USDA’s National Agricultural Statistics Service (NASS) recently published data on U.S. agricultural cash rents. Data released includes irrigated cropland, non-irrigated cropland and pastureland cash rents per acre at the state, regional and national levels. All estimates are for the 2015 crop or grazing year.
Agricultural Land Values Highlights Montana
The 2015 Montana average farmland real estate value, a measurement of the value of all land and buildings on farms, was $890 per acre. This is an increase of 3.5 percent from 2014, and 12.7 percent from 2013. The average value of cropland was $997, up one percent from 2014. The average value of irrigated cropland was $2,960, up 0.3 percent from the previous year. Pasture values were up 1.6 percent from 2014 at $650 per acre.
Average cash rent for irrigated cropland in Montana was $83.00 per acre in 2015, $2.00 more than the previous year. Average cash rent for non-irrigated cropland in Montana was $26.00 per acre in 2015, up $0.50 from the previous year. Cash rent for pasture in 2015 averaged $5.80, up from $5.60 in 2014.
The United States farm real estate value, a measurement of the value of all land and buildings on farms, averaged $3,020 per acre for 2015, up 2.4 percent from 2014 values. Regional changes in the average value of farm real estate ranged from a 6.1 percent increase in the Southern Plains region to a 0.3 percent decrease in the Corn Belt region. The highest farm real estate values were in the Corn Belt region at $6,350 per acre. The Mountain region had the lowest farm real estate value at $1,100 per acre.
The United States cropland value increased by $30 per acre (0.7 percent) to $4,130 per acre from the previous year. In the Southern Plains region, the average cropland value increased 9.2 percent from the previous year. However, in the Corn Belt region, cropland values decreased by 2.3 percent.
The United States pasture value increased to $1,330 per acre, or 2.3 percent above 2014. The Southeast region was unchanged from 2014. The Lake States region had the highest increase at 15.4 percent.
As previously announced, NASS will not publish county-level estimates for 2015. The agency plans on publishing county-level cash rents data in 2016.
Cash rents data are available in electronic form only. To access data released, visit NASS’ Quick Stats database at: quickstats.nass.usda.gov.
The agency also released the annual Land Values report. The report includes state, regional, and U.S. agricultural land values for 2015 and 2014 revisions. Estimates are on a per acre basis and include value of all land and buildings, cropland and pasture.
In addition to the electronic form, available via the Quick Stats database, Land Values 2015 Summary is also available via PDF and Excel formats. To access the report, visit www.nass.usda.gov.