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Farmland auctions in Indiana and Ohio attract big crowds, competitive bidding
As the end of the 2016 crop year approaches, farmers and farmland investors are still seeking to acquire land, showing up in strong numbers for Schrader Real Estate and Auction Company land auctions last week in Indiana and Ohio.
The November 1 auction of 755 acres in Ripley County, Indiana, drew a packed house of approximately 175, including 78 registered bidders, resulting in a sale of the land for $4,585,000. The 16 tracts offered were spread among eight successful bidders.
The next day, the auction of 436 acres in Auglaize County, Ohio, attracted another capacity crowd, including 39 registered bidders, with the land selling for a total of $3,835,000.
"There's still solid demand for farmland, and the bidding continues to be competitive, especially for the better quality land. Despite commodity prices, investors see the current market as an opportunity to acquire land that will provide them good long-term returns without the volatility of some alternative investments," said R.D. Schrader, president of the auction company.
"It's noteworthy that we had both farmers and investors actively bidding in both of these events, with investors buying much of the land. It's important to remember that these prices remain high by historical standards, and I believe we will continue to see a favorable market for those who seek to sell land in the near future," said Schrader, noting that the company also reached an agreement on the private treaty sale of more than 20,000 acres of mostly irrigated cropland in Nebraska.