According to a study by Iowa State University farmland prices in Iowa, the biggest corn producing state in the U.S. increased 24% in 2012 despite the historic drought and increased 63% over the past three years. The higher prices last year for drought-damaged crops combined with crop insurance payouts of $14.7 billion left farm incomes on average just 3% lower than in 2011 and near their highest level in 30 years. U.S. government forecasters expect overall farming income to be 14% higher in 2013. With cash available and interest rates low, farmers are buying more land, but not incurring large debt to do so.