Soy Capital News

Prime Farmland Market Remains Strong

April 4, 2014

March ended on a high note with another successful Soy Capital Ag Services farmland auction. On March 31, 2014, Soy Capital sold the Carmody Family Farm, which consisted of 259.63 surveyed acres in 3 tracts. Tracts 1 and 2 sold as a single unit for $13,750 per acre while the third tract, which included a house site, sold for $11,100 per acre. The Carmody farm had been in their family since 1919, and purchased by their Irish immigrant ancestor, Terrance Carmody, following his many years as a tenant farmer and operating the grain elevator at Merna, just east of Bloomington.  The land, which is located in southern McLean County between Bloomington and Heyworth, consisted mainly of highly productive Ipava, Sable, Osco and Catlin soils.  “The turnout for this auction shows that high quality farmland, properly marketed, can still generate significant interest,” said David Klein, Soy Capital’s Managing Broker and Auctioneer.  “We, along with the family members present, were pleased with over 40 registered bidders and a healthy combination of both investors and farmers participating.  It shows that a well managed, highly productive, and efficiently farmed property continues to be in high demand.  To the best of our knowledge, this is the highest recorded farmland price per acre in Randolph Township.”