USDA’s latest farmland values report showed the average U.S. cropland value climbing 3.3 percent this year to $6,020 per acre. Minnesota leads the region at $7,300 an acre; South Dakota averages $4,770 per acre, and North Dakota $2,800 per acre. The land market has remained surprisingly resilient. “We haven’t seen enough sales through the summer to really show that anything’s changed, but it was very strong last year,” said Chris Griffin, president, Red River Land Company. “While we might anticipate some softening in the future, land has really held firm.” Griffin says cash rents have remained relatively flat, although he expects both rental rates and land values could face pressure if low farm profitability continues through another growing season.
