HDR1012000170031001971500Agricultural Land Values And Cash Rents                
                                                                                
Agricultural Land Values                                                        
        And                                                                     
Agricultural Cash Rents                                                         
                                                                                
National                                                                        
Agricultural                                                                    
Statistics                                                                      
Service                                                                         
                                                                                
USDA                                                                            
Washington, D.C.                                                                
                                                                                
Released October 1, 1997, by the National Agricultural Statistics Service       
(NASS), Agricultural Statistics Board, U.S. Department of Agriculture.  For     
information on "Agricultural Land Values and Agricultural Cash Rents" call      
Longino Bustillos at (202) 690-3231, office hours 7:30 a.m. to 4:00 p.m.        
ET.                                                                             
                                                                                
            Farm Real Estate Values Continue to Climb                           
                                                                                
The January 1, 1997 U.S. farm real estate value, including land and buildings,  
averaged a new high of $942 per acre, up 6 percent from 1996.  This rise in     
farm real estate marks the 10th straight year of increase.  Since 1987 the      
average U.S. farm real estate value has grown from $599 to $942 per acre, an    
increase of 57 percent.                                                         
                                                                                
Regional increases in the value of farm real estate during 1996 ranged from 3   
to 8 percent.  The Northeast Region with its urban influences had the highest   
average value of land and buildings at $2,599 per acre, up 5 percent over the   
previous year.  The Corn Belt and Lake Regions showed the largest percentage    
gains of 8 and 7 percent, respectively, from 1996.  The Southeast and the       
Delta showed the lowest increase at 3 percent each, while the remaining         
regions rose 5 to 6 percent.  All States showed increases from the previous     
year except for Florida which remained virtually the same.                      
                                                                                
Since 1990, the Corn Belt and Mountain regions have shown the largest real      
estate value gains at 53 and 52 percent, respectively.  The Southern Plains at  
18 percent and Northern Plains at 26 percent had the least amount of gain       
during the decade.                                                              
                                                                                
                    1997 Cash Rents Mostly Up                                   
                                                                                
Cash rents for agricultural cropland increased for most States while a few      
States showed small declines.  Cropland cash rent estimates were made for       
34 States.  California again had the highest cash rent for irrigated land at    
$218 per acre.  The major corn producing States of Iowa, Illinois, and          
Nebraska all had rents exceding $100 per acre.  Several States in the           
Appalachian region reported double digit percentage increases in cropland       
rents.  Rates in the Southeast region remained steady with little to no rise.   
                                                                                
Pasture cash rents for 1997 increased from the previous year in all 20 States   
where estimates are made, except Wisconsin and Kansas.  Iowa and Wisconsin had  
the highest pasture rents at $31.10 and $30.00, respectively, while Texas,      
Oklahoma, New Mexico, North Dakota, and South Dakota were all under $10.00 per  
acre.                                                                           
                                                                                
