Clay County, Illinois farmland auction sells for $5.45 million

CLAY CITY, Ill., Nov. 18, 2014 /PRNewswire/ -- Approximately 760 acres of farmland in Clay County, Illinois, sold for a total of $5,454,750 Monday as a Murray Wise Associates auction attracted a capacity crowd.

The land, offered in 16 tracts, ultimately sold to five buyers, with the best tillable cropland going for $8,326 per acre.

"As a whole, the land brought $7,177 per acre, which exceeded the expectations of a lot of the local folks," said Kenny Schum, auction manager. "Our buyers were primarily local operators, though we also had some investor participation. For all the talk about lower commodity prices dampening demand for farmland, you couldn't tell it in Clay County."

The sale was the first of three farmland auctions set for the week. Bidders will gather at 10 a.m. Wednesday, Nov. 19, in Potomac, Illinois for the auction of 275 acres of land. Then at 10 a.m. Thursday, Nov. 20, the company will auction 106 acres in McLean County.

Murray Wise, chief executive officer of the auction company, predicted land owners will be making key decisions in the next few weeks. "The crops are in for the most part, and farmers are now planning for 2015. Some are making crop decisions and re-negotiating rent agreements. Those who are thinking of selling will be encouraged to see that there's still a great deal of demand out there," he said.

Individuals seeking additional information may visit www.murraywiseassociates.com or call 800-607-6888.

Murray Wise Associates LLC, headquartered in Champaign, Ill., is a leading national agricultural real estate marketing and financial advisory firm, with additional offices in Florida and Iowa.

For more information:
Carl Carter, 205-823-3273

SOURCE Murray Wise Associates

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