US Ag Land Vales Rise, Cash Rents Remain Steady
Lorrie Boyer
Reporter
“The sixth consecutive year of increasing values across the board, but maybe a bit of a slowing in terms of that increase. We saw a little bit of a slowdown in those increases last year. A little bit. We're talking about three major categories: all land and buildings, crop land, and pasture. And again, increases across the board on all three categories. A little bit slower than what we've seen in some of the recent years.”
And as for cash rents, “what we're talking about here is the average cash rent rate that was paid by producers for land that they rented on their operations, and rare we saw pretty slow changes happening there. In fact, very similar to what we saw last year. Last year's values were very similar to what we saw the year before, and so this is really two consecutive years of pretty steady cash rental rates. Looking at cropland down just $1 an acre from last year, that sits at $160 per acre on average. Irrigated cropland rates unchanged from last year. Non-irrigated cropland rates down $1. Actually, did see an increase in the average pasture cash rental rates up $1 an acre to $16.50 per acre.”
Lance Honig with the National Agricultural Statistics Service.
