What is in this article?:
- Land values, cash rents trending upward
- Upward trend
- Increase in agricultural receipts in recent years has pushed up land values across the country.
- Highest cropland values are in fruit and vegetable production areas on the coasts plus the Corn Belt states.
- Oklahoma cropland values and cash rents have trended upward but not at the pace observed in the Corn Belt states.
Doye said value of U.S. cropland and cash rents have trended upward since about 2004, with a U.S. average value in 2010 just above$3,000 per acre and average cash rent just below $120 per acre.
Values and cash rent for Oklahoma have leveled off since 2008, peaking at about $1,200 per acre for non-irrigated cropland and slightly less than $30 per acre for cash rent. Cropland value shows a significant increase since 1998, from about $600 per acre to almost $1,200 per acre. Cash rent has been mostly level over that same period, ranging from about $25 per acre to a high of $30 per acre around 2005.
Pasture land values in Oklahoma have increased from about $400 per acre in 1998 to just more than $1,000 per acre in 2011. Pasture cash rent has gone up from about $8 per acre in 1998 to $11.50 per acre.
Doye also discussed rent-to-value ratios for cropland and pasture. For the United States, cropland rent-to-value ratio declined from 5 to just under 4 from 1998 to 2011with the lowest point, 3, occurring around 2007 to 2008. For U. S. pasture, rent-to-value ratio dropped from 2 to 1 during that same time span with the biggest dip beginning around 2005 and then leveling off.
In Oklahoma, non-irrigated cropland rent-to-value ratio dropped from 4.5 to 2.4 from 1998 to 2011. For pasture in Oklahoma, the ratio moved from 2 to 1 during that period.