Commodity prices continue to be a drag on the farm economy. AgCountry Farm Credit Services loan officer Mick Thompson remains optimistic. Farmland values are relatively stable. “We just had a sale a couple of days ago southwest of Ada that went for $7,500 (per acre). That was in the neighborhood of where some land sold earlier this year for $8,500 so it’s holding,” said Thompson. “There’s a lot of wind out of the sails right now and that happens when commodities go down, but we don’t buy or sell land for one year. You buy land for a generation.” A significant amount of land will be sold by auction in early October in the Ada, Minnesota area and Thompson said that will provide insight into the land market. Thompson was part of Thursday’s AgFest program in Ada.
