Sp Sy 3 (03) United States Department of Agriculture National Agricultural Statistics Service Agricultural Land Values and Cash Rents August 2003 Table of Contents Page Agricultural Land Values Highlights. . . . . . . . . . . . .2 Agricultural Land Values Maps and Charts . . . . . . . . .3-4 U. S. Average Farm Real Estate Value, Dollars per Acre, 1982-2003 2003 Farm Real Estate Value by State 2003 Cropland Value by State 2003 Pasture Value by State Farm Real Estate: Average Value per Acre, by Region and State, 1999-20035 Cropland: Average Value per Acre, by Region and State, 1999-20036 Irrigated and Non-Irrigated Cropland: Average Value per Acre, by State, January 1, 1999-2003 . . . . . . . . . . . . . . . . . .7 Irrigated and Non-Irrigated Cropland: Average Value per Acre, by State, January 1, 1999-2003 (continued) . . . . . . . . . . . .8 Pasture: Average Value per Acre, by Region and State, January 1, 1999-2003 . . . . . . . . . . . . . . . . . . . . . . . . .9 Agricultural Cash Rents Highlights . . . . . . . . . . . . 10 Agricultural Cash Rent Maps. . . . . . . . . . . . . . . . 11 2003 Cropland Cash Rent by State 2003 Pasture Cash Rent by State Cropland Rented for Cash: Average Cash Rent per Acre, by Region and State, 1999-2003 . . . . . . . . . . . . . . . . . . . . . . 12 Cropland Rented for Cash: Average Cash Rent per Acre, by Region and State, 1999-2003 (continued) . . . . . . . . . . . . . . . . . 13 Pasture Rented for Cash: Average Cash Rent per Acre, by Region and State, 1999-2003 . . . . . . . . . . . . . . . . . . . . . . . 14 Economic Regions . . . . . . . . . . . . . . . . . . . . . 15 Reliability of Data in this Report . . . . . . . . . . . . 16 Information Contacts . . . . . . . . . . . . . . . . . . . 17 Farm Real Estate Values Continue Strong Upward Trend Farm real estate values, a measurement of the value of all land and buildings on farms, averaged $1,270 per acre as of January 1, 2003, up 5.0 percent from the previous year. The value of farm real estate increased in all States except Kansas, where values remained at 2002 levels. The $60 per acre increase in farm real estate values continued an upward trend that began in 1987. The increase in all land and buildings followed the trend of cropland and pasture values, which rose by 4.2 and 5.1 percent, respectively, from January 1, 2002. Cropland values averaged $1,720 per acre and pasture values averaged $618 per acre on January 1, 2003, compared with $1,650 and $588 per acre, respectively, a year earlier. The increases in farm real estate and the cropland and pasture components were largely, though not entirely, driven by low interest rates and poor returns for alternative assets. The certainty of government commodity programs also lent support to some agricultural land. Also, potential for nonagricultural uses contributed to strong increases, especially for pasture values. Income from crop and livestock commodities was mixed, providing limited support for farm real estate values in some areas, while creating a slight drag on values in other areas. Regional increases in the average value of farm real estate ranged from 3.4 percent in the Pacific region to 7.6 percent in the Lake region. The highest farm real estate values were in the Northeast region, where urban influences drove the average value to $2,950 per acre. In the Appalachian and Southeast regions, where urban and recreational influences are increasing, farm real estate values rose 7.1 percent to $2,420 per acre. The Mountain region, with its expanse of pasture and rangeland, has the lowest farm real estate value, at $526 per acre. Cropland values rose 4.7 percent, to $2,450 per acre, in the Corn Belt and 2.6 percent, to $738 per acre, in the Northern Plains. Together these regions account for about one-half of the U.S. total cropland acres. The highest average cropland values, at $3,720 per acre, are in the Pacific region, where a significant portion of the cropland is irrigated. Dollar values and percentage increases of farm real estate, cropland, and pasture for States along the East Coast and Great Lakes are the largest in the country. Despite severe agricultural drought in several of these States, price competition from rapid urbanization and development has more than offset any downward pressures on land values due to poor agricultural returns. Pasture values, in particular, outpace those of cropland in many of these States, mainly due to its greater appeal and availability for development and recreation. Cropland values varied widely across States due to geographically specific circumstances and competitive uses of land. The impact of suburban growth and resorts contributed unevenly in rural mid-western States, influencing values in isolated areas only. In these States, increases in cropland values were more closely tied to 2002 crop production, prices received for crops sold during 2002, and the certainty provided by government commodity programs, especially for major crops. Farm Real Estate: Average Value per Acre, by Region and State, January 1, 1999-2003 -------------------------------------------------------------------------------- : : : : : : Change State : 1999 : 2000 : 2001 : 2002 : 2003 : 02-03 -------------------------------------------------------------------------------- : ------------------ Dollars ------------------ Percent : Northeast: : 2,370 2,520 2,650 2,810 2,950 5.0 CT : 6,300 6,600 6,900 7,300 7,700 5.5 DE : 2,750 2,800 2,950 2,950 3,200 8.5 ME : 1,200 1,250 1,300 1,400 1,450 3.6 MD : 3,300 3,600 3,800 4,000 4,200 5.0 MA : 5,500 5,900 6,500 7,200 7,700 6.9 NH : 2,250 2,300 2,400 2,600 2,700 3.8 NJ : 7,000 7,100 7,400 8,000 8,500 6.3 NY : 1,340 1,410 1,500 1,600 1,650 3.1 PA : 2,500 2,720 2,840 2,950 3,100 5.1 RI : 6,500 6,600 6,900 *7,200 7,700 6.9 VT : 1,570 1,650 1,750 1,900 2,000 5.3 Lake States: : 1,390 1,570 1,720 *1,850 1,990 7.6 MI : 1,850 2,150 2,300 2,500 2,700 8.0 MN : 1,230 1,280 1,360 1,450 1,550 6.9 WI : 1,370 1,700 2,000 *2,150 2,300 7.0 Corn Belt: : 1,830 1,930 2,060 2,190 2,290 4.6 IL : 2,250 2,380 2,530 2,640 2,770 4.9 IN : 2,220 2,350 2,500 *2,600 2,750 5.8 IA : 1,770 1,820 1,900 1,980 2,050 3.5 MO : 1,130 1,250 1,380 1,520 1,600 5.3 OH : 2,220 2,300 2,480 2,700 2,800 3.7 Northern Plains: : 510 526 549 573 594 3.7 KS : 580 590 610 620 620 0.0 NE : 670 695 730 *765 800 4.6 ND : 406 415 425 440 460 4.5 SD : 360 380 405 440 470 6.8 Appalachian: : 1,840 1,990 2,160 *2,260 2,420 7.1 KY : 1,530 1,600 1,770 1,850 2,000 8.1 NC : 2,250 2,500 2,800 2,900 3,100 6.9 TN : 1,950 2,150 2,240 *2,350 2,500 6.4 VA : 2,040 2,200 2,350 2,490 2,630 5.6 WV : 1,070 1,150 1,280 1,370 1,470 7.3 Southeast: : 1,770 1,940 2,110 2,260 2,420 7.1 AL : 1,520 1,680 1,800 1,900 2,000 5.3 FL : 2,260 2,400 2,600 2,800 3,000 7.1 GA : 1,630 1,880 2,100 2,300 2,500 8.7 SC : 1,520 1,600 1,650 1,700 1,800 5.9 Delta States: : 1,180 1,230 1,280 1,330 1,400 5.3 AR : 1,220 1,250 1,300 1,370 1,470 7.3 LA : 1,210 1,250 1,270 1,310 1,350 3.1 MS : 1,100 1,180 1,250 1,300 1,350 3.8 Southern Plains: : 613 631 678 718 748 4.2 OK : 625 634 670 710 740 4.2 TX : 610 630 680 720 750 4.2 Mountain: : 426 462 487 *508 526 3.5 AZ 1/ : 1,070 1,180 1,360 1,520 1,600 5.3 CO : 630 670 695 710 730 2.8 ID : 1,090 1,170 1,200 *1,240 1,280 3.2 MT : 296 350 375 *385 400 3.9 NV 1/ : 420 440 460 *470 480 2.1 NM 1/ : 217 217 220 *225 230 2.2 UT 1/ : 855 900 975 1,050 1,100 4.8 WY : 220 240 260 285 300 5.3 Pacific: : 1,870 1,900 1,980 *2,050 2,120 3.4 CA : 2,770 2,850 3,000 3,100 3,200 3.2 OR : 1,000 1,020 1,050 1,100 1,150 4.5 WA : 1,190 1,200 1,190 *1,230 1,270 3.3 : 48 States 2/ : 1,020 1,080 1,150 1,210 1,270 5.0 -------------------------------------------------------------------------------- * Revised. 