Land Prices are Crazy, ctd.

This will not end well:

 The rise in Kansas agricultural land prices appears to be accelerating in response to the incredible jump in the price of many agricultural products since mid-2010. A recent survey by Farmers National Co., a national brokerage for farm and ranch land, showed that non-irrigated crop land in central Kansas averaged $3,000 an acre, up 50 percent since June. Irrigated farmland in central Kansas was up 15 to 20 percent since June, for an average of $3,500 an acre.
Other Midwestern states saw increases of 10 to 20 percent, according to the company. Farmland on the coasts may actually have fallen in value in recent years because development prospects have dried up.