Farmland values expected to keep momentum in 2024

However, economists say land values could falter if commodity prices fall in the New Year.

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Farmland values are expected to keep momentum into next year.

Specialists attribute agricultural successes in 2023 to a few specific things: good yields, strong income, a shortage of land for sale, and leveling of interest rates. The location also played a role.

Since 2020, farmland values in the Midwest have risen 30-to-40 percent in places like Indiana, Illinois, and Iowa. According to the U.S. Dept. of Agriculture, land values in the southern U.S. also increased by roughly 10 percent in places like Arkansas, Louisiana, and Mississippi.

Economists say land values could drop however if commodity prices begin to fall.

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