WEST LAFAYETTE, Ind. (AP) — A Purdue University survey has found Indiana farmland values have continued their downward trend.
The 2016 Purdue Farmland Value Survey released Wednesday found average declines of 8.2 to 8.7 percent from last year, depending on land quality. It says such large declines haven’t been seen since the mid-1980s.
The survey says that over the past two years, the average farmland value has fallen about 13 percent.
The report says the declines are largely the result of tighter profit margins from low commodity prices. It says the downward trend in farmland values was consistent across all regions of the state.
The survey shows that top- and average-quality farmland fell by an average of 8.2 percent and poor-quality farmland declined by 8.7 percent. Top land fell from $9,266 per acre to $8,508.
