Harvest is nearly complete, and many farmers in the Midwest are surprised by strong yields, despite drought causing concern during the growing season.
Doug Hensley with Hertz Farm Management says regardless of yield changes, the growing season looks to end with corn price down 20% year-to-date. He says another difference is the higher interest rate.
Because of record farm income for several years, more farmers can buy land with cash. Hensley says financial security is powering land purchases, keeping commodity prices stable.
That same slowdown has not yet happened in farmland, but Hensley says it’s still something to watch. Overall, he says sales volume with farmland looks to be normalizing.
Hensley thinks land prices are stable this Fall.
Overall, Hensley says 2023 has been a solid year.
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