Current and past newspaper articles written by Putnam County Extension Educators Jennifer Cannon, Mark Evans, and Jenna Nees.
Purdue’s Annual Land Rent Survey
For all of those interested, the most highly requested resource from Purdue University has been updated. Last year the signals about land values were suggesting that the upward trend in price was coming to an end and the signals were right.
As a whole, the 2015 Purdue Farmland Value Survey found that the value of all qualities of farmland declined in Indiana. The average value of bare Indiana cropland ranged from $5,863 per acre for poor quality land to $9,266 per acre for top quality land. That is a 4.8% to 5.1% decrease in value since June of 2014. The average corn yield for top quality land was 200 bushels per acre and 137 bushels per acre for poor quality land.
The 2015 survey did indicate that cash rent was also going down throughout the state. Cash rents range between $175 per acre for poor quality land and $285 per acre for top quality land. Cash rents decreased by 2.2% for poor quality land and 2.4% for top quality land since June of 2014.
The value for farmland moving out of agriculture (transitional land) decreased this year. The surveyed revealed that there was an 8.8% decrease in the average value of transitional land since June of 2014. The value of transitional land in June 2015 ranged from $2,800 to $35,000 per acre.
For individuals in our area it is probably of more importance to look at the results for the West Central region. The West Central Region (consisting of Benton, Carroll, Fountain, Montgomery, Parke, Putnam, Tippecanoe, Vermillion, Warren, and White Counties), had cropland values that ranged from $6,926 per acre for poor quality land and $10,383 per acre for top quality land. Cash rents for the West Central Region varied from $224 per acre for poor quality land to $334 per acre for top quality land (average quality land was $281 per acre). For the West Central Region, cropland values and cash rent values decreased from 2014 to 2015.
For livestock producers, it is important to note that average annual rent for pasture was determined to be $109 per acre with a carrying capacity of 1.8 acres per cow throughout the state (based on 106 survey responses). For the West Central Region, it was determined to be $170 per acre with a carrying capacity of 1.3 acres per cow (based on 24 survey responses).
The average rent for established alfalfa or alfalfa-grass hay was determined to be $203 per acre and $138 per acre for established grass hay throughout the state (based on 82 and 76 survey responses, respectfully). For the West Central Region, it was determined to be $229 per acre for established alfalfa or alfalfa-grass hay and $203 per acre for established grass hay (based on 20 and 18 survey responses, respectfully).
For the state, there were 204 survey responses and 45 survey responses for the West Central Region, unless otherwise noted. To obtain your own copy of the PAER report, contact your local Extension Office or go to: http://www.agecon.purdue.edu/extension/pubs/paer
Visit our homepage at www.extension.purdue.edu/putnamor you can contact the local Purdue Extension Office by calling 765.653.8411 for more information regarding this week’s column topic or to RSVP for upcoming events. It is always best to call first to assure items are ready when you arrive and to RSVP for programs. While many publications are free, some do have a fee. Purdue University is an equal access/equal opportunity institution. All times listed are Eastern Time.
August 24 – Putnam County Fair & 4-H Club Association Board Meeting
August 26 – Women Walk Putnam County 2nd Annual Luncheon
August 27 – IEHA Spring District Meeting – Sullivan County
August 28 – My Record of Achievement forms due August 29 – Purdue Extension and Girl Scouts of America Color Splash, 9:00 AM
September 1 – Putnam County Master Gardener Association meeting
September 3 – Putnam County Fair & 4-H Club Association Board Annual Meeting
September 15- All In: Building Positive Communities Forum 1, 6 PM, Putnam County Fairgrounds
September 21-26- Poverty Awareness Week
September 22- All In: Building Positive Communities Forum 2: Film Screening, 6PM, Greencastle High School Auditorium