From USDA: Non-irrigated cropland cash rent averaged $151.00 per acre in Wisconsin during 2023, $6.00 higher than 2022 according to the latest report released by USDA’s National Agricultural Statistics Service. Pasture rented for cash averaged $37.50 per acre, $1.50 above 2022.
Lafayette County had the highest published cash rent for non-irrigated cropland at $259.00 per acre, followed by Grant County at $241.00 per acre. Dane, Brown, and Walworth rounded out the top five. Douglas County, at $20.00 per acre, had the lowest average cash rent for non-irrigated cropland.
Rock County had the highest published pasture cash rent at $76.50 per acre, followed by Lafayette at $69.50 per acre. Forest and Price Counties had the lowest pasture cash rent at $11.00 per acre.
From chicagofed.org: Farmland values for the Seventh Federal Reserve District rose 9 percent in the second quarter of 2023 from a year earlier. This year-over-year gain was the smallest one since the first quarter of 2021. Values for “good” agricultural land were up 3 percent in the second quarter of 2023 from the first quarter, according to survey responses from 153 District agricultural bankers. Nine percent of survey respondents forecasted higher District farmland values during the third quarter of 2023, while 5 percent forecasted lower values; the remaining 86 percent forecasted farmland values to be stable during the July through September period of this year.
Overall agricultural credit conditions for the District were better in the second quarter of 2023 than a year ago, even though farm interest rates were higher. Average nominal interest rates on farm operating, feeder cattle, and farm real estate loans moved up during the second quarter of 2023, ending at their respective highest points since the third quarter of 2007. With repayment rates for non-real-estate farm loans higher than a year ago, the portion of the District’s agricultural loan portfolio reported as having “major” or “severe” repayment problems (1.3 percent) was at its lowest level on record for a second quarter. Also, renewals and extensions of non-real-estate farm loans in the District were down from a year earlier. For the April through June period of 2023, the demand for non-real-estate farm loans was lower than a year ago, as was the level of funds available for lending by agricultural banks. For the second quarter of 2023, the District’s average loan-to-deposit ratio rose to 72.8 percent—the highest reading since the fourth quarter of 2020.
Farmers National Company is one of our valued customers and providing value to all our customers is one of our highest goals. Make sure to check out their mid-year land values report released Tuesday, July 11, 2023. Their report details and charts how the land market entered a period of de-escalation that started in the fourth quarter of 2022, as well as the current single digit increases in land values verses the double digits over last year.
From AgWeb.com :
The No. 1 question farmers are asking Paul Schadegg today is whether land values have finally hit a plateau after their long, multi-year run of growth.
That depends, he says, on the region where the farmer is located. In general, he sees a slowdown in price increases across the country but no lower prices for high-quality farmland.
“When we compare not just our company data but also data from the Federal Reserve surveys, we’re definitely seeing some settling, a de-escalation,” says Schadegg, Farmers National Company (FNC) senior vice president of real estate operations.
Along with that, he says there are fewer high-quality parcels of land coming to the marketplace.
From PrairieFarmer.com July 2023 Digital Edition: The Supreme Court delivered a landmark decision on May 25 that will significantly curtail the Environmental Protection Agency’s ability to regulate certain bodies of water. In a decision that was technically unanimous, the court ruled in favor of an Idaho landowner in the long-running Sackett v. EPA case.
From Successful Farming: Higher interest rates and weaker commodity prices may slow the momentum for even-higher farmland values, said the Chicago and Kansas City Federal Reserve Banks in quarterly reports.
From farmdoc daily: they look at the downward pressures on farmland prices in 2023. Both cash rents and farmland prices have increased over the years. Farming returns likely will decline from 2021 and 2022 levels and interest rates likely will remain at higher levels than in recent years. Both declining returns and stable interest rates suggest downward pressures on farmland prices. While downward pressures may occur, those price declines may be in the future.
This parcel of land in Burleigh County is irrigated by a direct pipeline from the nearby Missouri River. Pifer’s co-founder and president Kevin Pifer believed its unique qualities helped steer the sale price into “likely” record territory. Contributed / Pifer’s
A recent Pifer’s auction drew over 50 bidders for a “rare” offering: irrigated farmland in central North Dakota. The final sale price of $8,000 per acre is thought to be record-setting
Cropland cash rent paid to Wisconsin landlords in 2023 averaged $156.00 per acre according to the USDA, National Agricultural Statistics Service. Non-irrigated cropland rent averaged $151.00 per acre, $6.00 above last year. Irrigated cropland rent averaged $268.00 per acre, $18.00 above 2022. Pasture rented for cash averaged $37.50 per acre, $1.50 above the previous year.
Wisconsin’s farm real estate value, a measurement of the value of all land and buildings on farms, averaged $6,200 per acre in 2023, according to the USDA, National Agricultural Statistics Service – Land Values 2023 Summary. This was up 9 percent, $500 per acre higher than last year’s value.
Cropland, at $6,710 per acre, was $710 higher than last year. Pasture, at $3,150 per acre, was $250 above last year.
From Farm Policy News – Yesterday, the Federal Reserve Banks of Chicago and Kansas City released updates regarding farm income, farmland values and agricultural credit conditions from the second quarter of 2023. The Federal Reserve…
Graph from the Federal Reserve Bank of Chicago, AgLetter-Aug 2023
From farmdoc daily: they look at the average Illinois farm real estate value, which is $9,300 per acre in 2023. That is a 4.5% higher than the 2022 average of $8,900 per acre and is the third highest increase since 2015. With a 4.5% increase in the average farm real estate value from 2022 to 2023, the average Illinois farm real estate value is now 24% higher than the value of $7,480 ten years ago.
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