challenges and opportunities that differ from the previous generation. And that gives each generation a unique view of the world, which can ultimately divide us. Whatever the reason, young adults are the most valuable resource we have in agriculture. ...
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ASFMRA Ag News - January 31, 2023

By ASFMRA Press posted 01-31-2023
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Carbon Program Providers Say Buyer Demand Is Outpacing Farmer Supply It might seem like farmer interest is a moving target fueled by fluctuations in the commodity markets. While carbon programs announce their first and second rounds of payments to farmers, it seems the price for the carbon sequestered is also a moving target. Carbon by Indigo announced their second tranche of payments in December 2022 – $3.7 million to 450 farmers. The company reports it has consistently increased the price it pays for carbon credits. “Demand is currently outpacing credits produced by farmers in our program,” says Heather Gieseke, vice president of carbon commercial for ...
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ASFMRA Ag News - January 17, 2023

By ASFMRA Press posted 01-16-2023
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Joe Burrow, Blake Griffin and Other Pro Athletes Take a Stake in Iowa With Farm Purchase Some of the biggest names in pro sports ― a group including Cincinnati Bengals quarterback Joe Burrow, Boston Celtics forward Blake Griffin and Toronto Blue Jays pitcher Kevin Gausman — are spending $5 million or more buying U.S. farms, with their first purchase coming in Iowa. The coalition of about two dozen players bought the 104-acre north Iowa farm and plan to acquire more, according to Patricof Co., a specialized private New York investment firm facilitating the deal. The company declined to say how much the Iowa farm cost. Front Office Sports said the sports stars ...
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ASFMRA Ag News - January 3, 2023

By ASFMRA Press posted 01-03-2023
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$1.7 Trillion Omnibus Bill May Curb Syndicated Conservation Easement Abuse The $1.7 trillion federal spending bill includes a change designed to curb the abuse of tax incentives for land conservation. Federal conservation easements enable property owners to take a charitable deduction when they give up certain rights to develop land. The incentives, which were made permanent by Congress in 2015, help offset the owners’ financial loss for other potential uses for the property. However, misuse of those deductions has been a persistent problem, whereby groups of investors may obtain inflated land appraisals and receive higher tax deductions. The appropriations ...
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ASFMRA Ag News - December 20, 2022

By ASFMRA Press posted 12-19-2022
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5 Characteristics of Record-High Land Sales It seems like you can’t turn around these days without seeing another headline touting record-setting prices for farmland. At least that’s what comes up in my newsfeeds, the most recent one being for $30,000 an acre in Sioux County, Iowa, which lies in northwest Iowa. Just what do they put in their water in Iowa? This sale beat out other recent sales of $26,250 per acre in adjacent Plymouth County, also in Iowa, and a sale of $27,400 per acre in Richardson County, Neb., located in the southeast portion of the state. How do recent Illinois farmland sales compare? Read the Full Story CO2 Pipeline Company Plays ...
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ASFMRA Ag News - December 6, 2022

By ASFMRA Press posted 12-06-2022
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Clint Eastwood’s “Unforgiven” Movie Ranch Lists For $19.2 Million The 1992 film Unforgiven, directed by and starring Clint Eastwood, was one of the most critically acclaimed Westerns of the 1990s. The recipient of four Academy Awards (best picture, best director, best supporting actor and best editing), the film was selected for preservation in the Library of Congress National Film Registry. It was also a major commercial success, grossing $159 million on a budget of $14.4 million. Eastwood, one of his generation’s most famous cowboy actors, made the film to reflect and comment on the Western genre and his own previous work within it. He dedicated the movie ...
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ASFMRA Ag News - November 22, 2022