1/ Excludes Native American Reservation Land. 2/ Excludes Alaska and Hawaii. Cropland: Average Value per Acre, by Region and State, January 1, 1999-2003 -------------------------------------------------------------------------------- : : : : : : Change State : 1999 : 2000 : 2001 : 2002 : 2003 : 02-03 -------------------------------------------------------------------------------- : ------------------ Dollars ------------------ Percent : Northeast: : 2,700 2,870 3,010 *3,210 3,390 5.6 DE : 2,700 2,750 2,900 *3,200 3,400 6.3 MD : 3,200 3,500 3,700 *4,000 4,300 7.5 NJ : 7,800 7,900 8,100 8,700 9,200 5.7 NY : 1,100 1,160 1,240 *1,350 1,400 3.7 PA : 2,870 3,120 3,260 3,400 3,600 5.9 Oth Sts 1/ : 4,360 4,550 4,770 *5,120 5,350 4.5 Lake States: : 1,340 1,500 1,630 *1,780 1,860 4.5 MI : 1,670 2,000 2,100 2,300 2,400 4.3 MN : 1,230 1,270 1,340 *1,450 1,510 4.1 WI : 1,300 1,600 1,900 2,100 2,200 4.8 Corn Belt: : 2,030 2,120 2,250 2,340 2,450 4.7 IL : 2,370 2,500 2,650 2,750 2,900 5.5 IN : 2,270 2,400 2,550 2,640 2,760 4.5 IA : 1,930 1,970 2,050 2,120 2,200 3.8 MO : 1,190 1,290 1,390 1,470 1,570 6.8 OH : 2,350 2,420 2,600 2,750 2,850 3.6 Northern Plains: : 658 668 695 719 738 2.6 KS : 659 666 680 690 690 0.0 NE : 1,080 1,110 1,170 1,210 1,230 1.7 ND : 435 425 430 440 460 4.5 SD : 491 510 555 605 655 8.3 Appalachian: : 1,930 2,100 2,300 2,400 2,520 5.0 KY : 1,630 1,750 2,000 2,100 2,200 4.8 NC : 2,130 2,400 2,700 2,800 2,950 5.4 TN : 2,100 2,240 2,320 2,390 2,450 2.5 VA : 1,980 2,150 2,300 2,450 2,650 8.2 WV : 1,570 1,600 1,700 *1,850 2,000 8.1 Southeast: : 1,720 1,850 1,990 *2,100 2,220 5.7 AL : 1,320 1,460 1,630 *1,700 1,800 5.9 FL : 3,190 3,340 3,540 3,690 3,890 5.4 GA : 1,250 1,400 1,530 1,660 1,780 7.2 SC : 1,200 1,240 1,300 1,350 1,400 3.7 Delta States: : 1,030 1,060 1,120 *1,150 1,200 4.3 AR : 1,080 1,080 1,140 1,160 1,180 1.7 LA : 1,060 1,110 1,160 *1,220 1,300 6.6 MS : 925 983 1,040 1,080 1,130 4.6 Southern Plains: : 681 708 740 *802 860 7.2 OK : 558 548 580 *619 659 6.5 TX : 728 770 801 *871 937 7.6 Mountain: : 968 1,030 1,090 *1,130 1,190 5.3 AZ 2/ : 4,100 4,600 5,400 6,000 6,500 8.3 CO : 833 887 911 *928 976 5.2 ID : 1,420 1,490 1,570 *1,650 1,720 4.2 MT : 461 486 502 510 521 2.2 NV 2/ : 1,900 1,900 2,000 2,000 2,000 0.0 NM 2/ : 1,420 1,440 1,450 1,450 1,450 0.0 UT 2/ : 2,610 2,740 2,960 3,140 3,380 7.6 WY : 781 815 866 907 932 2.8 Pacific: : 3,350 3,460 3,620 *3,670 3,720 1.4 CA : 5,700 5,960 6,320 *6,420 6,510 1.4 OR : 1,520 1,570 1,650 1,680 1,710 1.8 WA : 1,410 1,340 1,310 *1,300 1,320 1.5 : 48 States 3/ : 1,410 1,490 1,580 1,650 1,720 4.2 -------------------------------------------------------------------------------- * Revised. 1/ Includes: CT, ME, MA, NH, RI, and VT. 2/ Excludes Native American Reservation Land. 3/ Excludes Alaska and Hawaii. Irrigated and Non-Irrigated Cropland: Average Value per Acre, by State, January 1, 1999-2003 1/ -------------------------------------------------------------------------------- : : : : : : Change State and Land Type: 1999 : 2000 : 2001 : 2002 : 2003 : 02-03 -------------------------------------------------------------------------------- : ------------------ Dollars ------------------ Percent : Corn Belt: : MO All Cropland : 1,190 1,290 1,390 1,470 1,570 6.8 Irrigated : 1,820 1,910 1,940 2,040 2,100 2.9 Non-Irrigated : 1,150 1,250 1,350 1,430 1,530 7.0 : Northern Plains: : KS All Cropland : 659 666 680 690 690 0.0 Irrigated : 1,020 1,030 1,080 1,100 1,100 0.0 Non-Irrigated : 623 630 640 650 650 0.0 : NE All Cropland : 1,080 1,110 1,170 1,210 1,230 1.7 Irrigated : 1,550 1,580 1,600 1,640 1,680 2.4 Non-Irrigated : 840 860 950 980 1,000 2.0 : SD All Cropland : 491 510 555 605 655 8.3 Irrigated : 770 740 780 850 940 10.6 Non-Irrigated : 485 505 550 600 650 8.3 : Southeast: : FL All Cropland : 3,190 3,340 3,540 3,690 3,890 5.4 Irrigated : 3,950 4,120 4,370 4,520 4,800 