For the multiple struggles Michigan grappled with in 2019, Jim Byrum of the Michigan Agribusiness Association says the resilience and strength of the producer-community is holding steady.
“We’re not seeing a lot of losses in terms of reductions in land rents,” he said. “We’re not seeing big challenges with land values—they’re holding up pretty strong because there is a lot of resilience and some farmers are practicing good management practices and cash management practices and still have some revenues.”
The average price per acre in Michigan in 2018 and 2019 was roughly $6,000. The projection for 2020 is at $6,000 as well.
By contrast, Farmers National Company pegged Indiana land values in 2018 and 2019 at $9,000, and that same number is projected for 2020. Illinois was at $11,000 an acre in 2018, dropped to $10,750 in 2019, and is projected to remain at $10,750 in 2020.