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Foreign-held U.S. agricultural land totaled around 47.24 million acres in 2024, up 3%, or 2.34 million acres, from 2023 and 90% since 2010, according to updated AFIDA data from USDA analyzed the American Farm Bureau Federation. The report showed foreign interests now account for 3.6% of all privately held agricultural land.
In an important distinction, Faith Parum, AFBF deputy chief economist, noted that foreign-held acreage tied to long-term wind and solar leases grew nearly 390% since 2010, reaching 14.2 million acres in 2024. These long-term leases, rather than outright purchases, were major drivers of acreage gains in states like New Mexico (+235,000 acres) and Texas (+231,000 acres).
Because AFIDA includes long-term leases, foreign energy companies may report substantial acreage associated with wind and solar projects without purchasing the underlying land, Parum wrote. She noted that in many cases agricultural production may continue alongside renewable energy development. USDA reports that less than 1% of land tied to foreign wind energy companies is owned outright, and the vast majority keeps the same operator after the lease is signed.
The data shows Canadian entities hold the largest share of U.S. farmland at 16.1 million acres (up 781,000 acres in 2024), followed by European investors holding 12.8 million acres combined. Chinese holdings fell 11% to roughly 245,000 acres, representing less than 1% of foreign-held land. Nearly half of foreign-held acreage (22.2 million acres) is forestland, while cropland accounts for 13.7 million.
- “Foreign-held agricultural land grew to 47.2 million acres in 2024, driven mostly by Canadian and European timber and renewable energy interests rather than purchases of working cropland,” Parum wrote. “Holdings linked to China remain small and are shrinking. For farmers and ranchers, the bigger question is how long-term energy leases reshape land use and competition for ground in their communities.”
Market recap: Short covering lifted corn futures after they hit a 3.5 month low on Tuesday, while soybeans and wheat continued to work lower. Cotton saw some short covering after four straight losses. Cattle futures also dropped on routine profit taking after strong, recent gains, while hogs careened to yet another contract low.
- December corn rose 3 cents to end at $4.51 ¾.
- January soybeans fell 5 cents to end at $12.38. December soybean meal rose $1.10 to $335.70 and December soybean oil lost 115 points to 65.56 cents.
- December soft red winter wheat fell 11 ¼ cents to $5.99, while December hard red winter wheat dropped 7 ½ cents to $6.43 – with both hitting four-month lows. December spring wheat dropped 8 ¾ cents to $6.19 ¾.
- December cotton rose 9 points to 78.15 cents after hitting a three-week low.
- December live cattle fell $3.525 to $227.325. November feeders declined $3.275 to $346.75.
- December lean hog futures dropped $3.425 to $58.60.
Fed stands pat, with 2 dissents… The Federal Reserve, as expected, left interest rates unchanged, but market participants see further tightening in the pipeline. The rate-setting Federal Open Market Committee voted 10-2 in favor of a hold, with two policy makers dissenting in favor of a quarter-point rate hike. In its policy statement, the Fed said, “Inflation remains elevated. The accumulation of more information will help the Committee determine the policy stance appropriate to ensure a timely return of inflation” to the Fed’s 2% goal. Fed Chairman Kevin Warsh, in keeping with his aversion to forward guidance, said no conclusions were reached on whether more rate hikes were needed.
- “Though Warsh acknowledged the tightening of financial conditions since the September meeting, he indicated that they were in line with Fed expectations and stopped short of qualifying overall financial conditions as tight,” said Matthew Luzzeti, Deutsche Bank chief U.S. economist, in a note. “In turn, further policy action will be needed to achieve a policy stance that will bring inflation to target in a timely manner. We continue to see the Fed raising rates by 25 basis points in December and March.”
Surging Europe natgas poses fertilizer worry… European natural gas prices have surged above 100 euros per megawatt hour (the equivalent to $32.69 per million BTUs) for the first time in nearly four years as markets braced for renewed U.S. strikes on Iran and the potential for a European cold snap, the Financial Times reported. Dutch natural gas for November delivery jumped 5% Wednesday to trade at 100.95 euros per MWh before dipping back below 100 euros.
- Josh Linville, vice president of fertilizer at StoneX, warned in an X post earlier this week that a jump in Dutch TTF gas above the equivalent of $30/mbtu “means we need to be VERY watchful for nitrogen fertilizer production plants starting to slow/stop production. Not all of them, but I have to assume some are struggling.”
Vance sends letter to Iran hardliner… Vice President JD Vance sent a letter to Iranian security chief Mohsen Rezaei, one of the country’s most powerful hardliners, in a bid to revive peace negotiations, the Wall Street Journal reported Wednesday. The report said the letter was sent at President Donald Trump’s direction, noting that some U.S. officials say talking to Iranian hardliners, who have amassed power in Tehran since the war’s outset, might yield a better diplomatic result. Rezaei is secretary of Iran’s Supreme National Security Council, its top security body, and previously was the longest serving commander of the Islamic Revolutionary Guards Corps, the Journal said. Oil futures rose Wednesday after reports the U.S. and Israel are preparing to resume attacks on Iranian targets after next week’s U.S. midterm elections.
Russia’s Arctic shipping route… Russia has turned to an Arctic shipping route from World War 2 to export grain for the first time as its war on Ukraine continues to block Black Sea trade, Reuters reported. Murmansk Commercial Seaport and Demetra Holding, one of the country’s largest trading firms, said on Wednesday that the first shipment of 3,400 metric tons of grain from “key agricultural regions” is being loaded onto a vessel, Reuters reported. Murmansk, 1,240 miles north of Moscow near the border with Norway, can be approached through neutral waters. Citing shipping data and a market source, the report said around 28,000 metric tons of wheat are due to be loaded in Murmansk onto a vessel heading to Morocco’s Casablanca port.
Turkey warns Russia and Ukraine… Turkey’s defense minister on Wednesday warned Russia and Ukraine against further attacks on commercial vessels in the Black Sea, saying Ankara reserved the right to take legal action, Reuters reported, noting the move marks Turkey’s most direct intervention to date. The warning comes after Turkey, a NATO member, repeatedly called for both sides to halt attacks in the Black Sea that have also hit Turkish-flagged and -owned commercial vessels. Turkey also said it was waiting for responses to a proposal it had conveyed to Moscow and Kyiv to ensure safe shipment of grain from the region.