6.2 Non-Irrigated : 1,600 1,680 1,800 1,950 1,980 1.5 : GA All Cropland : 1,250 1,400 1,530 1,660 1,780 7.2 Irrigated : 1,380 1,500 1,700 1,800 1,950 8.3 Non-Irrigated : 1,220 1,380 1,500 1,630 1,750 7.4 : Delta States: : AR All Cropland : 1,080 1,080 1,140 1,160 1,180 1.7 Irrigated : 1,180 1,190 1,260 1,310 1,330 1.5 Non-Irrigated : 1,000 980 1,030 1,030 1,050 1.9 : LA All Cropland : 1,060 1,110 1,160 *1,220 1,300 6.6 Irrigated : 990 1,060 1,070 1,100 1,100 0.0 Non-Irrigated : 1,080 1,120 1,180 *1,250 1,350 8.0 : MS All Cropland : 925 983 1,040 1,080 1,130 4.6 Irrigated : 1,080 1,100 1,120 1,170 1,200 2.6 Non-Irrigated : 880 950 1,020 1,060 1,110 4.7 : Southern Plains: : OK All Cropland : 558 548 580 *619 659 6.5 Irrigated : 790 780 780 800 830 3.8 Non-Irrigated : 545 535 570 610 650 6.6 : TX All Cropland : 728 770 801 *871 937 7.6 Irrigated : 830 880 880 *950 1,000 5.3 Non-Irrigated : 700 740 780 *850 920 8.2 : Mountain: : AZ All Cropland : 4,100 4,600 5,400 6,000 6,500 8.3 Irrigated : 4,100 4,600 5,400 6,000 6,500 8.3 : CO All Cropland : 833 887 911 *928 976 5.2 Irrigated : 1,600 1,700 1,750 1,800 1,900 5.6 Non-Irrigated : 420 450 460 460 480 4.3 -------------------------------------------------------------------------------- See footnote(s) at end of table. --continued Irrigated and Non-Irrigated Cropland: Average Value per Acre, by State, 1999-2003 1/ 2/ (continued) -------------------------------------------------------------------------------- : : : : : : Change State and Land Type: 1999 : 2000 : 2001 : 2002 : 2003 : 02-03 -------------------------------------------------------------------------------- : ------------------ Dollars ------------------ Percent : ID All Cropland : 1,420 1,490 1,570 *1,650 1,720 4.2 Irrigated : 1,820 1,900 2,020 2,150 2,270 5.6 Non-Irrigated : 730 770 790 *770 750 -2.6 : MT All Cropland : 461 486 502 510 521 2.2 Irrigated : 1,310 1,440 1,500 1,530 1,550 1.3 Non-Irrigated : 340 350 360 365 375 2.7 : NV All Cropland : 1,900 1,900 2,000 2,000 2,000 0.0 Irrigated : 1,900 1,900 2,000 2,000 2,000 0.0 : NM All Cropland : 1,420 1,440 1,450 1,450 1,450 0.0 Irrigated : 2,550 2,600 2,600 2,600 2,610 0.4 Non-Irrigated : 260 260 270 270 270 0.0 : UT All Cropland : 2,610 2,740 2,960 3,140 3,380 7.6 Irrigated : 3,080 3,250 3,500 3,700 4,000 8.1 Non-Irrigated : 700 670 750 850 850 : WY All Cropland : 781 815 866 907 932 2.8 Irrigated : 940 980 1,040 1,090 1,150 5.5 Non-Irrigated : 245 260 280 290 300 3.4 : Pacific: : CA All Cropland : 5,700 5,960 6,320 *6,420 6,510 1.4 Irrigated : 6,100 6,400 6,800 *6,900 7,000 1.4 Non-Irrigated : 1,580 1,400 1,400 1,420 1,440 1.4 : OR All Cropland : 1,520 1,570 1,650 1,680 1,710 1.8 Irrigated : 2,100 2,150 2,300 2,350 2,400 2.1 Non-Irrigated : 1,050 1,100 1,120 *1,140 1,150 0.9 : WA All Cropland : 1,410 1,340 1,310 *1,300 1,320 1.5 Irrigated : 3,600 3,500 3,400 *3,350 3,400 1.5 Non-Irrigated : 760 700 680 690 700 1.4 -------------------------------------------------------------------------------- * Revised. 1/ Only States with significant irrigated acreage appear in this table. 2/ See page 15 for definition of Regions. Pasture: Average Value per Acre, by Region and State, January 1, 1999-2003 -------------------------------------------------------------------------------- : : : : : : Change State : 1999 : 2000 : 2001 : 2002 : 2003 : 02-03 -------------------------------------------------------------------------------- : ------------------ Dollars ------------------ Percent : Northeast: : 2,060 2,120 2,190 *2,340 2,480 6.0 MD : 3,400 3,400 3,450 3,500 3,600 2.9 NJ : 8,800 8,900 9,100 9,600 10,100 5.2 NY : 550 560 620 700 770 10.0 PA : 1,790 1,920 2,000 2,100 2,200 4.8 Oth Sts 1/ : 3,910 3,950 4,030 *4,390 4,740 8.0 Lake States: : 574 659 756 *836 914 9.3 MI : 980 1,080 1,180 *1,300 1,400 7.7 MN : 400 440 500 *550 600 9.1 WI : 630 760 900 *1,000 1,100 10.0 