Lakin's father, Charles E., owns the parcels. Charles Jr. represents his father's interests.

"He is going to be very interested in how his went today," he said.

The market volatility prompted the family to put the cash rents to auction - a first for his father, Lakin said.

It took about two hours to establish rents for the parcels, located in Butler, Cerro Gordo, Franklin and Hancock counties.

A descriptions of inputs was given for each tract before the bids. Inputs are things like manure and fertilizer that have been worked into the ground - and which increases its value.

Then, one round of non-binding bidding takes place. In that preliminary round, everyone gets a feel for where a lease will be set. The highest bid becomes the starting price for the second round that establishes the real rent.

More often the bid climbs in the second round but in two instances on Saturday it stayed where it was.

"Most (leases per acre) were a good $200 higher than what I pay in Cerro Gordo County," said one farmer, who declined to give his name.

There is a fear, he said, that other rents will be forced upwards.