By ASFMRA Press posted 11-21-2022
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Farmland Values Hit Record Highs, Pricing Out Farmers A series of economic forces — high prices for commodity crops like corn, soybeans and wheat; a robust housing market; low interest rates until recently; and an abundance of government subsidies — have converged to create a “perfect storm” for farmland values, said Jason Henderson, a dean at the College of Agriculture at Purdue University and a former official at the Federal Reserve Bank of Kansas City. As a result, small farmers are now going up against deep-pocketed investors, including private equity firms and real estate developers, prompting some experts to warn of far-reaching consequences for the ...
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ASFMRA Ag News - November 8, 2022

By ASFMRA Press posted 11-07-2022
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Interest Rate Hikes Not Impacting Illinois Farmland Values, Yet An ag appraiser says multiple interest rate hikes have had little impact on farmland values in Illinois so far. Kent Reid, Chief Appraiser for Farm Credit Illinois tells Brownfield since the Fed began raising rates in May, farmland values in their 60-county territory have remained stable. “We still are not seeing any major effect on farmland. The land values have held steady throughout that.” Read the Full Story Cow-Harming ‘Forever Chemicals’ Strain USDA’s Relief Resources Dairy farmer Art Schaap had to watch his cows slowly die for over three years before the federal government paid ...
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ASFMRA Ag News - October 25, 2022

By ASFMRA Press posted 10-25-2022
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New Record: Iowa Farm Joins the $26,000 Per Acre Club Farmland is still going for record amounts. Just look at this recent sale in Iowa. In Plymouth County, Iowa, a new record was set to the tune of $26,250 per acre. The farmland included 55 acres of high-quality farmland, according to Brock Auction Company, which managed the sale. That means the total bill was $1.44 million. The tracts included 53.8 cropland acres with a 27.11-acre corn base with a 176 bu. PLC Yield index and a 25.74-acre soybean base with a 53 bu. PLC Yield index. The Plymouth County assessor and NRCS office show the main soil types to be Galva with some Primghar and Colo. The farm carries ...
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ASFMRA Ag News - October 11, 2022

By ASFMRA Press posted 10-10-2022
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Drastically Low River Levels Impacting Grain Transportation Severely low water levels on the Mississippi River have slowed grain transportation. South Central Illinois farmer Dan Hiestand tells Brownfield this is a major concern as they harvest corn and soybeans. “The river is low so they can only fill the barges half to two-thirds full to keep them from grounding. That is a concern, especially right now during harvest time, when barges are most in demand.” Hiestand says as a result, freight rates have skyrocketed. USDA data indicates the cost per ton to ship from St. Louis to the gulf has gone up more than 200% from last year. Read the Full Story ...
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ASFMRA Ag News - September 27, 2022

By ASFMRA Press posted 09-26-2022
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Terry Bradshaw’s Oklahoma Ranch Back on the Market Back in 2019, there was lots of buzz about the Oklahoma ranch of iconic Pittsburg Steeler player and broadcaster Terry Bradshaw going up for sale. However, the prospective buyer who was attempting to acquire the ranch failed to close on the transaction — which means the 744-acre state-of-the-art equine breeding facility, cattle facility, and recreational ranch is back on the market. Let me just dig around in my jeans pocket for that $22.5 million asking price. The property and facilities in Thackerville, Oklahoma, about an hour from Dallas and Fort Worth, are a turnkey-ready proposition for a major equestrian ...
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ASFMRA Ag News - September 13, 2022

By ASFMRA Press posted 09-12-2022
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Eminent Domain Concerns Cloud Pipeline Proposals Three carbon capture and sequestration (CCS) pipelines are proposed to crisscross the Midwest, collecting CO2 from ethanol plants and other partners to permanently isolate it underground. Stakeholder response has ranged from dissent to praise, but the possible use of eminent domain has landowners particularly fired up. “Unfortunately, [eminent domain] has been painted and mischaracterized as something that is a trump card, and that is absolutely not the case,” says Elizabeth Burns-Thompson, vice president of government and public affairs at Navigator CO2 Ventures, one of the three pipeline companies. Many landowners ...
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ASFMRA Ag News - August 30, 2022

