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Illinois farmland remains a steady investment in challenging times

Illinois farmland continues to be a steady investment despite volatility in other markets.

David Klein, with First Mid Ag Services in Bloomington, tells Brownfield average prices across the state.

“$10,500 an acre for prime ground, around $8600 an acre for good quality land, $6700 an acre for average quality land and $5200 an acre for fair quality land.”

He says MFP payments and crop insurance kept rents stable in 2019. As for 2020, Klein says corn and soybean demand as well as election year politics will play a factor.  

“Our membership believes that we’re going to remain steady -maybe a slight down tick, but not too terribly bad. From that standpoint we still feel very good about farmland’s resiliency in the midst of challenging times.”

Klein says this data from the 2020 Illinois Farmland Values and Lease Trends Report was released during the Illinois Land Values Conference earlier this month that was held via webinar due to coronavirus precautions. Klein is chairman of the conference hosted by the Illinois Society of Professional Farm Managers and Rural Appraisers.