News
Farmland values skyrocket, increases expected to continue
A survey by Illinois Society of Professional Farm Managers and Rural Appraisers shows farmland prices are going up, up, up!
Gary Schnitkey with the University of Illinois tells Brownfield from January to July there was a phenomenal 20% increase in Illinois land prices.
“We rarely see those large increases and if we look across the Midwest, that confirms a lot of things seen by Indiana, Iowa and federal surveys that prices on farmland are going up and it looks like they will continue to go up through the remainder of the year.”
He says what really stands out to him is the consistency of increases across all farmland classes. “Usually, you see some hot spots and low spots, but it is all across the board.”
And he says it all coincides with strong commodity prices and farm income.
“Commodity prices are high, so costs go up, cash rents go up, farmland prices go up and then we get concerned that when commodity prices come down again, have we overshot the market? We will see what happens.”
Brownfield interviewed Schnitkey at the 2021 Farm Progress Show in Decatur, IL.
