Farmland Prices are On the Rise
CAPE GIRARDEAU, Mo. (AP) -- The dollar remains weak and the stock market shaky, but farmland prices are going through the roof.
The Southeast Missourian reports that the value of quality cropland in the Missouri Bootheel region has nearly doubled over the past decade. Ag real estate broker Ken Cantrell of Cape Girardeau says he has a long waiting list of potential buyers.
In fact, Cantrell says there is not enough agricultural property on the market to satisfy demand.
At the heart of the spike in value are rising commodity prices, driven by growing demand in China and India, countries where people are now consuming more meat. China and India are also driving up cotton prices as more people are purchasing quality clothing.