March 21 (Bloomberg) -- Illinois farmland values surged as much as 21 percent last year on rising profits from growing corn and soybeans, the Society of Professional Farm Managers and Rural Appraiser said today.
Highly productive land rose to $10,460 an acre at the end of 2011, up 20 percent from $8,690 at the start of the year, farm managers said in a survey released today. The value of average-quality farmland rose 21 percent to $7,330 an acre last year. Land-price increases exceeded the 6.7 average from 1970 to 2011, the association said in a release.
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