Wisconsin land prices on the rise
ALTOONA, Wis. (WEAU) - In spite of the ongoing Covid-19 pandemic and the uncertainty over farm income last year, land prices across the 7th Federal Reserve District, which includes Wisconsin, went up by 6% last year. District bankers also reported positive changes in agricultural credit during the 4th quarter. Repayment rates on loans were higher while loan renewals and extensions were lower than in 2019. For the past 12 months Indiana farmland values went up 9% followed by Wisconsin at 7%, Illinois up 6%, Iowa prices were 5% higher with Michigan the lowest but still showing a 4% increase for the year. Demand for farmland last year was driven by lower interest rates and higher revenues from corn and soybeans.
The latest numbers from the National Agricultural Statistics Service 2017 Census of Agriculture show 96% of all U.S. farms are family farms. And those farms account for 87% of all U.S. farmland and 82% of the value of all agricultural production sold in this country. The numbers also show that the south and New England states have the most small family farms while the Midwest and Northern Pains have the fewest. A small farm is defined as an operation with less than $350,000 a year in gross cash farm income.
If farmers are checking their mailboxes in this cold weather, many are finding that they have already been sent their 2022 Census of Agriculture Test materials. 36,000 farmers and ranchers have been sent the test material to find out what are the best ways to collect the census information and what content should be included in the 2022 census. That Content Test will run through this spring.
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