Welcome to 2024! So far the year has brought us an avalanche of snow and political ads, but I can approach the present with thankfulness that hopefully we will have less of both going forward. In the spirit of thankfulness, I want to thank Brenda Heisch for her excellent leadership over the past year as President of the Iowa Trust Association. Brenda was always ready to help and she did a fantastic job leading the organization. Of course, none of us could do this without the help of Darcy Burnett who keeps everything running smoothly. I am thankful for the members and board members of this great organization and it will be a privilege to help lead the Trust Association this year.
We greatly appreciate your feedback on all the ways the Trust Association can help benefit its members. Each of you serves such an important role for your customers by taking things that can be scary and intimidating, like trust administration, investment, or tax matters, and reducing those concerns with a trusted voice that gives your customers confidence. As an organization, we want to help give you tools and support to enhance that trusted voice. Certainly let me or any of the board members know if you have ideas about how to help.
The great legacy this organization has for bringing members together for collaboration is fantastic. I encourage you to be involved in every peer session and other opportunity for collaboration that you can. As I near 20 years involved in the industry, I can honestly say that I have learned the most from my colleagues sharing their experiences and talking through them, especially when I know I had always had the same question. Thank you again for all that help make this a great organization and we look forward to a wonderful 2024.
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Free ITA Webinar - Corporate Transparency Act
Thursday, March 21 • 10am
The Corporate Transparency Act (or CTA) establishes uniform beneficial ownership information reporting requirements for certain types of entities created in or registered to do business in the US effective as of January 1, 2024.
Join ITA for a free webinar on on Thursday, March 21 at 10 am regarding the CTA. This webinar will focus on compliance as applied to trusts.
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ITA Events - Save the Dates
As you are planning for 2024? Save the dates for these events for trust professionals.
2024 ITA Fall Conference
September 30 – October 2, West Des Moines Marriott Hotel
2024 ITA Trust Operations Seminar
October 28-29, Iowa Bankers Association
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Iowa Land Values Update
Peoples Company tracks agricultural auctions across the state of Iowa. From this data, we calculate the average dollar per CSR2 point ($/CSR2) for sales of tracts with greater than 85% tillable land. Additionally, these tracts are largely unimproved or include minimal improvement contribution.
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Quarterly Iowa Volume:
Tracts Sold: 388
Acres Sold: 37,137
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Quarterly Iowa Land Values:
$/Acre: $12,160
$/Tillable: $14,133
$/CSR2: $179
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Click HERE to view the Land Auction Results for December 2023. |
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2023 Farmland Year in Review
From comprehensive coverage of Iowa our analysis indicates that the market has plateaued, continuing to show strength, with location remaining a key factor in the value of the farm assets within your trusts.
Auction Data
In the past year there were 1049 auctions covering 115,626 acres.
- State Average: $12,176/acre
- High-Quality Ground: $14,198/acre
- Medium Quality Ground: $9,928/acre
- Low-Quality Ground: Steady at $7,402/acre
Farmland By the Facts (2022-23 Comparison):
- Auctions: 19.2% decrease (202 fewer)
- Acres: 22.8% decrease (26,379 fewer)
- Average Price per Acre: 1.1% increase ($134/ac)
All Iowa Land Sales Data: (Excluding sales under $2000/acre and above $30,100/acre)
- Total Sales: 4,505 transactions covering 421,423 acres
- State Average: $9,994/acre
- Transactions: 23.7% decrease (1,070 fewer)
- Acres: 22.4% decrease (94,766 fewer)
- Average Price per Acre: 4.5% increase ($457/ac)
Other institutions are showing similar findings
- Realtor Land Institute Iowa: 0.6% increase
- Iowa State University: 3.7% increase at $11,835/ac
- Farm Credit Services of America: 4% increase at $12,425/ac (Benchmark Farms)
Positive and Negative Market Factors
- Positive Influences: Good yields, net farm income, equity in existing land, and robust investment potential.
- Negative Influences: Rising interest rates, escalating 2024 input prices, margin compression, potential drought, and international conflicts.
Click here for detailed charts on farm prices, auction prices and crop pricing trends.
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Contribute to the Iowa Trust Association |
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As a reminder, the Iowa Trust Association welcomes contributors to its quarterly newsletter. If you would like to comment on recent activities in the industry or let us know about an upcoming event that would be of interest to our readers, please feel free to contact Darcy Burnett, at 800-987-7365. Thank you for your interest in our publication and we look forward to hearing from you.
If this message was forwarded to you and you would like to receive the ITA Newsletter, please email Darcy Burnett to subscribe.
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Published by Iowa Trust Association.
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