A Purdue University survey of Indiana farmland alues has found that they rose between 4.5 percent and 6.3 percent tatewide over the past year, more than expected.
The report says top-quality farmland averaged more than $5,300 per acre, verage land was valued at about $4,400 per acre and poor-quality land veraged $3,500 per acre.
Purdue Extension agricultural economist Craig Dobbins says land values ncreased sharply over the past 12 months when compared with the revious year. He says there was a downward correction last year.
The strongest gains — as high as 8 percent — were found in west entral and northeast Indiana.
Higher farmland values give farmers more equity and generally make it asier for them to renew loans.