From farmprogress.com:

After two years of 40% and 50% gains in farmland values, the Illinois land market has stabilized in 2023.

That’s according to the Midyear Snapshot Land Values Survey conducted by the Illinois Society of Professional Farm Managers and Rural Appraisers, in conjunction with Gary Schnitkey, University of Illinois ag economist.

“The market appears to be catching its breath,” says Luke Worrell of Worrell Land Services, Jacksonville, Ill., and chair of the ISPFMRA report.

In the first half of 2023, Class A and Class B farmland values have held steady, with little to no change in the “cream of the crop” land. Subsequently, there’s only been a 1% to 2% decline in marginal Class C and Class D land.

“From a values perspective, not much has changed since the calendar rolled into 2023,” Worrell adds.

Of those responding to the survey, 44% expect prices to remain the same for the rest of the year, while 36% expect prices to drop 1% to 3%.

Celebrating our Midwest State of Nebraska.  We are proud to share their efforts towards investing in the future of our youth and agriculture.

From agupdate.com:

Raising livestock of any kind requires making a substantial financial investment.

Those families who want to show animals through 4-H or FFA at their county fair know the extra expense to purchase and feed an animal, not to mention the equipment and time invested to train and prepare the animal for the show ring.

With the extra financial commitment for families, it’s no wonder that participation in the 4-H and FFA livestock projects continues to dwindle.

The Madison County Livestock Boosters has designed a unique way to lessen the financial burden of showing animals. Youth in 4-H and FFA who exhibit a large or small animal at the Madison County Fair and Rodeo receive a bonus premium, thanks to the fundraising efforts of caring adults and the unwavering support of local businesses and individuals.

Bonus premiums are given for class placings and participation in showmanship, which is a direct reflection of the time and effort an exhibitor has put in before the show.

“Less kids are in production agriculture. Our main purpose is to increase participation in showing animals at the Madison County Fair,” said Troy Patzel, one of the original founders of the Madison County Livestock Boosters program.

Patzel has seen first-hand the decline in livestock numbers at the county and state fair level. He himself showed sheep, hogs and broiler chickens as a member of the Cookies & Critters 4-H Club and Newman Grove FFA at the Madison County Fair in the mid-1980s through the 1990s.

From farmprogess.com:

In a remarkable turn of events, Missouri set a new benchmark in the farmland market this fall. A seemingly unremarkable 115 acres in Saline County, Mo., recently sold for an astonishing $34,800 per acre in late September, shattering the previous record held by Iowa at $30,000 per acre. This rapid sale, which concluded in a mere 15 minutes, was the result of a fierce bidding war between two farmers. The victor, Jeff Baxter from Carroll County, Mo., isn’t an investor but a neighboring farmer.

In August, an auction of 60 acres of Adams County, Ill., farmland brought $30,000 per acre with little fanfare.

The difference with that sale is that it was considered development ground. High prices on development ground are expected and not really newsworthy. What makes the Missouri sale stand out is that the reason for the demand for that piece of ground is not so obvious.

                         Photo by Holly Spangler

My farm management colleagues who were closer to the event don’t have much insight either. Some say it could have been 1031 exchange money; others think that perhaps ground nearer to the buyer was not as readily available. Only the buyer knows, for sure. From my perspective, it seems like a lot of money for dirt you gotta drive to.

What other reasons would drive someone to pay that much money for farmland? Here are five motivations that farm managers know can impact sales and push prices higher.

In the October 5, 2023 article from Successful Farming senior economist, Cortney Cowley of the Kansas City Federal Reserve, explains that “farm profit margins were expected to be thinner this year because of lower commodity prices and higher expenses.” According to recent surveys, there are some signs of softening in values, despite farmland values being higher than expected given the current interest rates environment. “A steady supply of land sales and strong demand from farmers has likely supported broad resiliency of real estate values.”

From fca.gov:

By unanimous vote, the Farm Credit Administration board approved a final rule governing the Farm Credit System’s service to young, beginning, and small (YBS) farmers and ranchers. The final rule, which becomes effective Feb. 1, 2024, revises YBS regulations at 12 C.F.R. part 614.

