The Illinois Society of Professional Farm Managers and Rural Appraisers has released its 2013 report on farmland values in Illinois agriculture.
A few highlights:
Grain Prices
Mother Nature slashed corn and soybean yields in 2012 which resulted in skyrocketing grain prices. $7.00 to $8.00 per bushel corn and $15.00 to $18.00 per bushel soybeans were significant and offset much of the yield drop.
Net Farm Income
Farmland truly is what it earns! Net farm income across Illinois was stable to increasing this past year due to higher commodity prices and the payouts from crop insurance programs.
Drought Conditions
The Great Drought of 2012 resulted in some of the largest corn and soybean yield reductions our members had ever witnessed. On an average corn yields were down nearly 50% and soybeans were reduced by one- third.
2013 Illinois Farmland Values Lease Trends – Full Presentation (PDF Format)
2013 Illinois Farmland Values Lease Trends – Full Presentation (Powerpoint Format)
Note: There is a correction to one of the tables in the report. This is for Region 5, on page 43. You can download the corrected table here: Region 5 Sticker Cover.pdf.