USDA Announces Rise in Farmland Values

USDA reported that the value of farmland in the United States rose 1.4 percent from 2009 in the, "Land Values and Cash Rents 2010 Summary," by the National Agricultural Statistics Service (NASS).

 The report highlighted regional differences in values: The Northern Plains states saw the highest increase in value at 4.9 percent; values in Southeastern states declined 3.3 percent; and values in the Corn Belt rose 1.7 percent, according to Reuters.

Cropland increased 1.1 percent or $30 an acre, with the Northern Plains states seeing a rise of 6.9 percent and the Delta region seeing a rise of 6.1 percent.

Bloomberg reports that in 2009, farm income "fell 35 percent to $56.4 billion, the lowest since 2002, as agricultural commodities including corn, wheat and soybeans fell from records set in 2008."  USDA, however,   "expects net-farm income to rise 12 percent this year to $63 billion.  Wheat, corn, cotton, hog and cattle prices are all up since the end of December, while soybeans have declined."

For the full text of the "Land Values and Cash Rents 2010 Summary," click here.
To read the Reuters story, click here.
To read the Bloomberg story, click here.

Posted: 08/09/2010