The spike in farmland values has not plateaued quite yet. This week, an Iowa cash rental rate claimed to a new state record with a 9% climb to $279 per acre. The cash rental rate bests 2013’s record of $270/acre. In an annual Iowa State University Extension survey, farmers, landowners, bankers, farm managers and others are asked for their best judgment on cash rental rates.

Economist Alejandro Plastina says 91 of the 99 Iowa counties experienced increases in average rents for corn and soybeans. The increase continues the upward trend of a whopping 20% overall rate increase since 2021. The survey found average rents increased proportionally to land quality, ranging from $217/acre to the record-setting $279/acre.

Read more on farmland values and rental rates here.