(Dow Jones) A 74-acre tract of Iowa farmland sold for a record $20,000 an acre Wednesday according to the Des Moines Register.

The previous record was $16,750 an acre, in early October the newspaper reported.

The Register quoted the Federal Reserve Bank of Chicago as saying Iowa farmland increased 34% in value in the 12 months through October.  Iowa land prices have been tied to corn prices, which have doubled since June 2010, though they have softened recently, according to the article.