Nebraska’s farm real estate values rose from 2008 extending a trend begun in 1993. National Ag Statistics service says land averaged over $1300 dollars per acre, a record high and was up 10 dollars per acre or one and a half percent higher than last year’s level. UNL Ag Economist Dr. Bruce Johnson says the increase in cropland values was the main reason for the overall increase.
Nebraska cropland value increased 6 percent from last year to just under $22 hundred dollars an acre while pastureland declined 6 percent from a year ago at $450 dollars an acre. Johnson says Nebraska’s values bucked the national trend which was down 3.2 percent from last year at $21 hundred dollars an acre.
Johnson says the overall and livestock economies were the primary reasons for the drop nationally.
A deflation of the commodity markets and overall wilting of the economy are now trickling down to the farm which also effected the national figures.