Little change in farmland values

DECATUR – Static is likely the best way to describe what is happening with prices being paid for Illinois farmland when comparing sales activities from January 1 through the end of July this year.

This is according to the annual Mid-Year Snapshot Survey done by the Illinois Society of Professional Farm Managers and Rural Appraisers among its members and those closely allied to the industry. The results of the survey were released last week at the Farm Progress Show.

“We have seen a minute drop of 1.0 percent in the value of Excellent Productivity farmland to $10,497 per acre in the first half of the year,” says David Klein, AFM, ALC, vice president of First Mid Ag Services, Bloomington, and overall chair of the Society’s Land Values and Lease Trends project.

“There was no change in the price of Good Productivity farmland and it is holding at $8,240. Average Productivity land is stable at $6,081 and Fair Productivity land saw a 4.6 percent decrease in value to $4,898 per acre.”

The Productivity Indexes are based on Bulletin 811 standards where Excellent Quality farmland averages over 190 bushels of corn per acre with a soil productivity index of 133 or higher, Good Quality farmland averages between 170 and 190 bushels per acre with a soil productivity index of 117-132, Average Quality farmland averages between 150 and 170 bushels per acre with a soil productivity index of 100-116 and no irrigation, and Fair Quality farmland averages below 150 bushels per acre with a soil productivity index under 100.