U.S. cropland values rose 7.6% this year over last year’s average, according to USDA’s Land Values report, released Aug. 1.
The average cropland price hit $4,100/acre in 2014 compared to $3,810 in 2013 and $2,700/acre in 2010.
The Northern Plains saw the highest average land-value hike during 2014, increasing by 13.6% to $3,090/acre compared to the previous year’s average of $2,720/acre.
Cropland values in the Lake and Southern Plains regions each rose 10.1% to, respectively, $4,670/acre and $1,630/acre. The Corn Belt saw an 8.2% hike to $7,000/acre, and the Northeast’s cropland values remained unchanged at $5,260/acre. Mountain Region values dropped by 5.1% overall to an average of $1,690/acre.
Other regions showing value increases include the Delta by 5.5% to $2,510/acre, the Pacific by 3% to $5,860/acre, the Appalachian region by 2.4% to $3,780/acre, and the Southeast by 1.1% to $3,730.
Cropland values in South Dakota rose by 20.8% to $3,430/acre – the biggest upward bump for an individual state. Other big gainers were North Dakota by 17.1% to $2,050, Kansas by 17.1% to $2,260/acre, Minnesota by 10.9% to $4,870/acre and Texas by 10.5% to $1,680/acre.
New Jersey continues to report the highest values for cropland at $13,000/acre, an increase of $100/acre from the 2013 average. California ranked second at $10,140/acre, up from $9,860/acre in 2013.
The lowest cropland values for 2014 were found in Montana at $987/acre, Wyoming at $1,370 and New Mexico at $1,450/acre.