The bull run on Iowa farmland continues to play out in August. Less than two weeks after an Iowa farm sold for $19,000 per acre, a new record sale of $22,600 per acre was posted.

An index monitored by pension and investment funds show total returns to farmland ownership rose during the second quarter of 2021 when compared to the previous quarter and a year earlier.

How much does it cost to rent cropland this year? According to the National Agricultural Statistics Service, the average price is $141 per acre. That's $2 higher than 2020 and up $7 from five years ago.

At least 40% of U.S. farmland is rented from absentee landlords rather than owned by farmer operators, which has implications for their ability to adopt conservation practices on that land.

The award recognizes farmers 35 and under who represent the next generation of esteemed farm leaders. Entrants are judged on entrepreneurial originality (50%), financial and business progress (30%) and leadership (20%). Apply by Sept. 30.