Corn Belt: : 859 955 1,050 *1,140 1,200 5.3 IL : 1,000 1,080 1,180 *1,250 1,320 5.6 IN : 1,400 1,540 1,700 *1,800 1,900 5.6 IA : 660 700 770 *820 870 6.1 MO : 750 860 950 1,040 1,100 5.8 OH : 1,480 1,600 1,750 1,900 2,000 5.3 Northern Plains: : 222 231 246 251 260 3.6 KS : 370 375 400 400 400 0.0 NE : 220 230 245 250 260 4.0 ND : 146 155 165 170 180 5.9 SD : 180 190 200 210 220 4.8 Appalachian: : 1,700 1,810 1,910 *2,010 2,140 6.5 KY : 1,400 1,400 1,450 1,500 1,600 6.7 NC : 2,270 2,400 2,600 *2,800 3,000 7.1 TN : 2,000 2,240 2,320 *2,400 2,550 6.3 VA : 1,900 2,050 2,200 2,350 2,500 6.4 WV : 825 900 960 *1,050 1,150 9.5 Southeast: : 1,490 1,600 1,810 *2,010 2,180 8.5 AL : 1,170 1,300 1,450 *1,600 1,700 6.3 FL : 1,500 1,570 1,800 2,000 2,200 10.0 GA : 1,950 2,150 2,400 *2,700 2,950 9.3 SC : 1,380 1,450 1,600 1,700 1,800 5.9 Delta States: : 992 1,030 1,050 1,110 1,200 8.1 AR : 960 1,000 1,000 1,080 1,180 9.3 LA : 1,160 1,150 1,160 1,200 1,250 4.2 MS : 910 1,000 1,060 1,100 1,200 9.1 Southern Plains: : 533 543 579 *608 630 3.6 OK : 410 415 435 460 490 6.5 TX : 560 570 610 640 660 3.1 Mountain: : 233 251 261 *270 285 5.6 AZ 2/ : 340 360 400 450 470 4.4 CO : 340 360 360 360 400 11.1 ID : 780 850 810 *770 770 0.0 MT : 200 230 255 260 270 3.8 NV 2/ : 250 270 270 *280 290 3.6 NM 2/ : 155 150 150 *155 160 3.2 UT 2/ : 400 420 450 500 550 10.0 WY : 150 165 180 200 210 5.0 Pacific: : 729 698 718 *735 759 3.3 CA : 1,050 1,000 1,040 1,060 1,100 3.8 OR : 400 405 405 420 430 2.4 WA : 540 490 500 *510 520 2.0 : 48 States 3/ : 503 524 558 *588 618 5.1 -------------------------------------------------------------------------------- * Revised. 1/ Includes: CT, DE, ME, MA, NH, RI, and VT. 2/ Excludes Native American Reservation Land. 3/ Excludes Alaska and Hawaii. 2003 Cropland Cash Rents Up 2 Percent, Pasture Rents Down 2 Percent Cash rents paid to landlords for agricultural real estate were mixed during the 2003 crop year. Cropland cash rents paid in 2003 increased 2 percent from a year earlier, advancing to $73.00 per acre, compared with a revised $71.60 per acre for 2002. However, pasture cash rents dropped 2 percent, from $9.20 per acre in 2002 to $9.00 per acre in 2003. The increase in cropland rental rates was modest, reflecting producers' attitudes toward the combination of slightly reduced production levels of major U.S. crops in 2002 and higher, though still historically low, commodity prices. The Corn Belt and Northern Plains regions, which together account for nearly one half of cash rented cropland acreage, both increased 2 percent from 2002. Cropland cash rents increased $2.00 per acre, to $110.00, in the Corn Belt and $1.00 per acre, to $48.00, in the Northern Plains. Over all, cropland rental rates increased in 8 of the 10 regions, while rental rates in the Southeast region fell 2 percent to $44.00 per acre. Rental rates in the Pacific region remained unchanged at $180.00 per acre. The major corn and soybean producing States of Illinois, Indiana, and Iowa experienced increases ranging from 1 to 2 percent for cropland cash rents. Of the 3 States, Illinois had the highest cash rent, at $123.00 per acre, but experienced the smallest rental increase from 2002 of $1.00 per acre. Iowa cropland rents increased $2.00 per acre, to $122.00. Three of the four states in the Northern Plains region showed increases in cropland cash rents, led by South Dakota's $3.00 per acre increase in non-irrigated cropland. Kansas cropland rents remained unchanged at $39.00 per acre. Pasture cash rents reflected the drought-reduced forage production of pastures and range lands in major livestock-grazing States. Shifts in cash rented acreages from higher valued regions to lower valued regions also contributed to lower U.S. pasture cash rents, despite per acre increases in 5 of the 10 regions and no change in 2 of the remaining 5 regions. Pasture