By ASFMRA Press posted 08-30-2022
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Have Land Values Peaked? Expert Sees Prices Steady With Record-Setting Sales in Iowa Land values have hit record levels in the past year. According to USDA's National Agricultural Statistics Service, U.S. land values so far in 2022 are up $420 per acre, or 12.4%, to an average $3,800 per acre. The biggest percentage increase comes in Iowa, but other Midwestern states aren’t far behind. The question everyone wants answered is can land prices keep going up? In times of high commodity prices, it's not uncommon to see land values rise, but there have been some record-setting values and percentage increases this year. For example, Iowa land values have increased ...
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ASFMRA Ag News - August 16, 2022

By ASFMRA Press posted 08-15-2022
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Disney Family Ranch Lists at $71 Million A secluded Wyoming ranch once owned by the Walt Disney family that is surrounded by mountains and national forest, and is located just 23 minutes from Yellowstone National Park, has hit the market for $71 million. Diamond G Ranch sits about 90 miles east of Jackson Hole, near the town of Dubois. The ranch spans about 5,000 deeded acres and contains a five-bedroom lodge that has served as the owner’s residence. Other structures include a log guest house with an enclosed porch and two log cabins. There’s an enormous century-old barn with storage on the first level and an office, boardroom and kitchenette upstairs. Another ...
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ASFMRA Ag News - August 2, 2022

By ASFMRA Press posted 08-01-2022
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How the War in Ukraine is Impacting U.S. Farmland Prices A later planting schedule in many states, coupled with the conflict in Ukraine, has had an impact on producer inputs, the market and land prices, according to a land value report from Farmers National Company, which offers landowner services such as real estate and auction sales and professional farm management in the U.S. The stronger land prices of late 2021 continued higher through the first half of 2022, according to the market report. After a calm period at the start of 2022, in which the land market remained steady, sales prices took another jump up as a result of the outbreak of war in Ukraine ...
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ASFMRA Ag News - July 19, 2022

By ASFMRA Press posted 07-18-2022
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Farmland Hits New Records According to final results from the University of Nebraska-Lincoln's Nebraska Farm Real Estate Report, overall farm prices in the Nebraska rose 16% this year to $3,360 an acre, an all-time record. Values were strongest in the northeast part of the state, up 21%, while the northern region had the smallest increase of 11%. The UNL report is actually pretty conservative in its estimate of the increase in land prices in the state, however. A report from the Federal Reserve Bank of Kansas City estimated Nebraska's fourth-quarter land prices were up 31% for non-irrigated cropland, 21% for irrigated land and 23% for ranchland compared with ...
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ASFMRA Ag News - July 5, 2022

By ASFMRA Press posted 07-05-2022
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$45 Million Ranch for Sale Near Rapid City One of Rapid City’s oldest families is selling its almost 4,300 acres for future growth as the region continues to expand. Bob Borgmeyer said the Selador Ranch, which is listed at $44,995,000 as of Wednesday morning, is largely untouched. “Our ranches are two blank spaces which should be owned by someone who can better integrate them with the imminent updated comprehensive planning and public works efforts including Ellsworth and its projected 13.5 mile water pipeline,” he said in an email to the Journal. Read the Full Story North Dakota AG Clears Farmland Purchase Tied to Bill Gates North Dakota’s attorney ...
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ASFMRA Ag News - June 21, 2022

By ASFMRA Press posted 06-20-2022
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Is Trouble Brewing for the Farm Economy For the first time since September 2020, the rural economy is showing signs of weakness. That’s according to the March Rural Mainstreet Index (RMI) from Creighton University. For June 2022, the RMI sits at 49.8. That is down from May’s 57.7. The index ranges between 0 and 100 with a reading of 50 representing growth neutral and is generated by a monthly survey of bank CEOs in rural areas of a 10-state region dependent on agriculture and/or energy. “Much like the nation, the growth in the Rural Mainstreet economy is slowing,” says Ernie Goss, who chairs Creighton’s Heider College of Business and leads the RMI. “Supply ...
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