Farmland Values and Cash Rent
Every two years, Ohio State conducts a survey of farmers on cropland values and cash rent. Barry Ward, OSU Economist conducts this survey of professionals including ag business, farm managers, farmers, rural appraisers, and ag lenders. Western Ohio cropland values and rental rates are significantly different than the eastern and southern values. The type of soil, fertility, productivity, and generally higher returns result in higher prices in Western Ohio. Also, larger squarer fields, flatter soils, and access to crop markets add value to the cropland and to rental rates. In 2022-2023, Barry Ward surveyed 190 participants and the results were just released in August 2023. The numbers are reported for top, average, and bottom farmland with only the average farmland and cash rent values reported. For all of Western Ohio, average producing cropland produced 185.3 bushels corn per acre and had a projected value of $9,672/acre in 2022 with a projected value of $10,329/acre in 2023 for...