By MICHELE F. MIHALJEVICH
WEST LAFAYETTE, Ind. — The value of all Indiana farmland rose an average of roughly 2 percent over the past year, according to a Purdue University survey.
Top-quality land was up 1.6 percent to $8,668 an acre, while average-quality land increased 2.1 percent to $7,072. Poor-quality land was up 2.4 percent, to $5,407. The annual farmland values report was released earlier this month.
Cash rents also increased during the period. Rents rose 2.4-3.2 percent depending on the type of farmland.
“I was a little bit surprised (about the increase in land values),” said Craig Dobbins, Purdue professor of agricultural economics and author of the report. “I tend to run on the pessimistic side. I really wasn’t expecting to see much of an increase.
“I view (the 2 percent increase) as status quo, nothing to get excited about. The market is where the market is. It’s trying to figure out which way to go. I’m betting that downward is more likely than upward.” More...