USDA: Cropland Values Surge 14.3%

USDA
USDA
(Farm Journal)

U.S. cropland values surged 14.3% for the year ending in June reaching an average of $5,050 an acre, reports USDA’s National Agricultural Statistics Service (NASS). Leading the charge to higher values is Kansas, with a whopping 24.5% surge. It’s followed by Nebraska with a 21% burst, Iowa with a 19.7% boom, South Dakota with an 18.9% upswing and Minnesota with a 17.6% gain. North Dakota reports a 14.1% increase followed closely by Indiana’s 14.0% rise. Wisconsin, Missouri and Illinois follow with gains of 13.6%, 13.4% and 13.3%, respectively. Michigan and Ohio round out the 12 Corn Belt states with increases of 12.8% and 11.0%, respectively.

In terms of dollar averages, Iowa tops the list for the 12 Corn Belt states at $9,350 an acre. That’s followed by Illinois at $8,950, Indiana at $7,750 and Ohio at $7,550. Minnesota rings in at $6,200 while Nebraska and Wisconsin both report an average of $6,000. New Jersey and California post the highest average cropland values at $15,900 (up $7.4%) and $15,410 (up 11.2%), respectively.

On a regional basis, the Northeast lists an 8.8% increase, the Appalachian region a 10.1% gain, the Southeast a 9.3% boost, the Delta a 6% gain, the Southern Plains a 12.7% boom, the Mountain States a 10.5% rise and the Pacific a 10.9% surge.   

In addition to cropland values, NASS reports the value of U.S. pasture rose 11.5% to an average of $1,650 an acre and the value of U.S. farm real estate, which includes farm buildings, jumped 12.4% to an average of $3,800 an acre.

Chart shows average values of farmland across nation

Map shows average cropland values by state

 

Map of farm real estate values by state

 

Map of farm real estate values by state

 

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