The United States Department of Agriculture reports farmland grew by 1.4 percent since 2009. The need for farmland has increased due to the strong real estate value in Kansas, Nebraska and the Dakotas.
Farmland averaged $2,140 per acre compared to $2,110 the year before. The information comes from a survey conducted by the USDA annually during June that gathers data from 11,000 land areas.
According to the survey, farmland in the Northern Plains rose by 4.9 percent in 2009 while the southeast rose by 3.3 percent. The Corn Belt rose 1.7 percent.
Cropland also increased in value by $30 an acre over the past year. Pasture land stayed at $1,070 an acre.
The report pointed out, “The increase in cropland land rental rates are the result of producers receiving strong commodity prices, while pasture cash rent is affected less by commodity prices and more by land values.”
Illinois, Indiana and Iowa, the top corn and soybean states, saw an increase in cropland cash rents.
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