cash rents fell in the Delta, Mountain, and Pacific regions, and were unchanged in the Corn Belt and Appalachian regions. Wisconsin continued to lead the Nation with the highest pasture rent, at $36.00 per acre, despite relatively weak milk prices. Sharp decreases in many areas of the Mountain region offset increases in parts of the Northern and Southern Plains. Cropland Rented for Cash: Average Cash Rent per Acre, by Region and State, 1999-2003 1/ 2/ -------------------------------------------------------------------------------- Region, State : : : : : and Land Type : 1999 : 2000 : 2001 : 2002 : 2003 -------------------------------------------------------------------------------- : Dollars : Northeast: : 40.00 40.00 42.00 41.00 42.00 DE : 56.00 56.20 57.50 56.30 57.00 MD : 54.20 54.20 55.50 55.50 55.50 NJ : 53.10 51.00 47.00 *47.00 47.00 NY : 31.00 32.00 33.00 35.00 37.00 PA : 41.00 40.00 42.00 40.00 41.00 : Lake States: : 69.00 72.00 73.00 74.00 74.50 MI : 60.00 60.00 60.00 60.00 60.00 MN : 75.60 77.90 80.50 *81.00 82.00 WI : 62.00 65.00 66.00 *67.00 68.00 : Corn Belt: : 101.00 103.00 106.00 *108.00 110.00 IL : 111.00 119.00 119.00 *122.00 123.00 IN : 99.00 100.00 100.00 101.00 103.00 IA : 112.00 115.00 117.00 120.00 122.00 MO : Non-Irrigated : 59.00 62.00 65.00 *66.00 70.00 OH : 73.70 74.00 76.50 *77.00 78.00 : Northern Plains: : 44.50 45.50 47.00 *47.00 48.00 KS : 36.00 36.50 39.00 39.00 39.00 Irrigated : 66.00 67.00 72.00 70.00 68.00 Non-irrigated : 35.00 35.50 36.00 36.00 36.00 NE : 86.90 88.00 88.00 90.00 92.00 Irrigated : 115.00 117.00 117.00 121.00 123.00 Non-Irrigated : 64.50 66.00 65.00 *66.00 67.00 ND : 35.50 35.50 36.00 36.50 36.50 SD : Non-Irrigated : 38.00 39.80 40.00 42.00 45.00 : Appalachian: : 48.00 50.00 52.00 51.00 52.00 KY : 70.00 74.00 72.00 68.00 70.00 NC : 45.00 45.00 48.00 *49.50 51.00 TN : 62.00 60.00 59.50 60.50 62.00 VA : 35.70 36.50 36.50 36.00 36.50 WV : 28.00 26.00 26.00 27.00 28.00 : Southeast: : 39.50 42.00 46.00 *45.00 44.00 AL : 31.00 33.00 36.00 36.00 35.00 FL : Non-Irrigated : 30.00 32.00 32.00 32.00 32.00 GA : 47.30 50.00 55.00 55.00 56.00 Irrigated : 90.00 91.00 103.00 103.00 105.00 Non-Irrigated : 37.20 39.10 38.00 39.00 40.00 SC : 22.00 24.20 27.50 28.50 28.50 : Delta States: : 59.20 62.00 64.00 *64.00 65.00 AR : 67.00 69.00 67.00 *69.00 71.00 Irrigated : 78.00 80.00 78.00 *80.00 78.00 Non-Irrigated : 50.00 50.00 48.00 *53.00 55.00 LA : 56.90 55.20 62.00 62.00 62.00 Irrigated : 70.00 70.00 74.00 73.00 68.00 Non-Irrigated : 49.60 51.90 56.00 57.00 59.00 MS : 58.00 61.00 62.00 *62.00 63.00 Irrigated : 76.00 80.00 79.00 79.00 78.00 Non-Irrigated : 49.20 52.00 54.00 *54.00 56.00 -------------------------------------------------------------------------------- See footnote(s) at end of table. --continued Cropland Rented for Cash: Average Cash Rent per Acre, by Region and State, 1999-2003 1/ 2/ (continued) -------------------------------------------------------------------------------- Region, State : : : : : and Land Type : 1999 : 2000 : 2001 : 2002 : 2003 -------------------------------------------------------------------------------- : Dollars : Southern Plains: : 25.00 27.00 27.80 *27.60 28.00 OK : Non-Irrigated : 27.00 26.00 27.00 27.00 27.50 TX : 24.00 27.00 27.00 27.00 27.30 Irrigated : 49.00 53.00 53.00 *53.00 55.00 Non-Irrigated : 18.00 21.00 21.00 21.00 21.00 : Mountain: : 63.00 59.00 61.00 *60.00 60.50 AZ : Irrigated : 140.00 135.00 135.00 135.00 135.00 CO : 58.00 55.00 65.00 *65.00 60.00 Irrigated : 95.00 90.00 100.00 95.00 93.00 Non-Irrigated : 18.00 18.00 22.00 *22.50 23.00 ID : 94.00 98.00 95.00 96.00 97.00 Irrigated : 115.00 120.00 115.00 116.00 116.00 Non-Irrigated : 45.00 44.00 48.00 50.00 51.00 MT : 25.00 23.80 24.50 24.00 24.00 Irrigated : 54.00 49.70 46.00 *47.00 48.00 Non-Irrigated : 18.00 17.30 18.00 18.50 18.50 UT : Irrigated : 57.00 57.00 58.00 *60.00 61.00 : Pacific: : 176.00 180.00 185.00 180.00 180.00 CA : Irrigated : 260.00 300.00 310.00 310.00 300.00 OR : 85.00 90.00 90.00 95.00 98.00 Irrigated : 105.00 120.00 110.00 115.00 120.00 Non-Irrigated : 66.00 67.00 70.00 *67.50 65.00 WA : Irrigated : 153.00 160.00 165.00 *170.00 175.00 : 48 States : 67.50 70.00 71.00 *71.60 73.00 -------------------------------------------------------------------------------- * Revised. 