Today’s version of the gold rush — at least in some parts of the country — comes in the form of wheat fields, rows of corn and acres of soybeans.
Growing global demand for food, a lack of reliable investment options in a weak economy, high commodity prices and low interest rates have contributed to farmland values in Iowa almost doubling during the past six years.
It’s been a little more calm closer to home.
Tony Miller, senior vice president at First Farm Bank in Greeley, said farmland values in the Greeley area have seen increases of about 10 percent in the past five years, and Weld County Assessor Chris Woodruff said property values across the county have increased about 15 percent.
According to those who know the agriculture industry — Colorado State University professor and agriculture economist Norm Dalsted, as well as Miller — urban sprawl along the Front Range and pressure for development have driven up prices on all land in the region long before agriculture commodity prices began booming.
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