Percy on North Carolina Farmland
I've been bullish on farmland for a while now, and it has paid off: average farm prices increased by 15% in 2006. I was surprised, then, to read this quote from state agricultural commissioner, Steve Troxler, in the News & Record's business blog:
"Farm loss has become a chronic problem here. We've lost more than 6,000 farms and 300,000 acres of farmland since 2002."Why am I bullish on farmland? Because commodities guru Jim Rogers says we should buy farmland. From Bloomberg:
Jim Rogers, the hedge fund manager who predicted the start of the commodity rally in 1999, said global warming will hinder crops and has advised purchasing farmland for at least a decade.
"Because of the disruptions, agricultural prices will go through the roof," he told reporters in Melbourne on Feb. 7. "I am extremely bullish on agriculture."
I'm not sure what the problem is with farms here in North Carolina, but I smell opportunity.
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