DTN Ag Business Benchmark
Marcia Zarley Taylor DTN Executive Editor
Thu Jan 10, 2013 02:09 PM CST

AUSTIN, Texas (DTN) -- "Help, I'm about to set a county land record," a middle-aged Iowa farmer called to confess late last year. The heirs to a farm estate next door to his home farm had turned down his private offer of $13,500 per acre and were putting the parcel up for public auction. He later spent over $15,000/acre outbidding other aggressive neighbors, but he justified it since he paid cash out of this year's profits, it abutted his land and it hadn't exchanged hands in more than a generation.

Emotions can override economics at auctions, sometime for good reason. ...

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