Ohio Cropland Values and Cash Rent

Every two years, Ohio State Economist Barry Ward surveys rural appraisers, agricultural leaders, professional farm managers, farmers, landowners, Farm Service Agency personnel, OSU Extension educators, and others on their knowledge of cropland values and cash rents. The latest survey was conducted from January to April 2024 with 131 participants. Barry had adequate data for only Northwestern and Southwestern Ohio, so not enough data was collected for other parts of the state.

Surveys (131) were collected for three land classes: top-producing, average land, and bottom-producing cropland. Bottom producing is NOT river bottom land but the lower producing cropland. Soil type, drainage/irrigation, fertility, size and shape of fields, location, parcel size, farm borders (trees, brush, fence rows), wildlife damage, and proximity to grain markets may all affect cropland values. As a reminder, this survey was conducted in Winter 2024, and since then, crop prices have fallen, and drought concerns may affect future cropland prices and cash rents. So, take these survey results with a grain of salt!

In Northwest Ohio (NWO), top-producing cropland has an average yield potential of 217.8 bushels of corn (ranging from 195-240 bu./acre) and an average soybean yield of 67.2 bushels (58-76 bu./acre). The market value was $12,106/acre ($8,477 - $15,735) in 2023, rising to $12,801/acre ($9,700 - $15,902) in 2024, a 5.7% increase. For cash rents, top-producing cropland rented for $268 ($224-$311 range) in 2023, rising to $278/acre ($220-$336) in 2024, or a 3.8% increase. Top-producing farmland has a 2.2% return, and cash rent is $1.28 per bushel of corn produced. Average NWO cropland has an average yield potential of 189 bushels of corn (174-204 bu./acre) and an average soybean yield of 57.5 bushels (49-66 bu./acre). The market value was $9,883/acre ($7,126-$12,639) in 2023, rising to $10,460/acre ($8,123 - $12,796) in 2024, a 5.8% increase. For cash rents, average-producing cropland rented for $215 ($174-$257 range) in 2023, rising to $223/acre ($180-$267) in 2024, or a 3.7% increase. Average-producing farmland has a 2.2% return, and cash rent is $1.23 per bushel of corn produced.

Bottom NWO cropland has an average yield potential of 157.1 bushels of corn (138-176 bu./acre) and an average soybean yield of 46.1 bushels (38-54 bu./acre). The market value was $7,821/acre ($5,121-$10,522) in 2023, rising to $8,077/acre ($5,401 - $10,752) in 2024, a 3.3% increase. For cash rents, bottom-producing cropland rented for $163 ($123-$203 range) in 2023, rising to $168/acre ($133-204) in 2024, or a 3.3% increase. Bottom-producing farmland has a 2.1% return, and cash rent is $1.07 per bushel of corn produced.

In Southwest Ohio (SWO), top-producing cropland has an average yield potential of 228.9 bushels of corn (206-252 bu./acre) and an average soybean yield of 69.8 bushels (63-77 bu./acre). The market value was $14,677/acre ($9,571 - $19,782) in 2023, rising to $15,425/acre ($10,455 - $20,394) in 2024, a 5.1% increase. For cash rents, top-producing cropland rented for $310 ($239-$380 range) in 2023, rising to $322/acre ($244-$399) in 2024, or a 3.8% increase. Top-producing farmland has a 2.1% return, and cash rent is $1.41 per bushel of corn produced.

Average SWO cropland has an average yield potential of 196.8 bushels of corn (178-215 bu./acre) and an average soybean yield of 60.2 bushels (54-67 bu./acre). The market value was $12,132/acre ($7,388-$16,875) in 2023, rising to $12,752/acre ($7,821-$17,682) in 2024, a 5.1% increase. For cash rents, average-producing cropland rented for $253 ($203-$303 range) in 2023, rising to $262/acre ($209-$316) in 2024, or a 3.7% increase. Average-producing farmland has a 2.1% return, and cash rent is $1.33 per bushel of corn produced.

Bottom SWO cropland has an average yield potential of 165.6 bushels of corn (141-191 bu./acre) and an average soybean yield of 50.3 bushels (43-58 bu./acre). The market value was $9,943/acre ($6,536-$13,349) in 2023, rising to $10,321/acre ($7,061 - $13,581) in 2024, a 3.8% increase. For cash rents, bottom-producing cropland rented for $198 ($158-$236 range) in 2023, rising to $206/acre ($164-$248) in 2024, or a 3.8% increase. Bottom-producing farmland has a 2.0% return, and cash rent is $1.24 per bushel of corn produced.

Again, the 2024 numbers were survey participants’ expectations in the winter of 2024, and these expectations may be changing due to lower crop prices and drought conditions. There are already reports of cash rents starting to decrease. Cropland values are much slower to decline because cropland sales are sporadic, and outside investors may influence cropland values. For more information, go to: https://farmoffice.osu.edu/farm-management-tools and click on farm management publications and cash rents.