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Corn for Ethanol Raising Agricultural Land Values in the Midwest

Iowa agricultural land value averages $4,313 per acre. Ouch!

The lust for tillable land in anticipation of high-priced corn has rocketed Iowa agricultural land prices by 16.5 percent over the past year. The average value of an acre of tillable land reached $4,313 in March of 2007. One farmer recently paid over $6,000 per acre for a contiguous parcel of 130 acres. The New England Agricultural Statistics Yearbook for 2005, the latest year for which data is available, list the average value of agricultural land in Maine at $1,637.