The state average of Missouri cropland rose $100, or 3.6%, to $2,888 per acre, as of July, according to the annual survey conducted by University of Missouri Extension Economist Ron Plain and Joyce White, project coordinator. The survey found cropland values increased in 11 of the 20 regions of the state. However, pasture values slipped $79 to $1,942 an acre, a slide of 4%. Non-crop/non-pasture land values averaged higher in 11 regions but the statewide average declined 1.8%. Land with timber was up $15 at $1,586 per acre while hunting/recreational land was down $50, 3.2%, at $1,525.
In major cropping areas, cropland values were impacted positively by high corn and soybean prices and weakness in the general economy, the survey reports. Weakness in the general economy was cited as having a negative impact on hunting/recreation land and pasture values. Low cattle prices also had a negative impact on pasture land values, the survey found.
Survey respondents thought 63% of all farmland buyers planned to farm the land themselves, a 2 point increase over 2009. The number planning to rent out their land remained unchanged at 21% and the number planning to use the land for non-farming purposes declined two points.
Survey respondents expect farmland values to decrease over the next 12 months, but are more optimistic than last year, notes Plain. On average respondents expect all Missouri farmland to decrease 1% with cropland holding steady, pasture falling 2% and other types of rural land down 3%.
Click here for the full report.
If interested in seeing a copy of my LandOwner newsletter, just drop me an email at email@example.com or call 800-772-0023.