                                                                                
Sp Sy 3 (10-97)                                                                 
                 Farm Real Estate:  Average Value per Acre,                     
                     by State, January 1, 1980-97 1/2/                          
--------------------------------------------------------------------------------
                 :       :       :       :       :       :        :    :  Change
     State       :  1980 :  1985 :  1990 :  1994 :  1995 : 1996 3/:1997: 1996-97
--------------------------------------------------------------------------------
                 :    --------------------- Dollars ------------------   Percent
                 :                                                              
Northeast:       : 1,269   1,346   1,848   2,311   2,414   2,484   2,599     5  
  Connecticut    : 2,387   3,005   5,033   6,495   6,567   6,810   7,500    10  
  Delaware       : 1,798   1,596   2,214   2,511   2,689   2,907   3,170     9  
  Maine          :   594     774   1,073   1,232   1,245   1,291   1,300     1  
  Maryland       : 2,238   2,197   2,563   3,310   3,707   3,826   4,000     5  
  Massachusetts  : 1,608   2,377   4,227   5,339   5,398   5,597   6,200    11  
  New Hampshire  : 1,004   1,439   2,269   2,459   2,486   2,578   2,600     1  
  New Jersey     : 2,947   2,951   5,494   7,407   8,052   8,172   8,290     1  
  New York       :   720     820   1,014   1,383   1,380   1,333   1,390     4  
  Pennsylvania   : 1,464   1,427   1,929   2,247   2,339   2,505   2,630     5  
  Rhode Island   : 2,523   2,990   5,564   6,871   6,947   7,204   7,900    10  
  Vermont        :   721     947   1,262   1,463   1,479   1,534   1,550     1  
Lake States:     : 1,065     952     843     986   1,048   1,126   1,205     7  
  Michigan       : 1,111   1,108   1,005   1,214   1,329   1,470   1,600     9  
  Minnesota      : 1,086     898     810     914     936     976   1,040     7  
  Wisconsin      : 1,004     944     801     968   1,065   1,175   1,250     6  
Corn Belt:       : 1,643   1,108   1,111   1,331   1,448   1,578   1,699     8  
  Illinois       : 2,041   1,381   1,405   1,694   1,863   2,064   2,210     7  
  Indiana        : 1,863   1,344   1,254   1,504   1,654   1,801   1,970     9  
  Iowa           : 1,840   1,091   1,090   1,281   1,349   1,442   1,570     9  
  Missouri       :   902     689     701     825     880     948   1,010     7  
  Ohio           : 1,730   1,215   1,273   1,593   1,800   1,989   2,110     6  
Northern Plains: :   485     412     401     432     458     476     504     6  
  Kansas         :   587     488     450     503     535     553     575     4  
  Nebraska       :   635     485     524     562     596     632     680     8  
  North Dakota   :   405     373     321     353     373     383     410     7  
  South Dakota   :   292     289     291     286     302     310     325     5  
Appalachian:     : 1,014    1,035  1,178   1,336   1,436   1,597   1,685     6  
  Kentucky       :   976     955     978   1,136   1,250   1,377   1,450     5  
  North Carolina : 1,219   1,242   1,355   1,609   1,749   1,970   2,050     4  
  Tennessee      :   976     944   1,067   1,250   1,336   1,526   1,650     8  
  Virginia       : 1,028   1,112   1,665   1,690   1,771   1,925   2,030     6  
  West Virginia ::   669     607     664     869     910     965   1,000     4  
Southeast:       : 1,005   1,068   1,300   1,427   1,533   1,631   1,683     3  
  Alabama        :   780     797     890   1,117   1,262   1,387   1,480     7  
  Florida        : 1,381   1,599   2,070   2,165   2,219   2,306   2,300     0  
  Georgia        :   896     886   1,079   1,154   1,256   1,358   1,430     5  
  South Carolina :   900     898   1,011   1,204   1,337   1,363   1,400     3  
Delta States:    :   966   1,012     806     912     972   1,009   1,041     3  
  Arkansas       :   918     907     796     927     983     989   1,010     2  
  Louisiana      : 1,256   1,407     915   1,000   1,082   1,176   1,230     5  
  Mississippi    :   819     855     736     836     886     917     950     4  
Southern Plains: :   472     675     504     521     550     565     594     5  
  Oklahoma       :   614     597     491     517     547     547     570     4  
  Texas          :   436     694     507     522     550     570     600     5  
Mountain:        :   284     300     265     319     346     379     403     6  
  Arizona        :   267     295     267     325     347     399     420     5  
  Colorado       :   387     437     374     479     520     558     590     6  
  Idaho          :   698     739     658     774     836     905     960     6  
  Montana        :   235     243     222     254     277     289     305     6  
  Nevada         :   248     244     207     268     289     332     350     5  
  New Mexico     :   185     185     185     208     225     258     280     9  
  Utah           :   530     513     398     537     606     697     750     8  
  Wyoming        :   161     181     153     180     192     206     220     7  
Pacific:         : 1,037   1,293   1,259   1,510   1,549   1,676   1,774     6  
  California     : 1,424   1,841   1,884   2,213   2,215   2,404   2,510     4  
  Oregon         :   587     615     573     747     844     928   1,000     8  
  Washington     :   736     943     821   1,025   1,065   1,117   1,230    10  
                 :                                                              
48 States        :   737     713     683     782     832     890     942     6  
