The Changing Landscape of Farmland: From Iowa Roots to Wine Country

Written By Stefanie Wenninger

When you think about farmland, what comes to mind? Maybe it’s the family farm that’s been passed down for generations — a weathered barn, fields of corn and soybeans, or that unmistakable smell of freshly turned soil. But for Steve Bruere, President of Peoples Company, farmland is more than nostalgia. It’s a dynamic, evolving marketplace that’s become both a livelihood and a global investment class.

On a recent episode of The Germinate Podcast, hosted by Joe Sampson of Embo Sales, Steve joined to talk about the future of farm real estate, technology in agriculture, and how a small-town Iowa kid ended up running a nationwide company — and even a winery in the Pacific Northwest.

From Warren County to 35 States

Steve grew up on a farm in Warren County, Iowa, where his family raised crops and ran a Ford New Holland dealership. After earning his real estate license in college, he joined Peoples Company, which originally spun out of a community bank in the 1970s.

What began as a small, family-run brokerage has since expanded into 27 offices across 35 states, handling over $1 billion in farmland transactions annually. From almonds and pistachios in California to corn and soybeans in Iowa, Peoples Company is now one of the most respected names in U.S. agricultural real estate.

“We like to think of ourselves as a marketplace for farmland,” Steve says. “We manage farms, appraise them, lease them, and help families and investors make smart land decisions.”

The Family Farm: Still Alive, but Evolving

It’s no secret that technology and economics have changed the face of agriculture. Joe pointed out that modern farming requires precision, data, and serious capital investment — and Steve agrees.

While USDA data pegs the average U.S. farm size at 466 acres, Bruere notes that number doesn’t tell the whole story. Commercial operations are consolidating, while smaller farms often survive by specializing in agritourism, local produce, or niche crops.

“Farming isn’t for the faint of heart anymore,” Steve said. “You’re not just planting and harvesting — you’re managing people, making marketing decisions, and using technology that rivals Silicon Valley.”

Technology, Data, and the Role of AI

One of the most interesting parts of the conversation centered around technology’s role in farmland investing. Steve’s team has spent nearly a decade digitizing farm data — from yields to soil maps — to power a new platform called FarmWorth.

“If you haven’t digitized your data, you can’t use AI,” Steve explained. “Now we can analyze productivity, drainage, topography, and market trends across the entire country from our desks.”

This shift has not only made the business more efficient, but it’s opened the door for new tools and investors to enter the market.

Debunking the Myths: China, Gates, and Outside Investors

Joe didn’t shy away from the tough questions — including some of the viral farmland myths making the rounds on social media.

Is China buying up America’s farmland? Steve says that’s overblown.

“China ranks around 16th in terms of foreign farmland ownership,” he said. “Canada and the U.K. own far more. And it’s rarely the Chinese government — usually it’s a businessperson or investor with U.S. operations.”

And what about Bill Gates? Despite headlines, institutional ownership is still a tiny slice of the total market.

“There’s about $16 billion in institutional farmland investment in the U.S.,” Steve explained, “and that’s out of a $4.3 trillion asset class. In Iowa alone, farmland is worth over $300 billion. Farmers still dominate.”

Roughly 70% of Peoples Company transactions are still between farmers. Most investment groups simply lease land back to local families.

From Farmland to Wine Country

Steve’s entrepreneurial spirit doesn’t stop at dirt and crops. A few years ago, while handling a land deal in Washington’s Walla Walla Valley, he got pulled into the wine business — quite literally.

That project led to vineyard ownership in Oregon and the creation of his own wine label: Capital Call Wines.

“Every time I got a call from my vineyard partner, it was for more money,” Steve laughed. “So I said, ‘I’m shocked no one’s ever named a wine Capital Call.’ Now we have labels called Cash Flow and Margin Call.”

The brand now produces wines from Oregon and Washington vineyards, proving that the entrepreneurial drive behind Peoples Company extends well beyond the corn belt.

Why Land Still Matters

Perhaps the biggest takeaway from Steve’s story is that land ownership remains deeply emotional. Whether it’s 40 acres in Iowa or a vineyard overlooking Mount Hood, land is tangible, generational, and uniquely American.

“You can hike it, hunt it, fish it, grow food on it,” Steve said. “There’s something spiritual about owning land. During COVID, a lot of people rediscovered that.”

And in Steve’s words, “There are two types of people in the world: those who own farmland, and those who wish they did.”

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Stefanie Wenninger
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