With all the ethanol and bio-diesel plants going in the price of agricultural land is climbing. Overall Iowa experienced a 14% increase in the last 6 months! Now that's a return I'd like to get. My experience is that good crop land is selling for about $4,500 an acre in this area. The state average is $4,313 so we are a little higher. There hasn't been a lot of land change hands in Buena Vista County and what has is estate land.
Farmers are getting top dollar for corn and soybean they can afford to buy land as it comes available. Few real estate investors, who aren't already crop farmers, are investing in ag land. I believe the reasoning for this is the amount of knowledge required to know what type of land you are buying and how to rent it if you don't farm it yourself.