UNL Extension educator Jim Jansen says that average doesn’t tell the whole story.
“The land classes that support the beef industry, as an example, the grazing land or the hay land, had pretty robust increases in value compared to last year,” Jansen says. “The dryland or irrigated cropland declined on average across the state around 5 to 10%, depending on where you were at.”
The prices for grassland were up 10-to-15% statewide. Jansen says the changes in land values were also reflected in cash rental rates. He says cropland rental rates declined five-to-10%.
“There are a few cases where the decline was very modest, but on average, it was 5 to 10% across the state of Nebraska for dryland, cropland, irrigated cropland and center pivot-irrigated cropland,” he says.
Pasture rental rates were up from 10-to-30%. Despite the recent declines in cropland prices, average farmland values in Nebraska are still up 34% from 2012 and 116% from 2010.
Thanks to Ken Anderson, Brownfield Radio Network