Cropland in the Corn Belt is worth an average $6,840 an acre, down 2.3 percent from last year, according to the USDA’s annual Land Values report. Iowa, the No. 1 corn state, had the largest decline of the five states in the region, down 6.3 percent. At the same time, cropland values rose by 9.2 percent in the Southern Plains. Overall, U.S. cropland is worth an average of $4,130 an acre, up a marginal $30 or 0.7 percent from 2014. The report is based on a June survey of 11,000 segments of land, each about one square mile in size.
The USDA did not suggest reasons for the changes in land value. However, grain prices are sharply lower under the weight of bumper crops in 2013 and 2014, with another large harvest expected this fall. Cattle prices were at record highs last year and ag bankers have reported rising prices for pastureland.