The recent yearly survey of Iowa’s cash rental rates for farmland shows rates jumped by nine percent so far in 2023. The average is now $279 per acre, the highest average value on record. This new peak rate is three percent higher than the previous high of $270 in 2013. By way of comparison, average nominal (not inflation-adjusted) corn and soybean prices paid to farmers in the first quarter of this year were 2.8 percent higher and 4.4 percent lower, respectively, than in the first quarter of 2013.
Of the usable responses to the Iowa State University Extension survey, 42 percent came from farmers, 37 percent from landowners, nine percent from professional farm managers and realtors, and seven percent came from ag lenders. The survey showed considerable variability across counties in year-to-year changes, typical of these surveys. A total of 91 out of 99 counties showed higher rents for corn and soybeans.