--------------------------------------------------------------------------------
1/ Value of farmland and buildings.                                             
2/ Estimates for 1996 and prior years previously published by the Economic      
   Research Service, USDA.                                                      
3/ Revised 1996 for South Dakota and Texas.                                     
         Cropland Rented for Cash:  Average Cash Rent per Acre,                 
                       by State, 1994-97  1/2/                                  
-------------------------------------------------------------------------       
   State and Land Type   :  1994    :    1995    :  1996 3/  :   1997           
-------------------------------------------------------------------------       
                         :   ---------------- Dollars ----------------          
                         :                                                      
Northeast:               :                                                      
  New England 4/         :   31.50       35.20       30.70         *            
  Delaware               :   54.90       61.10       64.30       61.50          
  Maryland               :   41.40       44.70       48.00       51.30          
  New Jersey             :   42.90       45.40       44.80       47.10          
  New York               :   25.10       25.10       29.00       29.20          
  Pennsylvania           :   37.70       38.80       38.50       41.00          
                         :                                                      
Lake States:             :                                                      
  Michigan               :   48.00       49.70       52.20       57.30          
  Minnesota              :   66.00       70.10       73.80       75.60          
  Wisconsin              :   48.70       46.20       48.50       55.00          
                         :                                                      
Corn Belt:               :                                                      
  Illinois               :   99.50       99.70      106.00      109.00          
  Indiana                :   83.40       88.40       94.80       99.50          
  Iowa                   :   98.60       99.60      105.00      110.00          
  Missouri               :                                                      
    Non-Irrigated        :   55.10       51.10       50.00       56.00          
  Ohio                   :   64.50       67.10       70.80       72.50          
                         :                                                      
Northern Plains:         :                                                      
  Kansas                 :                                                      
    Irrigated            :     *           *         66.30       69.00          
    Non-Irrigated        :   32.60       35.50       32.70       34.50          
  Nebraska               :                                                      
    Irrigated            :  108.40      111.10      112.00      116.00          
    Non-Irrigated        :   56.70       57.20       60.00       63.40          
  North Dakota           :   32.90       33.10       34.00       35.00          
  South Dakota           :                                                      
    Non-Irrigated        :   30.00       30.20       31.90       35.00          
                         :                                                      
Appalachian:             :                                                      
  Kentucky               :   49.10       52.80       64.00       73.00          
  North Carolina         :   32.50       33.60       39.00       43.00          
  Tennessee              :   46.70       43.00       48.30       56.50          
  Virginia               :   35.80       35.70       36.00       36.50          
  West Virginia          :   31.00       30.00       32.00       32.00          
                         :                                                      
Southeast:               :                                                      
  Alabama                :   31.60       36.20       39.00       35.00          
  Florida                :                                                      
    Irrigated            :  136.30      183.50         *           *            
    Non-Irrigated        :   20.80       22.50       30.00       31.00          
  Georgia                :                                                      
    Irrigated            :   56.10       60.80       66.90       68.00          
    Non-Irrigated        :   28.70       32.90       36.40       36.80          
  South Carolina         :   23.90       23.50       23.80       24.00          
                         :                                                      
Delta States:            :                                                      
  Arkansas               :                                                      
    Irrigated            :     *         58.70         *         73.00          
    Non-Irrigated        :   46.90       48.40       48.80       53.00          
  Louisiana              :                                                      
    Irrigated            :     *           *         65.30       70.60          
    Non-Irrigated        :   47.90       55.30       53.00       48.00          
-------------------------------------------------------------------------       
                                                              - Continued       
                                                                                
