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There are extenuating circumstances regarding most of those farm sales that go for big money. I know of one 40 that went for $29k per acre in NE Iowa.
Most times, when you're seeing those numbers larger than 10k/acre, which is still ridiculously high, it's because 2 neighbors are fighting over it, it connects to their farms, finishes a section/half section. Sometimes they just want it to square up the farm and get what's close, other times they're buying it so the other guy they don't like can't have it.
Either way, it will never pencil if they're not using a lot of already paid for acres to fund it.
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