1/ Unless otherwise specified as irrigated or non-irrigated, data are for all cropland. 2/ See page 15 for definition of Regions. Pasture Rented for Cash: Average Cash Rent per Acre, by Region and State, 1999-2003 1/ -------------------------------------------------------------------------------- Region and State : 1999 : 2000 : 2001 : 2002 : 2003 -------------------------------------------------------------------------------- : Dollars : Northeast: : 27.00 24.00 23.00 *22.00 23.00 PA : 36.00 32.00 32.00 28.00 25.00 : Lake States: : 27.60 24.00 22.00 23.00 23.50 MN : 17.00 18.00 19.00 19.00 19.00 WI : 38.00 38.00 36.00 *36.00 36.00 : Corn Belt: : 25.00 24.50 26.50 27.00 27.00 IL : 31.00 33.00 33.00 *32.00 32.50 IA : 31.00 29.00 30.00 *30.50 31.00 MO : 18.50 20.00 22.50 *23.00 23.50 : Northern Plains: : 10.80 11.20 11.40 *11.10 11.20 KS : 13.30 12.80 12.60 12.60 12.60 NE : 10.90 11.30 11.30 *11.20 11.50 ND : 9.30 9.50 9.80 9.70 9.80 SD : 10.20 11.00 11.00 *10.90 11.00 : Appalachian: : 17.20 18.00 19.00 18.00 18.00 NC : 21.00 21.00 22.00 21.50 22.00 TN : 16.40 18.00 18.00 *17.00 17.50 VA : 15.50 16.00 16.50 16.00 16.50 : Southeast: : 16.00 17.20 17.40 18.00 18.50 AL : 15.00 17.00 18.00 18.00 18.00 FL : 14.00 15.00 15.00 *16.00 17.00 GA : 20.80 22.00 23.00 23.00 23.00 : Delta States: : 13.90 13.80 15.50 *16.20 16.00 LA : 15.50 14.00 16.00 16.00 15.00 MS : 13.50 14.00 16.00 *17.00 16.00 : Southern Plains: : 7.30 6.30 7.50 *7.70 8.00 OK : 8.30 7.80 8.30 8.50 8.50 TX : 6.90 6.00 7.20 *7.40 7.80 : Mountain: : 4.10 3.80 3.80 *3.50 3.40 CO : 4.80 5.20 4.80 4.00 3.50 MT : 5.10 4.80 4.50 *4.70 4.50 NM : 1.70 1.70 1.60 1.60 1.60 UT : 12.00 11.00 13.00 *10.00 9.00 WY : 4.00 3.50 3.50 3.80 3.50 : Pacific: : 12.00 11.00 13.00 13.00 12.50 CA : 10.00 9.00 11.00 11.00 10.60 : 48 States : 8.90 8.50 9.20 9.20 9.00 -------------------------------------------------------------------------------- * Revised. 1/ See page 15 for definition of Regions. Regions: Northeast: . . .. . .CT, DE, ME, MD, MA, NH, NJ, NY, PA, RI, VT. Lake States: . .. . .MI, MN, WI. Corn Belt: . . .. . .IL, IN, IA, MO, OH. Northern Plains:. . .KS, NE, ND, SD. Appalachian: . .. . .KY, NC, TN, VA, WV. Southeast: . . .. . .AL, FL, GA, SC. Delta States:. .. . .AR, LA, MS. Southern Plains:. . .OK, TX. Mountain:. . . .. . .AZ, CO, ID, MT, NV, NM, UT, WY. Pacific: . . . .. . .CA, OR, WA. Reliability of Land Values and Cash Rents in this Report Survey Procedures: The estimates of land values and cash rents in this report are based primarily on the June Area Survey, conducted during the first 2 weeks of June. This annual survey uses a complete, probability-based area sampling frame. In 2003, this survey included a sample of nearly 9,000 land segments, averaging approximately 1 square mile in size. Enumerators conducting the June area survey contact all farmers operating land within the boundaries of the sampled land segments, collecting land value information for crop land and pasture operated within the segment. They also collect an estimated value of all land and buildings for the operator's entire farming operation and the estimated percent change from the previous year. In addition to land values, enumerators collect information on crop land and pasture acres rented for cash and the per acre cash rent paid. Survey reported data are reviewed for reasonableness and consistency by comparing with other data reported in the survey and with data