In its annual Agricultural Land Values report on Friday, the USDA’s National Agricultural Statistics Service (NASS) indicated that, “The United States farm real estate value, a measurement of the value of all land and buildings on farms, averaged $4,080 per acre for 2023, up $280 per acre (7.4 percent) from 2022.”
The NASS update added that, “The United States cropland value averaged $5,460 per acre, an increase of $410 per acre (8.1 percent) from the previous year.”
And Friday’s update also pointed out that, “The United States pasture value averaged $1,760 per acre, an increase of $110 per acre (6.7 percent) from 2022.”
Meanwhile, an update from the NASS Iowa Field Office on Friday stated that, “Cropland cash rent paid to Iowa landlords in 2023 averaged $269.00 per acre according to the USDA, National Agricultural Statistics Service. Non-irrigated cropland rent averaged $269.00 per acre, $13.00 above last year. Irrigated cropland rent averaged $271.00 per acre, $19.00 above 2022. Pasture rented for cash averaged $60.50 per acre, $1.00 above the previous year.”
“Cropland, at $10,100 per acre, was $750 higher than last year. Pasture, at $3,400 per acre, was $100 above last year.”
The NASS Field Office in Minnesota reported Friday that, “Cropland cash rent paid to Minnesota landlords in 2023 averaged $198.00 per acre according to the USDA, National Agricultural Statistics Service. Non-irrigated cropland rent averaged $198.00 per acre, $13.00 above last year. Irrigated cropland rent averaged $215.00 per acre, $15.00 above 2022. Pasture rented for cash averaged $30.00 per acre, $3.00 above the previous year.”
“Cropland, at $6,820 per acre, was $620 higher than last year. Pasture, at $2,100 per acre, was $90 above last year.”
And the NASS Northern Plains Region reported Friday that, “Cropland value [in Nebraska] increased 14% from last year to $6,830 per acre.”
“Irrigated cropland rent averaged $277.00 per acre, $17.00 above last year. Dryland cropland rent averaged $164.00 per acre, $2.00 higher than a year earlier. Pasture rented for cash averaged $27.00 per acre, $1.00 above the previous year,” the report said.