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Jay County farmland sells for $10,409 per acre

The demand for farmland showed no sign of abating Thursday as the auction of 414 acres in Indiana's Jay County brought $10,409 per acre. The event attracted a crowd of more than 150, including more than 40 registered bidders, according to R.D. Schrader, president of Schrader Real Estate and Auction Company, which managed the sale.

The land, offered in six parcels, sold as an entirety to a farmer, according to R.D. Schrader, president of the auction company.

"Despite the talk of farmland prices leveling off, we haven't seen much sign of that in our recent auctions, and the price on this land was very strong based on the quality and location. While we offered it in six tracts, I wasn't surprised to see that most of the interest was in the entirety, because the tracts were contiguous," said Schrader.

"The people who know the land best continue to believe it represents a sound value, and I believe there still could be room for growth," he said.

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