BLOOMINGTON – It may come as no surprise that farmland values decreased in 2016. That was the finding of the 2017 Illinois Farmland Values Conference held in Bloomington last week.
The value of excellent farmland was down 5-6 percent and lower quality farmland values were down 12-14 percent. Recreational land, such as timber, has been holding steady.
“That is a direct reflection of the general economy,” explained David Klein, chair of the Illinois Society of Professional Farm Managers and Rural Appraisers and vice president at Soy Capital Ag Servcies.
Klein has observed some positive sales growth during the first quarter of 2017 – especially with higher quality farmland.
“Overall, we would say we are rebounding just a little bit.”
The ISPFMRA is a professional organization of farm managers and rural appraisers which meets a few times each year to discuss topics such as farmland, land management, valuation of farmland and new laws and regulations. More information, including the most recent Land Values and Lease Trends Report, can be found online at www.ispfmra.org.
Also at the recent Illinois Farmland Values Conference, Kevin Van Trump discussed agriculture risk in a world that feels upside down. He is the founder of Farm Direction and publisher of the weekly Van Trump Report.
Projections of federal monetary policy were discussed by David Oppedahl, publisher of AgLetter, the quarterly newsletter from the Federal Reserve Bank of Chicago. Factors affecting farmland markets were covered by Dr. Bruce Sherrick, director of TIAA-CREF Center for Farmland Research at the University of Illinois and Klein and Dr. Gary Schnitkey revealed the 2017 Land Values and Lease Trends Report.