A Purdue agricultural economist says land prices are likely to fall under the weight of low crop prices and rising interest rates. “We are looking at about a 5-10 percent correction over each of the next three years,” says Michael Langemeier in a Purdue news release. “It’s normal for a market that has been so strong to take a little breather.” Farmland values in Indiana tripled from 2003-13, to reach the current $7,446 per acre average. Langemeier said cash rental rates for farmland also were likely to fall and at the same pace as land values.