The value of Nebraska farmland decreased 3% in 2014, according to preliminary data from the annual survey conducted by the University of Nebraska-Lincoln. The state average farmland value as of Feb. 1, 2015 was $3,210, down 3% from the 2014 average of $3,416 per acre. Conducting the survey were Jim Jansen and Roger Wilson, extension ag economists.
The survey findings reflected changes in ag commodity prices with strong catle prices lifting grazing and haying land while sharply lower corn, soybean and wheat prices showed decreases or only small increases for dryland and irrigated cropland. The statewide average value for hayland increased 20% from 2014, the highest percentage gain for any statewide land use category. The state average for non-tillable grzing land rose 12% while tillable grazing land incresed 7%.
The state-average decrease for gravity-irrigated land was 4% and 2% for center-pivot-irrigated ground. That compares to a 10% decrease for dryland cropland with irrigation potential and a 9% decline for dryland acres with no irrigation potential.
Cash rental rates for pasture in all crop districts of the state increased, the survey notes. The gains ranged from 4% in the north districts to 34% in the central and southwest districts.Changes in cash rental rates for cropland ranged from an increase of 5% for dryland cropland in central Nebraska to a decrease of 18% for center-pivot-irrigated cropland in the southwest district. On average, most cropland declined 5% to 15%.
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