Ohio cropland values show signs of falling slightly while cash rents show signs of leveling off or seeing modest increases depending on the region and land productivity. Ohio cropland values are expected to decrease from 2.4% to 4.9% in 2009 while cash rents are expected to range from a decrease of 0.24% to an increase of up to 1.24%.
The “Ohio Cropland Values and Cash Rents” survey is conducted annually drawing on the expertise of numerous professionals that are knowledgeable of Ohio’s cropland markets.
This survey found that in 2008, Ohio cropland averaged $5,131 per acre for top land, $4,257 for average land and $3,292 for poor land. Top land averaged 180.7 bushels of corn per acre, 56.5 bushels of soybeans per acre and rented for $165 per acre. Average land yielded, on average, 146.3 bushels of corn per acre, 44.3 bushels of soybeans per acre and rented for $128 per acre. Poor cropland averaged 111.7 bushels of corn per acre, 32.5 bushels of soybeans per acre and rented for $91 per acre.
Respondents were also asked to give their projections of land values and cash rents for 2009. Cropland values in Ohio in 2009 are projected to average $5,007, $4,126 and $3,131 per acre for “Top”, “Average”, and “Poor” land, respectively. Cash Rents are projected to average $165, $128 and $92 per acre for “Top”, “Average”, and “Poor” land, respectively.