Western Ohio Cropland Values and Cash Rents 2011-12

by: Barry Ward, OSU Extension, Leader, Production Business Management, Department of Agricultural, Environmental, and Development Economics

Ohio cropland varies significantly in its production capabilities and cropland values and cash rents vary widely throughout the state. Generally speaking, western Ohio cropland values and cash rents differ substantially from eastern Ohio cropland values and cash rents. This is due to a number of factors including land productivity and potential crop return, the variability of those crop returns, field size, field shape, drainage, population, ease of access, market access, local market price, potential for wildlife damage, and competition for rented cropland in a region. This fact sheet is a summary of data collected for western Ohio cropland values and cash rents.

Click here for the Western Ohio Cropland Values and Cash Rents Fact sheet 2011-12

Ohio cropland values and cash rental rates are projected to increase in 2012. According to the Western Ohio Cropland Values and Cash Rents Survey, bare cropland values are expected to increase from 7.3% to 9.1% in 2012 depending on the region and land class. Cash rents are expected to increase from 5.7% to 11.5% depending on the region and land class.

The “Western Ohio Cropland Values and Cash Rents” study was conducted surveying professionals knowledgeable about Ohio’s cropland markets. Surveyed groups include farm managers, rural appraisers, agricultural lenders, OSU Extension educators, farmers, landowners, and Farm Service Agency personnel.

Top Cropland
Survey results indicate that “top” performing cropland in western Ohio averages 193.8 bushels of corn per acre. Results also show that average value of “top” cropland in 2011 was $6,732 per acre. According to this survey “top” cropland in western Ohio is expected to be valued at $7,293 in 2012. This is a projected increase of 8.3%.

“Top” cropland in western Ohio rented for an average of $229 per acre in 2011 according to survey results. “Top” cropland is expected to rent for $250 in 2012. This equates to a cash rent of $1.29 per bushel of corn produced. Rents in the “top” cropland category are expected to equal 3.4% of land value in 2012.

Average Cropland
Survey results for “average” producing cropland show an average yield to be 160.5 bushels of corn per acre. Results show that the value of “average” cropland in western Ohio was $5,504 per acre in 2011. According to survey data this “average” producing cropland is expected to be valued at $5,916 per acre in 2012. This is a projected increase of 7.5%.

“Average” cropland rented for an average of $179 per acre in 2011 according to survey results. “Average” cropland is expected to rent for $194 per acre in 2012. This equates to a cash rent of $1.21 per bushel of corn produced. Rents in the “average” cropland category are expected to equal 3.3% of land value in 2012.

Poor Cropland
The survey summary shows the average yield for “poor” performing cropland equals 130.7 bushels of corn per acre. Results also show that the average value of “poor” cropland was $4,439 per acre in 2011. According to survey data this “poor” producing cropland is expected to be valued at $4,805 in 2012. This is an increase of 8.2%.

“Poor” cropland rented for an average of $140 per acre in 2011 according to survey results. Cash Rent for “Poor” cropland is expected to average $150 per acre in 2012. This equates to a cash rent of $1.15 per bushel of corn produced in 2012. Rents in the “poor” cropland category are expected to equal 3.1% of land value in 2012.

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