U.S. Cropland Rises 8.1%
The average value of all United States cropland averages $5,460 an acre, according to the annual survey of farmers conducted in June by USDA. That figure represents an increase of $410 per acre, or 8.1%, from 2022. The average pasture value, according to the survey, is $1,760 per acre, an increase of $110 per acre, 6.7%, from the previous year. In addition, USDA pegs the average value of farm real estate, a measurement of the value of all land and buildings on farms, at $4,080 per acre for 2023. That is an increase of $280 per acre, or 7.4%, from 2022.
The Northern Plains leads all gains on a percentage basis in the value of cropland, which post an annual gains of $14.1%. Kansas with its 16.6% surge paces the increase over Nebraska and the Dakotas. The Lake States of Michigan, Minnesota and Wisconsin follow with a rise of 10.9%. The Corn Belt region report a gain of 7.7% across the five states of Illinois, Indiana, Iowa, Missouri and Ohio. Iowa lists the highest statewide average value of $10,100 per acre, up 8% compared to 2022.
The Southern Plains states of Oklahoma and Texas register an average increase of 7.4% with Oklahoma surging 8.9%. The Delta states report an average gain of 2.2% while the Mountain States list a boost of 3.9%.
The Northeast registers a 4.5% boost. The Appalachian states report an annual increase of 8.4%. The Southeast lists a gain of 7.9% and the Pacific states report a rise of 2.6%.
In addition to land values, USDA also today released its survey of average cropland cash rents. It places the national average cash rent at $155 an acre, up $7, or 4.7% from 2022. It pegs Illinois with a state average cash rent of $259 an acre; Indiana at $226; Iowa at $269; Minnesota at $198; Missouri at $144; Ohio at $178; South Dakota at $128 and Wisconsin at $156 an acre. County average cash rents will be released in September.
