Maps show state and local effects of decade-long agricultural boom on farmland values

The boom in farmland values in the last decade resulted in big jumps in cropland value and cash rents, David Widmar reports for Agricultural Economic Insights.

There was a 366 percent increase in cropland value in South Dakota from 2004 to 2014, with the average value increasing from $736 to $3,460 per acre, which amounts to an average annual rate of nearly 17 percent, not adjusted for inflation. (Click on maps for larger versions)

Many counties also saw significant increases in the cost of rent for farmland, Widmar writes. "Pockets of counties with large increases are most prevalent in South Dakota, Minnesota, Eastern Nebraska, and Northern Iowa. In the Southern Plains and Southeastern U.S., small and negative changes in county cash rental rates were most common."

"Increasing profits for cow/calf producers ... also fueled an increase in average state pasture values," Widmar writes. "The Northern Plains experienced the largest increase in values from 2004 to 2014. Across the country, five states reported increases greater than 200 percent." (Read more)