INDIANA FARMLAND VALUES AND CASH RENTS: 2021 SURVEY RESULTS FRIDAY, AUGUST 20, 2021 Todd Kuethe, Associate Professor, Schrader Chair in Farmland Economics Michael Langemeier, Professor & Associate Director, Center for Commercial Agriculture James Mintert, Professor & Director, Center for Commercial Agriculture
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INDIANA FARMLAND VALUES AND CASH RENTS: 2021 SURVEY RESULTSFRIDAY, AUGUST 20, 2021
Todd Kuethe, Associate Professor, Schrader Chair in Farmland Economics
Michael Langemeier, Professor & Associate Director, Center for Commercial Agriculture
James Mintert, Professor & Director, Center for Commercial Agriculture
L a n d V a l u e s
Purdue Farmland Value Survey§ Survey conducted annually in June since 1974
§ Respondents: rural appraisers, ag lenders, farm managers, and farmers
§ Information collected:
• Land values December 2020, June 2021, December 2021 (projection)
• Top, average, and poor quality land
• Annual cash rental rate
• Long-term corn yield (productivity)
Indiana Farmland Values
2021 vs. 2020 Survey Results, State Averages by Land Quality
Land Quality
Yield (Bu/Ac)
2020 Value ($/A)
2021 Value ($/A)
Percent Change
Top 212 $8,579 $9,785 14.1%
Average 182 $7,236 $8,144 12.5%
Poor 153 $5,746 $6,441 12.1%
Indiana Farmland Values
Top, Average, and Poor Quality Land, 2000 − 20219,765 9,785
7,976 8,144
6,1606,441
0
2,000
4,000
6,000
8,000
10,000
2000 2003 2006 2009 2012 2015 2018 2021
TopAveragePoor
2014 Peak
Indiana Farmland Values
Average Quality Land, 1980 − 2021
6,288
9,111
2,100
7,976
8,144
0
2,500
5,000
7,500
10,000
1980 1985 1990 1995 2000 2005 2010 2015 2020
RealNominal
Land Value Drivers
-3.00
-2.00
-1.00
0.00
1.00
2.00
3.00
4.00
1.NetIncome
2. GrowthRet.
3. CropPrice
4. LvstkPrice
5. Interest 6. Alt.Invest.
7. Export 8. Inflation 9. Liquidity 10. AgPolicy
Ave
rage
Influ
ence
Val
ue
2019 2020 2021
Most Recent Land Values Peak Occurred After Corn Prices Peaked