The University of Nebraska-Lincoln Farm Real Estate Market Survey discloses a two percent drop overall in agricultural land values.
The survey covers the 12-month period which ended February 1st.
UNL Extension educator Jim Jansen explain that “average” doesn’t tell the whole story.
Jansen says farmland which supports the beef industry, such as pasture and hay land, rose in value the past year, sometimes by as much as 10%.
“Whereas the dry land or irrigated cropland declined on average across the state around 5-10% depending upon where you were at,” Jansen tells Brownfield Ag News.
Pasture land rose between 10 and 15% statewide.
Cropland took a hit over the previous 12 months.
“There are a few cases where the decline was very modest, but on average it was around 5-10% across the state of Nebraska for dryland cropland, irrigated cropland, and center-pivot irrigated cropland,” according to Jansen.
Rental rates for land set aside for grazing and haying rose between 10 to 30% over that 12-month period.
Even with the overall setback in farmland values, the average acre of agricultural land in Nebraska has risen 34% since 2012 and 116% since 2010.
Ken Anderson with Brownfield Ag News contributed to this story.