The United States Department of Agriculture, (USDA) released its biannual report for farm real estate, cropland, and pasture values yesterday. Compared to 2010, average values for farm real estate, cropland, and pastures across the United States were up 6.8%, 9.4%, and 1.9% respectively.

The USDA reported U.S. cropland value increased by $260 per acre or 9.4% to $3,030 per acre. The largest year-over-year increase in cropland value was reported in the Northern Plains and Corn Belt regions. The Northern Plains jumped 17.2% to $1,700 per acre, while the Corn Belt rose 16.0% to $4,920 per acre. Of the ten regions the USDA uses to breakdown the United States, only two saw cropland values decline over 2010, the Northeast (-1.3%) and the Southeast (-1.1%).

As detailed below, Iowa and Illinois saw the largest year-over-year increase in cropland values at 23.9% to $5,700 per acre and 18.4% to $5,800 per acre, respectively. Rhode Island and New Jersey saw the largest declines in value at -4.4% and -3.1%, respectively.



Since 2007, cropland values across the United States have risen 19.7% to $3,030 per acre. For the same period, cropland values in the Corn Belt and Northern Plains saw the largest increases at 39.4% and 56.0%, respectively. However, four regions have experienced declines in cropland values over the same period; the Northeast (-3.0%), Southeast (-12.7%), Mountain (-5.5%), and Pacific (-5.0%).

The national average value for farm real estate, which encompasses all land and buildings used for agriculture production increased to $2,350 per acre for 2011, up 6.8% from 2010. The Corn Belt region saw the largest percentage increase of 15.9%, while the largest retracement of value was 2.0% in the Southeast region. The highest farm real estate values remained in the Northeast region at $4,690 per acre, while the Mountain region reported the lowest farm real estate value, $923 per acre.

Average pasture value in the United States rose 1.9% over its 2010 value to $1,100 per acre. The largest decline in pasture value was reported in the Southeast region, which fell 8.4% from 2010 levels. The Corn Belt and Northern Plains regions saw the highest percentage increases in pasture value; both reported gains of 6.6% above 2010.

- Colvin