Cropland value and rental rates vary depending on location and typical cropping systems. Oklahoma State University agricultural economist Damona Doye discussed land values at the recent OSU Rural Economic Outlook Conference.
Land values across the nation have remained relatively flat over the past year, with many Corn Belt states showing a decline. But land in most of the Southwest region continues to increase in value.
Oklahoma cropland value increased by 8 percent; Texas is up 9.5 percent. Land values declined in Kansas (minus 2.1 percent) and New Mexico (minus 0.7 percent).
Pastureland values saw a 2.7 percent increase across the nation. In the Southwest, Kansas pastureland values moved up by 6.9 percent; Oklahoma increased 4.4 percent; and Texas inched up 1.3 percent. New Mexico pastureland value dropped 5.6 percent.
That’s according to the latest figures compiled from USDA NASS survey results by Oklahoma State University Agricultural Economist Damona Doye, Rainbolt Chair of Agricultural Finance, who says this year represents the first time in quite a while that a few areas have seen a decline in land value. The Corn Belt, for instance, shows a 0.5 percent decline.
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The Southern Plains, on the other hand, shows almost a 6 percent improvement in land values, as of last January. The Southeast is up about 1 percent, the Delta is up 5.5 percent, and the Pacific is 5.5 percent higher.