Indiana farmland prices decline slightly
Indiana farmland declined slightly from June 2009 to June 2008 according to the 2009 Purdue Farmland Value Survey. Purdue Extension farmland economics specialist Craig Dobbins says he's surprised that farmland values were not down more than they were due to the difficult economic environment.
The value of top, average, and poor quality land declined 0.2%, 1.2% and 1.7%, respectively over the 12-month period.The average value of bare Indiana cropland ranged from $3,351 per acre for poor quality land to $4,994 per acre for top quality land.
Cash rents increased 2.1% for top quality land, 0.6% for average quality land, and a decrease of 1.6% for poor quality land. The average estimated cash rent was $198 per acre on top quality land, $158 per acre on average quality land, and $121 per acre on poor quality land.
The survey is conducted each June by Purdue's agricultural economics department polling farmers, land brokers, appraisers, and others.
- Colvin
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