The rule has several objectives:

•  To expand the YBS activities of direct-lender associations to a diverse population of borrowers.
•  To reinforce the supervisory responsibilities of the banks that fund the direct-lender associations, and require the banks to annually review and approve the associations’ YBS programs.
• To require each direct-lender association to enhance the strategic plan for its YBS program.

“Today’s approval of a final YBS rule is the culmination of many years of hard work by FCA leadership, staff, and System institutions,” said Board Chairman and CEO Vincent Logan.

“I’m especially pleased to see the emphasis this rule places on outreach to and engagement with all populations of YBS farmers and ranchers. The System was created to serve as a safe, sound, and dependable source of credit for all creditworthy and eligible persons in agriculture and rural America,” said the chairman. “This rule will help the System better achieve that important mission.”

From nbc15.com:

WHEATLAND, Iowa (KWQC/Gray News) – A high school student in Iowa donated 7,000 pounds of produce from her own garden to various nonprofit organizations in the area.

In less than two years, she has donated about $15,000 worth of produce.

Junior Lauren Schroeder began her journey at a food drive during the COVID-19 pandemic when she noticed there wasn’t enough produce being given to community members.

In her sophomore year, Lauren’s family gave her a half-acre of land to start her own garden.

She was awarded a grant from the Future Farmers of America and was able to expand her garden to a full acre with a fence to protect crops from pests.

The garden includes over 20 types of produce including tomatoes, potatoes, peppers, squash, cauliflower, zucchini, broccoli, herbs and others.

“I want to impact community members,” Lauren said. “Many people help you out, but it makes more difference when you help other people out. That’s what makes me most happy.”

Lauren has spent over 1,000 hours working in the garden with help from her siblings and parents.

Her goal is to donate a total of 20,000 pounds of produce by the time she graduates high school in 2025.

Lauren plans to expand the garden and add organizations to her donation list through her first year of college.

Copyright 2023 KWQC via Gray Media Group, Inc. All rights reserved.

From farmprogress.com: 

As Congress brokered a surprise deal to avoid a government shutdown, the 2018 Farm Bill quietly expired. This leaves the fate of many federal agriculture and nutrition programs unclear until new legislation is passed. Despite this, farmers probably won feel any effects for at least a few months.

No farm bill means smaller initiatives like trade, research and rural development programs may pause or not make additional commitments. For example, the Conservation Reserve Program can continue making payments on existing contracts and enrolled acreage but may not be able to offer new enrollments. Some conservation efforts may be on hold. Others like the Working Lands Programs will continue after their funded was extended by the Inflation Reduction Act of 2022.

Crops insurance is permanently funded by the Federal Crop Insurance Act and will continue with or without a farm bill. The same goes for the Livestock Indemnity Program, the Livestock Forage Disaster Program, the Emergency Assistance for Livestock, Honeybees, and Farm-Raised Fish Program, and the Tree Assistance Program.

From Successful Farming:

Investment in farmland by high-profile billionaire buyers such as Bill Gates and Warren Buffett has prompted high-net-worth groups, most recently top professional athletes, to follow the trend to diversify their investment portfolio and hedge against inflation, experts say.

In January, about 25 athletes pooled $5 million in an agricultural investment fund to purchase farmland.  The first purchase was a 104-acre corn and soybean farm in northern Iowa, Front Office Sports reported.  The athletes, including the NFL’s Joe Burrow and NBA star Blake Griffin, plan to least the land to farmers and expect a single-digit-percentage annual return on the total investment.

The group seeks to buy four more farms within the next few years.  New York-based Patricof, which arranged the investment for the athletes, didn’t respond to questions about the price paid for the land or future purchases.  The investment firm’s website says it has “begun investing in farmland across the Corn Belt, the Pacific Northwest, and northern Minnesota.  The farms have high soil quality, strong crop yield, and grow row crops, which are planted annually, minimizing risk.  Farmland has historically provided stable annual income, and a solid hedge against inflation.”