Donnelle Eller reported on the front page of the business section in today’s Des Moines Register that, “Iowa’s farmland values dropped 8.7 percent over the past year and have fallen about 25 percent from peaks in 2013, a new survey shows.
“The state’s average farmland value through September was $6,486 an acre, according to a survey from the Iowa Chapter of Realtors Land Institute. The average value in September 2013 was $8,750 an acre.”
The Register article noted that, “The report echoes other surveys. For example, the Chicago Federal Reserve reported in August that farmland values in Iowa had dropped 6 percent over the past year.”
Ms. Eller added that, “Land values are expected to continue to fall, due to declining corn and soybean prices, which are at least 45 percent below peaks in 2012, a drought year…U.S. farm income this year is expected to be 42 percent lower than the peak in 2013, according to the U.S. Department of Agriculture.”
