The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
Mike Walsten has covered major business trends in agriculture for more than 40 years.
The value of cropland in the Northern Plains and Minnesota rose 26% for the year ending September 30, reports the Federal Reserve Bank of Minneapolis. The bank indicates the value of non-irrigated cropland in the district grew by that amount on an annual basis while the value of irrigated cropland rose 18% and the value of ranch/pasture land increased 14%. The bank survey also indicates the value of non-irrigated cropland rose 8% during the third quarter compared to the previous quarter while the value of irrigated cropland gained 5.5% versus the second quarter and ranchland rose 3% versus the prior quarter. South Dakota saw the biggest increases in non-irrigated land values, at nearly 30 percent, while Montana’s were the most modest at just under 11 percent.
The bank survey also said cash rents rose 24% on an annual basis across the district.
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