More Iowa Land Price Craziness

KCAU TV, via Big Picture Agriculture:

Iowa has always been known for its rich soil, but when a parcel of land near Boyden sold for a record 21,900 an acre this week...people started taking notice.
The un-named group of farmers bought the 80-acres in Sioux County for almost two-million dollars. But what's behind the heavy price tag?
Jason Woods, a farm manager with Coffman Farm Agency, said there are many factors.
"Increases of grain prices have been the primary driving force behind it," he said.
Another factor is the increase in corn prices, which is now a little over seven-dollars a bushel.
But sales like these still aren't typical, said Stephanie Dykshorn, a Sioux County farmer.
"Prices don't necessarily reflect the average, your average farmer isn't going to be able to go out and spend millions of dollars on ground and land," she said.
And Stephanie's husband, Paul, said there are downfalls to the prices being so high, and those could affect consumers.
"Your meat, your poultry, your pork, your beef-is all going to go up in price," he said.
Thursday's record sale wasn't the first in Sioux County. Earlier this week a 137-acreage of land sold for over 19-thousand. That's more than double its original purchase price.

WTF?  Almost $2 million for 80 acres?  That is totally insane.