Touch the Soil News #1976 (Photo – Wheat Harvest – USDA – Public Domain)
The USDA just released its Cropland Value Report. The USDA estimates that the volume of land in farms continues to inch downwards, coming in at 893 million acres. Of that amount actual cropland in the neighborhood of 300 million acres and the balance is in pasture.
For August 2023, the USDA reports average cropland values to be $5,460 an acre. For perspective, in 2020, average cropland values were $4,100 per acre. This reflects an increase of $1,360 per acre or 33 percent over the last three years.
For August 2023, average pasture values are $1,760 per acre. For perspective, in 2020, average pastureland was valued at $1,400 per acre. This reflects an increase of $360 per acre or 26 percent over the last three years.
You can access the USDA reports here:
https://usda.library.cornell.edu/concern/publications/5712m6524
