DES MOINES, Iowa (AP) -- The Iowa State University's annual Land Value Survey says the value of Iowa farmland rose 24 percent over the past year to set a record of nearly $8,300 an acre.
The survey in November included 486 responses from Iowa land brokers.
It was the third straight year that farmland value had risen more than 15 percent.
But Iowa State Extension's Mike Duffy, who oversees the survey, says the boom likely will fade over the next five years. Duffy says that within two years, farmers in other countries will respond to high prices and plant bigger crops. Duffy says that higher production will lower corn and soybean prices worldwide and tamp down land values.