Cropland Value's Leap - A 8.1% Rise in the US for 2023

Aug 07, 2023

A bright spotlight has been thrown on the US agricultural sector in 2023, as the value of US farmland sees a considerable rise. The yearly Agricultural Land Values report by the USDA's National Agricultural Statistics Service (NASS) states that the total value of all land and farm buildings, known as the US farm real estate value, has increased by 7.4 percent. This takes the average to $4,080 per acre.

The news gets even better for cropland. The value of US cropland has soared by 8.1 percent, taking the average to a commendable $5,460 per acre. This represents an increase of $410 per acre compared to last year's figures. Pastureland also experienced an upswing, with the value reaching $1,760 per acre - a 6.7 percent rise from 2022.

The NASS report provides an interesting glimpse into state-specific developments too. In Iowa, both non-irrigated and irrigated cropland rent per acre saw an upswing, standing at $269 and $271 respectively. The scenario was similar in Minnesota, where non-irrigated and irrigated cropland rent per acre rose to $198 and $215 respectively.

However, it wasn't just the rent that climbed - the value of the land itself shot up. In Iowa, the value of cropland climbed to $10,100 per acre and the value of pastureland rose to $3,400 per acre. In Minnesota, the corresponding figures were $6,820 and $2,100 per acre.

Nebraska was not left out of this upward trend. The state saw its cropland value rise by a significant 14 percent from the previous year, hitting $6,830 per acre. Rent for irrigated cropland, dryland cropland, and pasture also increased.

This year's report highlights how well US farming is doing. Even though there are many hurdles, the value of farming land keeps going up, showing that this industry is tough and keeps bouncing back.

Source : wisconsinagconnection

Video: Veteran Farmers: A Legacy of Service in Rural America

Veterans Day is a time to honor the men and women who have selflessly protected our freedoms and values. And for some, the transition from military service to civilian life brings them back to the farm.

At Farm Bureau, we believe it’s important to not only celebrate veterans but also those who continue to make a difference in agriculture and their community. We've partnered with Farm Credit to establish the Veteran Farmer Award of Excellence to shine a light on those who have continued to go above and beyond to serve their communities.

This year, we recognize retired Colonel Joe Ricker as the inaugural Veteran Farmer Award of Excellence winner. Joe served over 30 years in the Army before retiring from the Pentagon and completing tours in both Iraq and Afghanistan. Since leaving the Army, his commitment to excellence in farming and enriching the lives of veterans has blossomed in a myriad of ways in both his local community of Wilkinson, Indiana, and across the country. Joe grows apples and raises bees on his farm in Indiana. Joe founded “Veterans IN Farming,” an organization, now with more than 1,100 members, dedicated to providing veterans in Indiana with the tools and training to succeed in agriculture.

The American Farm Bureau Federation is an independent, non-governmental, voluntary organization, comprised of and directed by farm and ranch families who engage in all types of food, fuel and fiber production.