Farm real estate prices rose year-over-year nationally, as every state saw gains in land values, according to an annual report from the Ag Department. The value of land and buildings on farms rose 4.3% this year, to $4,350, the agency said after a survey of more than 28,000 operations conducted April–June. Cropland costs increased 4.7%, to $5,830 an acre, and pasture value rose 4.9%, to $1,920 an acre.
Iowa ag land was valued at $9,790 an acre, up 3.9% on an annual basis, and Illinois saw gains of 2.6%, to $8,930 an acre. In Missouri, farmland values remain relatively stable overall, averaging $8,596 per acre, only slightly higher from the previous year. Nebraska land values rose to $4,250 an acre versus $4,080 a year earlier. Kansas ag real estate increased 4.4%, to $3,100 an acre, on average. Iowa and Illinois are the biggest producers of corn and soybeans in the U.S.
-NAFB