South Dakota's agricultural sector experiences a positive shift in 2023, as reported by USDA’s National Agricultural Statistics Service. The overall farm real estate value, which accounts for land and all farm structures, averaged at a substantial $2,920 per acre. This is a remarkable surge of $320 per acre or a 12% increase from the preceding year.
Cropland value followed the trend, climbing 13% to reach $4,550 per acre. Interestingly, dryland cropland experienced an appreciable rise, averaging $4,520 per acre. This marked a boost of $520 compared to the previous year. Furthermore, pastureland did not lag, registering a value of $1,340 per acre, which is $110 higher than the past year's figure.
Landowners had more to celebrate in 2023. Cash rents for cropland saw considerable jumps. Specifically, irrigated cropland rent settled at $219.00 per acre, reflecting a $14.00 increase. Dryland cropland rent nudged slightly to $126.00 per acre, a modest $1.00 raise. Even pasture areas enjoyed a cash rent uptick, averaging at $30.00 per acre, which is $0.50 higher than before.
For those seeking comprehensive county-level statistics for 2023's cash rents, mark your calendars for August 25, 2023. Detailed data will be made accessible via NASS Quick Stats, available at https://quickstats.nass.usda.gov/
Photo Credit: istock-alenamozhjer
Categories: South Dakota, General