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Indiana

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Auction of 637 acres of N. Ind. farmland nets $6M

– An auction company says it’s sold 637 acres of farmland in northwestern Indiana’s Newton County for more than $6 million.

Schrader Real Estate and Auction Co. of Columbia City says 40 registered bidders took part in Tuesday’s auction of two farms that were sold as a single 637-acre unit.

The winning bid of $6.02 million means each of those acres went for $9,450.

Auction company President R.D. Schrader says Tuesday’s auction shows “there’s still a good market for quality farmland” in Indiana.

A Purdue University study released last year found the average price of high-productivity Indiana farmland was $9,177 per acre in 2013, while the price of average-productivity farmland was $7,446 per acre. That report also found the average price of poor-productivity farmland was $5,750 per acre last year.

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