Farmland prices have doubled since ’06. The cost per acre in IA is now almost $7,000/acre up 32% since ’10. Inflation adjusted prices are higher now than in the late ‘70s which precipitated the farm bust of the 80s. Prices are high because corn and soybeans have doubled in price since ‘06 due to demand from China and corn-to-ethanol which takes more than 33% of all corn. Even TIAA-CREF has a $2.5 billion farmland portfolio.