reported within the segment the previous year. Normally, segments are retained for 5 years with 20 percent of the total segments rotated out each year and replaced with new segments. Due to budget constraints, the 2003 sample was reduced by 20 percent as the segments rotated out were not replaced by new segments. Estimating Procedures: Once the data are summarized, each State Statistical Office (SSO) conducts an analysis of the summarized indications and any other available information for their State. State Statistical Offices then set estimates for land values and cash rents and submit these recommendations along with their assessment of survey and other administrative information to the Agricultural Statistics Board (ASB). Survey data are also compiled to Regional and National levels and reviewed independently of each State's review. National and Regional targets are established by the ASB prior to submission of SSO recommendations. After SSO recommendations are submitted, the ASB reviews the estimates and supporting comments, and resolves any conflicts with targeted Regional and National levels. Revision Policy: Each year, land value and cash rent estimates for the previous year are subject to revision. Estimates are also subject to historical revisions following the 5-year Census of Agriculture. The basis for revision must be supported by additional data that directly affect the level of the estimate. Reliability: The survey from which land value and cash rent estimates are made is subject to sampling and non-sampling errors that are common to all surveys. Both types of error affect the "accuracy" of the estimates. Sampling error occurs because a complete census is not taken. The sampling error measures the variation in estimates from the average of all possible samples. An estimate of 100 with a sampling error of 1 would mean that chances are 19 out of 20 (95 percent confidence internal) that the estimates from all possible samples averaged together would be between 98 and 102 (the survey indication plus or minus two times the sampling error). The sampling errors from the 2003 area frame survey are listed below: U.S. Regions (range low to high) Farm Real Estate Value (%) 2.0 1.3 to 13.0 All Cropland Value (%) 1.5 1.4 to 9.6 Irrigated Cropland (%) 4.4 1.2 to 15.7 Non-irrigated Cropland (%) 1.7 2.4 to 9.5 Pasture Value (%) 3.2 2.9 to 29.3 Cropland Cash Rent (%) 1.1 0.7 to 10.2 Pasture Cash Rent (%) 5.0 3.0 to 39.7 Sampling errors cannot be applied directly to the values published in this report to determine confidence intervals since the official estimates represent a composite of information from more than a single source. Non-sampling errors cannot be measured directly and can occur in complete censuses as well as sample surveys. They are caused by the inability to obtain correct information from each person sampled, differences in interpreting questions or definitions, and mistakes in coding or processing data. To minimize non-sampling errors, vigorous quality controls are used in the data collection process and all data are carefully reviewed for consistency and reasonableness. Released August 7, 2003, by the National Agricultural Statistics Service (NASS), Agricultural Statistics Board, U.S. Department of Agriculture. For information on "Agricultural Land Values and Cash Rents" call Mark E. Miller or Larry Beard at 202-720-6146, office hours 7:30 a.m. to 4:00 p.m. ET. The next Agricultural Land Values and Cash Rents report will be released in August, 2004. The United States Department of Agriculture (USDA) prohibits discrimination in all its programs on the basis of race, color, national origin, gender, religion, age, disability, political beliefs, sexual orientation, and marital or family status. (Not all prohibited bases apply to all programs.) 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