USDA: Cropland Values Surge 14.3%
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.