Jenna Nees

Throughout the year, many people ask what the rent for farmland is. It’s a difficult question.

The rate varies and is highly dependent on the specific farmland. Therefore, Purdue Extension provides a range of values ​​based on the annual Purdue Farmland Value Survey upon request and emphasizes the importance of not simply accepting the values ​​provided.

Instead, landlords and tenants are told that the final rental amount must be adjusted based on numerous factors, including field size, drainage, soil fertility, accessibility for farm equipment, and more.

The 2024 Purdue Farmland Value Survey found that the average value of unused farmland in Indiana increased. The average value of unused farmland in Indiana ranged from $9,071 per acre for poor quality land (a 4.4 percent increase from 2023) to $14,392 per acre for top quality land (a 4.8 percent increase from 2023). The average corn yield for poor quality land was 167 bushels per acre and for top quality land was 226 bushels per acre.

The 2024 survey average for cash rent in Indiana showed some changes. On average, cash rents ranged from $204 per acre for poor quality land to $313 per acre for top quality land. Since June 2023, cash rents decreased 3.73 percent for poor quality land and increased 2.29 percent for top quality land.

For individuals in our area, it is probably more important to look at the results for the West Central Region. In the West Central Region (consisting of Benton, Carroll, Fountain, Montgomery, Parke, Putnam, Tippecanoe, Vermillion, Warren, and White counties), farmland values ​​ranged from $9,432 per acre for poor quality land to $13,941 per acre for top quality land. Cash rents for the West Central Region varied from $231 per acre for poor quality land to $339 per acre for top quality land (average quality land was $284 per acre). In the West Central Region, cash rents decreased 5.02 percent since June 2023 for poor quality land and increased 2.10 percent for average quality land and 3.55 percent for top quality land. The average corn yield in this region was 179 bushels per acre for lower quality land, 204 bushels per acre for average quality land, and 233 bushels per acre for top quality land.

Because of the similarities in topography and soil productivity, producers should also look at values ​​for the Southwest region. The Southwest region (consisting of Clay, Daviess, Dubois, Gibson, Greene, Knox, Martin, Owen, Pike, Posey, Spencer, Sullivan, Vanderburgh, Vigo and Warrick counties) had farmland values ​​that ranged from $7,644 per acre for poor quality land to $16,078 per acre for top quality land. Cash rents for the Southwest region varied from $182 per acre for poor quality land to $323 per acre for top quality land (average quality land was $251 per acre). In the Southwest region, cash rental values ​​increased from 2023 to 2024. The average corn yield in this region was 149 bushels per acre for poor quality land, 191 bushels per acre for average quality land, and 226 bushels per acre for top quality land.

To obtain your own copy of the 2024 Purdue Farmland Value Survey results, contact your local Extension office or go to: https://ag.purdue.edu/commercialag/home/paer-publication/2024-08-paer-purdue-far…

As a reminder: The values ​​and information from the questionnaire should be adapted to your individual situation when drawing up your rental agreement.

Visit www.extension.purdue.edu/putnam or contact the local Purdue Extension office at 653-8411 for more information on this week’s column topic or to register for upcoming events. It’s always best to call ahead to make sure items are ready when you arrive and to register for programs. While many publications are free, some require a fee.

Upcoming events:

August 30 – My 4-H success record is due.

August 30 – Junior Leader 4-H handbooks due.

September 17 – Webinar “Considerations When Expanding Your Workforce (Non-Financial Decisions),” 1-2 p.m. Register at https://isbdc.ecenterdirect.com/events/16810.

September 17 – October 29 (Tuesdays only) – Webinar series “Become an employer of choice”, 12pm-1pm. For more information and to register, visit: https://tinyurl.com/2cp4nzmv.