As commodity prices fall, the average value of farmland in Iowa, the top corn and soybean growing state in the U.S., declined 8.9% over the course of 2014, representing the biggest annual drop in values since 1986 according to the Iowa Land Survey conducted in November by Iowa State University researchers. This is only the second time since 1999 that the survey has indicated an annual decline in values. After reaching a record high value of $8.716 in 2013 as corn prices soared to between $6 and $7 per bushel, the average price of farmland fell to $7,943 per acre in 2014 along with a fall in corn prices to approximately $3 per bushel. The highest value reported was $9,615 per acre and the lowest reported was $4,475 per acre in south central Iowa.
To receive relevant news stories with summaries provided by GAI Research & Insight, subscribe to Global AgDevelopments, our free weekly enhanced eNews service