UNL Extension educator Jim Jansen says the just-released Nebraska Farm Real Estate Market Survey Report indicated a modest but definite fall.
Jansen says, “The average Nebraska farmland value, which is a weighted average of cropland as well as rangeland, pasture and hay land, the value in Nebraska has declined slightly, by about 3%, to $3,210 an acre.”
Jansen says there were declines in most of the other agricultural lands in the state, especially for dry land.
“For the dry land crop ground, we’ve seen values flip in the ten-percent range on average across the state,” Jansen says. “Irrigated crop ground is also declining but not quite at the rate that the dry land crop land was, and we did see an increase in some of the hay land as well as grazing land in the state.”
Jansen says the recent drop in prices for big crops like corn and soybeans was the primary cause of the slippage in the average farmland values.
“General trends in Nebraska farmland values basically reflect the rental rates and they reflect the changes in agricultural commodity prices,” he says.
The Nebraska Farm Real Estate Market Survey has been conducted every year since 1978.
By Jerry Oster, WNAX, Yankton