Brought to you by WBIW News and Network Indiana
Last updated on Wednesday, February 6, 2008
(UNDATED) - The real estate crisis in the U.S. is not having an effect on America’s farmers.
The huge demand for raw commodities such as soybeans, corn and wheat, along with other factors, continues to push the value of farmland upward.
Lew Middleton with the Indiana Farm Bureau says 98 percent of all farms in the U.S. are owned by family entities so those who are concerned about the corporate world taking over our agricultural ground need not worry.
But Middleton says the high price of farmland is a barrier for young farmers just getting started so they have to think of ways to try to overcome that and make it easier for younger farmers to get into the business.
Middleton says a farmer's land is his 401-k retirement plan but when it comes time to retire, if he doesn't have any children who want to continue to farm, he may be tempted -- or even forced -- to sell.
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