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Farmland is the latest hot property

June 14, 2008 /

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TIAA-CREF, the largest U.S. manager of retirement funds, bought $340 million of farmland in seven states in December. George Washington University plans to earmark $100 million for agricultural investments during the next year.

The market for farmland is having its biggest revival in almost 30 years as Asian demand for corn and soybeans and the ethanol industry drive commodity prices to record highs. From Iowa to South Dakota to Wyoming, gains in rural land prices have ranged from 78 percent to more than 200 percent, according to farmers and data from Farm Credit Services of America in Omaha, Nebraska.

By Brian Louis
Bloomberg News

Full Story: http://www.sltrib.com/business/ci_9583000