                                                                                
        Cropland Rented for Cash:  Average Cash Rent per Acre,                  
                     by State, 1994-97  1/2/                                    
--------------------------------------------------------------------------      
  State and Land Type    :    1994   :    1995   :   1996 3/  :   1997          
--------------------------------------------------------------------------      
                         :   ---------------- Dollars ----------------          
                         :                                                      
  Mississippi            :                                                      
    Irrigated            :     *         70.00       70.00       71.20          
    Non-Irrigated        :   44.30       41.60       45.00       47.30          
                         :                                                      
Southern Plains:         :                                                      
  Oklahoma               :                                                      
    Non-Irrigated        :   25.50       25.10       25.60       26.60          
  Texas                  :                                                      
    Irrigated            :   58.50       53.80       53.00       50.00          
    Non-Irrigated        :   17.60       17.00       22.00       24.00          
                         :                                                      
Mountain:                :                                                      
  Arizona                :                                                      
    Irrigated            :   80.60       87.40       94.60       98.60          
  Colorado               :                                                      
    Irrigated            :     *           *           *           *            
  Idaho                  :                                                      
    Irrigated            :   99.50      112.30      113.00         *            
    Non-Irrigated        :     *           *         44.10         *            
  Montana                :                                                      
    Non-Irrigated        :   15.20       15.30       17.00       17.00          
  Nevada                 :                                                      
    Irrigated            :     *           *           *           *            
  New Mexico             :                                                      
    Irrigated            :   77.70       88.00         *           *            
  Utah                   :                                                      
    Irrigated            :   51.40       50.90       60.00         *            
  Wyoming                :                                                      
    Irrigated            :     *           *           *           *            
                         :                                                      
Pacific:                 :                                                      
  California             :                                                      
    Irrigated            :  176.00      189.60      210.00      218.00          
  Oregon                 :                                                      
    Irrigated            :  125.50      130.00      115.00         *            
    Non-Irrigated        :   59.10       66.00       65.80         *            
  Washington             :                                                      
    Irrigated            :  127.90      137.80      138.00         *            
    Non-Irrigated        :   69.50       70.80         *           *            
--------------------------------------------------------------------------      
*  Insufficient reports to publish data.                                        
1/ Estimates for 1996 and prior years previously published by the Economic      
   Research Service, USDA.                                                      
2/ Unless otherwise specified as irrigated or non-irrigated, data are for       
   all cropland.                                                                
3/ Revised 1996 for Alabama, Kansas, Missouri, Mississippi, Montana,            
   Nebraska, Texas, and Virginia.                                               
4/ Includes: Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island,    
   and Vermont.                                                                 
          Pasture Rented for Cash:  Average Cash Rent per Acre                  
                         by State, 1994-97 1/                                   
---------------------------------------------------------------------------     
       State           :    1994    :   1995   :   1996 2/  :    1997           
---------------------------------------------------------------------------     
                       :    ---------------- Dollars ----------------           
                       :                                                        
Northeast:             :                                                        
  New England 3/       :    20.60       20.90         *           *             
  Maryland             :    33.50         *           *           *             
  New York             :    14.70       14.50       14.50       15.20           
  Pennsylvania         :    20.70       29.80       37.00       37.60           
                       :                                                        
Lake States:           :                                                        
  Michigan             :    22.10         *           *           *             
  Minnesota            :    16.20       16.50       16.00         *             
  Wisconsin            :    25.50       31.40       35.00       30.00           
                       :                                                        
Corn Belt:             :                                                        
  Illinois             :    31.00       27.65       29.40         *             
  Indiana              :    32.90         *           *           *             
  Iowa                 :    26.35       28.05       28.90       31.10           
  Missouri             :    18.50       16.40       20.00       20.00           
  Ohio                 :    25.50         *           *           *             
                       :                                                        
Northern Plains:       :                                                        
  Kansas               :    12.20       11.70       11.90       11.60           
  Nebraska             :    10.20        9.20       10.00       10.40           
  North Dakota         :     8.30        8.00        8.50        9.00           
  South Dakota         :     9.70        8.50        9.10        9.20           
                       :                                                        
Appalachian:           :                                                        
  North Carolina       :    16.90       17.00       22.30       24.00           
  Tennessee            :    15.20       14.30       13.50       16.00           
  Virginia             :    14.80       14.00       15.00       16.00           
  West Virginia        :    17.00       14.00         *           *             
                       :                                                        
Southeast:             :                                                        
  Alabama              :    13.10       12.50       15.80       16.50           
  Florida              :    17.00       19.50       17.40       17.50           
  Georgia              :    20.00       19.20       23.20       23.70           
  South Carolina       :      *         16.11         *           *             
                       :                                                        
Delta States:          :                                                        
  Arkansas             :    20.90       15.60         *           *             
  Louisiana            :    13.00       12.60       12.60       13.00           
  Mississippi          :    15.90       13.00       15.60       16.40           
                       :                                                        
Southern Plains:       :                                                        
  Oklahoma             :     9.40        9.20        8.00        8.10           
  Texas                :     5.00        4.80        5.40        5.60           
                       :                                                        
Mountain:              :                                                        
  Colorado             :    11.50         *           *           *             
  Idaho                :    28.20       29.30         *           *             
  Montana              :     5.50        5.10        7.20         *             
  Nevada               :      *           *           *           *             
  New Mexico           :     1.60        1.80         *          1.30           
  Utah                 :    16.30       13.70         *           *             
  Wyoming              :     3.10        3.50         *           *             
                       :                                                        
Pacific:               :                                                        
  California           :    26.90       39.30         *           *             
  Oregon               :    21.50         *           *           *             
---------------------------------------------------------------------------     
*  Insufficient reports to publish data.                                        
1/ Estimates for 1996 and prior years previously published by the Economic      
   Research Service, USDA.                                                      
2/ Revised 1996 for Virginia and Wisconsin.                                     
3/ Includes: Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island,    
   and Vermont.                                                                 
                 Reliability of Data in this Report                             
                                                                                
