August 8, 2008

Nebraska's farm real estate value rose sharply during 2007, extending a trend that began in 1993, according to USDA's National Agricultural Statistics Service, Nebraska Field Office. Farm real estate value on January 1, 2008, averaged $1,460 per acre, a record high. This is up $230 per acre or 19% higher than last year's level.

Cropland value increased 20% from last year to $2,270 per acre, with dryland acreage averaging $1,950 per acre and irrigated cropland at $2,900. Pastureland, at $530 per acre, was 23% above a year ago.

Cash rents paid to landlords for cropland increased from last year and were also a new record high. Irrigated cropland rent averaged $155 per acre, an increase of $16. Dryland rent increased to $95 per acre, also up $16 from a year earlier. Pasture rented for cash, which averaged $14.20 per acre, rose $0.20 from 2007.

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