Farmland and used equipment are selling for record high prices at ag auctions and an ag economist says that trend will likely continue in 2022.
Gary Schnitkey with the University of Illinois tells Brownfield he expects the rate of increases to slow soon, but not necessarily go down.
“We can’t maintain those high increases indefinitely, but there isn’t any sign that we are backing off prices. The rate of increases is slowing but we are still going to be looking at prices of both of those probably edging up over time.”
He says low interest rates for land as well as labor and supply shortages on the equipment side have contributed to the increases, but the biggest factor is higher farm income the last couple of years.
