Farmland Values and Returns by State Through Time
Farmland and Cropland Index and Return Utility
Farmland Correlation With Other Assets by Holding Interval
This utility allows a user to consider the impact of holding period definitions on the relationship between farmland returns and…
Returns to Alternative Investments by Holding Interval
This utility allows a novel view of returns across all possible combinations of purchase and sales dates for farmland in…
US AG Sector Balance Sheet Data Through Time With Lender Shares
Based on USDA data, the composition of the US Ag Sector balance sheet is provided along with formatted graphs to…
Illinois Society of Farm Managers and Rural Appraisers Representative Parcel Transfer Information
This utility provides a powerful comparison of land market transactions through time by region of Illinois. Property characteristics can be…
Land Purchase Evaluation Tool
A comprehensive tool to evaluate returns characteristics associated with the purchase of real assets. Financial structure terms, transactions costs, and…
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We began publishing a formula in 2017 for calculating the average cash rent for a piece of farmland, given that farm’s average productivity index, thereby allowing averages to be stated by productivity, a known factor that impacts the level of cash rent. We have updated this formula to reflect the average cash rents for 2025, as reported by the National Agricultural Statistics Service (NASS). An individual can use this formula to calculate the average cash rent for a farm.
Today’s farmdoc daily article provides a revision to the rent factors used in a simple variable cash lease design. The revisions result in slightly smaller rent factors to be applied to measures of corn and soybean revenue to determine variable cash rents. While the decline in crop revenues from highs in 2022 results in larger reductions in variable cash rents than those observed in average cash rents, farmer returns and return projections remain negative for 2023 to 2026.
Average cash rents declined in Illinois from 2024 to 2025. Continued low return projections suggest further reductions in cash rents will occur for 2026. However, the projected declines are not expected to result in break-even or positive returns on cash rented farmland. Additional declines in cash rents and other production costs will be needed to achieve break-even or positive returns to corn and soybean production on rented farmland in Illinois at current price levels.
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Research Briefs and Reports
The Relationship Between Inflation and Farmland Returns
This TIAA Center for Farmland Research publication examines the relationship between inflation and farmland returns through time and across differing periods of inflationary pressure from 1970 to present. Farmland is shown to…
Farmland Markets: Valuation, Investment Performance, and Issues for the Future
This Center Publication identifies and addresses contemporary issues affecting farmland markets, and provides associated linkages to related research and data describing the farmland sector and major issues affecting its future.…