A Purdue University study says lower commodity prices and the potential for higher interest rates have pushed farmland values down throughout Indiana. The survey shows, for the first time since 2009, the values of high, average and low-quality farmland all fell in the same year.
Purdue agricultural economist Michael Langemeier says the results are "about what we expected." According to the study, top-quality farmland prices declined 5.1 percent compared to last year. Average quality land fell by 3.8 percent, while low-quality land declined 4.8 percent.
The only exceptions were 10 counties in southwest Indiana, where prices for high-quality farmland rose by 13 percent.
The numbers come as another blow to Indiana farmers, who are already dealing with nearly $500 million in crop losses thanks to summer flooding. Purdue University Agriculture Extension says the state’s principal crops, corn and soybeans, are being hit the hardest.
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