Our July 2026 Benchmark Farmland Report provides updated appraisals of 93 benchmark farms that represent typical agricultural ground across eight states served by us and our collaborating Associations of AgCountry Farm Credit Services and Frontier Farm Credit. We appraise the same farms every six months, with many tracked for more than 30 years, to provide a consistent and reliable measure of farmland values in Iowa, eastern Kansas, western Minnesota, Nebraska, North Dakota, South Dakota, Wyoming, and central Wisconsin.
Farmland values are highly local, yet influenced by wider economic, agricultural, and credit conditions. Looking across eight Central and Upper Midwest states allows the Associations to compare patterns across cropland, pastureland, irrigated and non-irrigated acres, while also identifying differences by geography and land use.
Combined with analysis of more than 1,700 arm’s-length sales from the first half of 2026, the benchmark farm data gives lending, credit and appraisal teams a deeper understanding of the forces shaping farm real estate markets and helps provide customers with informed, timely insight.
Key takeaways
The farmland market reflected three important market signals in the first six months of 2026:
Tighter margins are influencing how producers evaluate opportunities, especially when land prices, interest costs, and operating expenses all have to fit into the same cash flow plan.
Producers are still willing to compete for land that improves efficiency, expands a contiguous footprint, or supports long-term family and business goals. Ground that does not clearly fit the operation may face more scrutiny.
Cropland sale prices, which are evaluated separate from benchmark farmland values, remain historically strong overall, but momentum varies by location and land type. Iowa, eastern Kansas, Wisconsin, and Wyoming posted increases, while Minnesota, Nebraska, North Dakota, and South Dakota saw declines.
Benchmark performance
Benchmark farm values continue to hold near historic highs. In the first half of 2026, benchmark farms across the eight Midwest and Upper Plains states served by our Collaborating Associations appreciated an average of 1.9%. Durability in the real estate market reflects continued producer liquidity, strong balance sheets, and persistently limited availability of ground.
Iowa was the only state to experience a decline in farm values, although the dip was modest, suggesting that the market may be stabilizing after recent softening. Cropland values improved in the other seven states served by our Collaborating Associations. Central Wisconsin experienced the strongest gains, partly due to competition for ground suitable for vegetable and potato production.
Pasture values also increased, most notably in South Dakota and North Dakota. However, pasture appreciation slowed in the first half of 2026. While the cattle sector remains strong, values have already moved substantially higher, financing costs remain elevated, and buyers have become more selective about carrying capacity, water access, fencing, and location.
The chart below shows the change in benchmark values by state, going back to 2015. The number of benchmark farms for each state is in parentheses.
Yearly farmland value trends by state
| State | Six-month change | One-year change | Two-year change | Five-year change | Ten-year change |
|---|---|---|---|---|---|
| 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% |
| Wyoming (2) | 2.7% | 6.0% | 11.5% | 55.4% | 99.6% |
| Average % Change | 1.9% | 2.8% | 6.1% | 49.5% | 99.6% |
A new normal takes hold in agriculture
Agriculture in the Midwest is settling into a new normal, defined less by crises and more by constraint. Margins remain tight, cost structures are elevated, and interest rates are meaningfully higher than they were just a few years ago.
Volatility hasn’t disappeared. Weather events, global supply-demand imbalances, and geopolitical tensions continue to drive sharp movements in commodity markets and input costs. But those swings don’t change the fundamentally tighter economic environment in production agriculture.
Without the additional government support payments to farmers, the strength of land values can appear out of step with farm-level economics. Historically, any one of the challenges facing producers—lower commodity prices, rising production costs, higher interest rates—tends to exert downward pressure on farmland values. That could still happen. Nobody would be surprised to see benchmark values drift down a few percentage points in the coming months.
Confidence and liquidity support the farm real estate market
But to date, the overall financial position of buyers and recent profit opportunities are driving continued demand for a limited supply of farmland.
Many producers were profitable in 2025. A market rally this past spring provided an opportunity to lock in profits for 2026, and government payments to grain operators early this year meant those whose balance sheets already were strong became that much stronger. While none of this changed the underlying economic fundamentals, it did buoy producers’ confidence, which is reflected in the real estate market.
Our complete guide on July 2026 benchmark farmland values provides additional insights, including trends in cropland and pasture, plus state-by-state sales data.
Comprehensive land values report
Our newest semi-annual Land Values Report is now available as a comprehensive analysis of land values in states served by our collaborating associations of AgCountry Farm Credit Services, Farm Credit Services of America (FCSAmerica), and Frontier Farm Credit. This report covers key trends and data across our eight‑state territory.
