As farmland values climbed to record highs in 2022, speculation and concern was drawn with the increase in non-U.S. farmland purchasers. This summer, 300 acres in North Dakota were sold for $2.6 million to a Chinese company. Many leaders, including North Dakota’s Governor, raised concern over the sale due to its close proximity to an Air Force base which houses complex drone technology. The company, Fufeng Group, says it plans to build a $700 million corn milling plant, creating 200 jobs. Lawmakers and analysts remained concerned.

In September, Republican Dan Newhouse along with 50 other Congressional delegates asked USDA to take action to address potential security risks from foreign transactions. Most foreign-owned land in the U.S. is held by countries outside of China, including Canada, the Netherlands, Italy, the United Kingdom and Germany. Together, 37.6 million acres of U.S. farmland belong to other countries, with Canada leading the way at 32%. Forests make up the largest land type held by foreign countries at 46%.

Read more on international farmland sales here.