Survey Procedures:  The land value and cash rent estimates in this report are   
                    based primarily on the June Agriculture Survey conducted    
the first 2 weeks of June.  This survey is based on a probability area frame    
with a sample of approximately 10,800 segments or parcels of land which         
average approximately 1 square mile.  Enumerators conducting the area survey    
contact all farmers having operations within the sampled segments and collect   
land values and cash rents for their operation.  From these data, estimates     
are calculated.                                                                 
                                                                                
                                                                                
Estimating Procedures:  National, Regional, and State farm real estate value    
                        data were reviewed for reasonability and consistency.   
Each State Statistical Office submits their farm real estate value analyses to  
the Agricultural Statistics Board (ASB) which prepares the January 1 based      
estimates for publication.  NASS uses the Census of Agriculture which is        
conducted every 5 years to benchmark farm real estate values.  For years        
between census surveys, annual percent changes in value from the June           
Agriculture Survey are calculated and those percentage changes are applied to   
the Census benchmark.                                                           
                                                                                
State cash rent data were reviewed for reasonability and consistency.  Each     
State Statistical Office submits their pasture and cropland cash rent analyses  
to the Agricultural Statistics Board (ASB) which prepares the crop or grazing   
year cash rent estimates for publication.  Cash rent estimates are primarily    
based on June Agriculture Survey indicators.                                    
                                                                                
                                                                                
Revision Policy:  Land Values and Cash Rents are subject to revision the        
                  following year and following the five-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 used to make land value and cash rent estimates are    
              subject to sampling and non-sampling type errors that are common  
to all surveys.  Both types affect the "precision" 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.  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.   An       
estimate of 100 with a sampling error of 1 would mean that chances are 19 out   
of 20 that the estimates from all possible samples averaged together would be   
between 98 and 102; which is the survey estimate, plus or minus two times the   
sampling error.  The relative sampling error from the 1997 area frame survey    
for U.S. land values was 2 percent while regional sampling errors were          
slightly higher.  Cash rent relative sampling errors for estimated States,      
ranged from 2 percent to 24 percent for cropland rents and from 6 percent to    
38 percent for pasture rents.                                                   
                                                                                
Nonsampling errors 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 reasonability.                       
The next "Agricultural Land Values" report will be released at 3:00 p.m. ET on  
March 17, 1998.                                                                 
                                                                                
The next "Agricultural Cash Rents" report will be released at 3:00 p.m. ET on   
August 25, 1998.                                                                
                                                                                
                                                                                
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