Farmland values creep up

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DES MOINES, Iowa (KCRG) -- Land values in Iowa increased from last year according to the Iowa Land Values report.

Cropped Photo: / MGN

Iowa farm real estate value in the state averaged $8,000 dollars up $150 an acre from last year.

Cropland went up $100 to $8,100, stopping a three year trend of decreases. Now it is above the cost of land in 2013. While average pasture value went down about $300 averaging $3,100 an acre.

Farmers have also been cutting costs on their farms according to the Iowa Farm Production Expenditures report.

Iowa farm expenses were $26.3 billion in 2016, down $1.4 billion from last year.

Farmers paid less for livestock related expenses, down about $1.4 billion, rent is down about $400 million, and fertilizer is down about $160 million.

However, farmers paid about $300 million more on farm services as well as a $140 million more on agricultural chemicals.

Overall, the top expenses in order are feed, livestock, rent, farm services, and capital expenditures, which account for 66 percent of farm costs.