Minnesota’s farm real estate value, a measurement of the value of all land and buildings on farms, held steady in 2020, at an average of $4,840 per acre, according to the USDA, National Agricultural Statistics Service – Land Values 2020 Summary. That was down $10 from its 2018 average value.
Cropland value, averaging $4,800 per acre, dropped $10 from last year and was $150 per acre lower than its 2018 value. Pasture, averaging $1,680 per acre, was down $20 from last year and was $70 lower than its 2018 value.
The amount farmers pay to rent non-irrigated farmland remained the same from 2019 to 2020 at $163 per acre, according to the statistics service, although it was down $3 from its 2018 value. The amount they pay to rent irrigated farmland averaged $188 per acre, down $17 and $4 lower than 2019. Pasture rented for cash averaged $24 per acre, down $4 from 2019 and $7 lower than in 2018.
Most values and rental prices, however, remain well above their 2011 levels, when the price farmers were paid for corn skyrocketed. The price of corn has plummeted since then, to below the break-even point for many farmers.