A survey from the Illinois Society of Professional Farm Managers and Rural Appraisers has revealed prices paid for farmland and sales activity have basically flattened during the first half of the year.
The trend will likely continue for the balance of the year, according to the survey results announced last week during the Farm Progress Show. The information comes from a mid-year snapshot survey of ISPFMRA members conducted by University of Illinois ag economist Gary Schnitkey.
“The survey indicated prices paid for excellent quality land in Illinois averaged $10,900 per acre as of July 1,” explained David Klein with Soy Capital Ag Services in Bloomington. “Good quality farmland averaged $8,900 with $6,900 being the average for average quality land and $5,000 for fair quality land.”
Rent paid per acre for excellent land will likely see a drop from $305 to $300 on average. The same dip in rents will be true for good land with prices going from $260 to $255 per acre; average land going from $220 to $210 and fair land from $166 to $160.