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Interesting farmland sale

Attended a farmland sale yesterday, east central Iowa.  157.55 acres, CSR 60, no buildings, been in CRP since 1984, and available to farm this year.  Not sure if any tile or not.  The interesting part was only one bid $8500 per acre.  It took the 3 sellers over an hour to decide if they were going to take the bid, which they did.  Not a bad thing, the bank had cookies to eat and I got to visit with some farmers I had not seen for many years!

Was the initial bid too high or are farmers getting nervous commodity prices are going to keep going down?

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