Farm Credit Associations release mid-year benchmark farmland values report
analyzing market trends
Above: Six-month average benchmark land values change.
OMAHA, Neb. (July 28, 2026) Despite ongoing pressure from lower commodity prices and tighter margins, benchmark farmland values remained stable during the first half of 2026 across the eight states served by Farm Credit Services of America (FCSAmerica), AgCountry Farm Credit (AgCountry) and Frontier Farm Credit including Iowa, Kansas, Minnesota, Nebraska, North Dakota, South Dakota, Wisconsin and Wyoming, according to the Collaborating Associations' recently released farmland values report. The findings underscore the resilience of the agricultural real estate market and optimistic producer sentiment.
According to the farmland values report, benchmark farms continue to show stability. Over the last 6 months, the average percentage change of the benchmarks was an increase of 1.9%. The 12-month value average change was an increase of 3.5%.
"What we've seen this year is a farmland market that has remained steady despite a more challenging commodity outlook than many expected," said Tim Koch, executive vice president and chief banking officer for FCSAmerica and Frontier Farm Credit. "Farmland values tend to reflect the confidence producers have in agriculture's future which is based on the long-term earning potential of the land, and what we’re currently seeing is farmland values continuing to reflect the long-term strength of agriculture, rather than short-term swings in commodity prices.”
"What continues to stand out is how steady the farmland market has remained despite a more challenging operating environment." said Mark Vetter, executive vice president business development for AgCountry. "Today's farmland values remain constant at record levels, yet the economics of our marketplace is very similar to what we experienced during 2013-2021. A significant number of producers retained the financial strength they built during the strong years, and they're gradually deploying that capital into farmland purchases when opportunities arise."
Farmers and ranchers continue to be the primary buyers of farmland, while limited supply has helped support values across much of the region.
Benchmark Farmland Values Trends
The chart below shows the average change in values by state based on the Associations’ appraisals of 93 benchmark farms.
State | Six-month | One-year | Two-year | Five-year | Ten-year |
|---|---|---|---|---|---|
Iowa (21) | 0.0% | -1.4% | -4.3% | 31.6% | 51.1% |
Nebraska (18) | 1.2% | 3.2% | 1.7% | 42.9% | 39.2% |
South Dakota (22) | 4.2% | 6.4% | 19.2% | 71.6% | 61.8% |
Kansas (7) | 4.1% | 6.8% | 12.0% | 58.2% | 64.0% |
Wyoming (2) | 2.7% | 6.0% | 11.5% | 55.4% | 99.6% |
Minnesota (10) | 0.4% | 5.3% | 2.6% | 61.8% | 73.2% |
North Dakota (11) | 0.8% | -1.8% | -1.9% | 62.3% | 80.6% |
Wisconsin (2) | 7.1% | 31.5% | 35.5% | 77.1% | 91.2% |
Average % Change | 1.9% | 3.5% | 5.9% | 53.6% | 60.1% |
The chart below illustrates the average dollar per acre of 61 predominantly cropland benchmark farms across the eight states over the past 10 years.
Cropland and Pasture/Ranch Benchmarks
Below is a state-by-state summary of benchmark values for cropland and pastureland over the past 6 and 12 months. (Iowa, Minnesota, and Wisconsin do not have puritan pasture benchmark farms).
Iowa
Cropland benchmark values decreased -0.7% over the past 6 months and -2.6% over the past 12 months. An increase in mixed use tracts (cropland and pasture) offset the slight weakness shown by puritan crop land values.
Kansas
Cropland benchmark values increased 3% over the most recent 6-month period, and by 6% over the past year. Pasture benchmark values increased an average of 5.5% over the past 6 months and 7.7% over the past 12 months.
Minnesota
Cropland benchmark values averaged a 1.2% increase over the past 6 months and a 5.3% increase over the past 12 months.
Nebraska
Cropland benchmark values over the past 6 months showed a 1.3% increase and a 2% increase over the past 12 months. Pasture/ranch benchmark values increased 3.5% over the past 6 months and 16.7% over the past 12 months. The pasture market in central Nebraska has seen a strong increase in demand over the last year, which has been driven by a historically strong cattle market over that time.
North Dakota
Cropland benchmark values had a 0.3% increase over the past 6 months and a -2.9% decrease over the past 12 months. The pasture benchmark value increased 7% over the past 6 months and 24.4% over the past 12 months.
South Dakota
Cropland benchmark values increased 3.5% over the past 6 months and 4.6% over the past year. Pasture benchmark values showed an increase of 10.2% over the past 6 months and 13.9% over the past 12 months.
Wisconsin
Cropland benchmark values experienced a modest 6.9% increase over the past 6 months as compared to a 33.9% increase over the past 12 months. Regional variation exists across the state with the strongest competition occurring in areas with dairy production or in specialized markets such as vegetable crop(s) and potatoes.
Wyoming
The cropland benchmark reported a 4.4% increase over the past 6 months and a 6.30% increase over the past 12 months. The pasture benchmark increased 0.9% over the past 6 months and 5.6% over the past 12 months periods, respectively.
Overall, the stability seen in the first half of 2026 demonstrates the continued confidence farmers and ranchers have in the long-term strength of agriculture and the enduring value of productive farmland.
To download the full report, visit FCSAmerica Benchmark Farmland Values Report.
