From the Illinois Radio Network
According to a mid-year survey, farmland prices in Illinois are down slightly. The Illinois Society of Farm Managers and Rural Appraisers has released data that shows farmland values down 1 to 2 percent in Illinois, but analysts say the numbers are no great surprise because the state’s two primary crops—corn and soybeans—are down as well. Illinois Farm Bureau Senior Economist Mike Doherty says fluctuations in land values aren’t as important as overall trends. “It’s more important to look at what farmland prices have done over five years,” Doherty says. “They’ve actually remained fairly steady.”
He adds that higher interest rates are also having an effect on land values.
