Ohio cropland varies significantly in its production capabilities, and cropland values and cash rents vary across the state. Generally speaking, western Ohio cropland values and cash rents differ substantially from eastern Ohio cropland values and cash rents. This is due to a number of factors including land productivity, potential crop return, variability of crop return, field size, field shape, drainage, population, ease of access, market access, local market price, and competition for rented cropland in a region.
This fact sheet is a summary of data collected for western Ohio cropland values and cash rents.
Ohio cropland values show signs of remaining stable to falling slightly in 2010 while this survey indicates cash rent levels will see little change in 2010. According to the Western Ohio Cropland Values and Cash Rents Survey bare cropland values are expected to decrease from 0.1% to 3.1% in 2010 depending on the region and land class. Cash rents are expected to range from a decrease of 1.5% to an increase of 3.2% depending on the region and land class.
The "Western Ohio Cropland Values and Cash Rents" survey was conducted by drawing on the expertise of professionals that are knowledgeable about Ohio's cropland markets. Surveyed groups include farm managers, rural appraisers, agricultural lenders, OSU Extension educators, farmers, landowners, and Farm Service Agency personnel.
Ninety-five surveys were completed, analyzed, and summarized. Respondents were asked to give responses based on three classes of land in their area: "top" land, "average" land, and "poor" land. The preliminary survey results are summarized below for Western Ohio, and regional summaries are summarized for northwest Ohio (NW Results) and southwest Ohio (SW Results).
Tables show the average (Avg) (simple average) of each measure, standard deviation (Std) of the data for that measure (measure of variability), average plus one standard deviation (Avg + 1 Std), and average minus one standard deviation (Avg – 1 Std). These latter two numbers reported indicate a range within which about two-thirds of the responses in the data for that measure will fall.
Western Ohio Results
Survey results from western Ohio are summarized in Table 1.
Top Cropland
Survey results indicate that "top" performing cropland in western Ohio averages 192.2 bushels of corn per acre. Results also show that average value of "top" cropland in 2009 was $5,378 per acre. According to this survey "top" cropland in western Ohio is expected to be valued at $5,252 in 2010. This is a projected decrease of 2.3%.
"Top" cropland in western Ohio rented for an average of $180 per acre in 2009 according to survey results. "Top" cropland is expected to rent for $179 in 2010. This equates to a cash rent of $0.93 per bushel of corn produced. Rents in the "top" cropland category are expected to equal 3.4% of land value in 2010.
Average Cropland
Survey results for "average" producing cropland show an average yield to be 157.0 bushels of corn per acre. Results show that the value of "average" cropland in western Ohio was $4,540 per acre in 2009. According to survey data this "average" producing cropland is expected to be valued at $4,469 per acre in 2010. This is a projected decrease of 1.6%.
"Average" cropland rented for an average of $141 per acre in 2009 according to survey results. "Average" cropland is expected to rent for $142 per acre in 2010. This equates to a cash rent of $0.90 per bushel of corn produced. Rents in the "average" cropland category are expected to equal 3.2% of land value in 2010.
Poor Cropland
The survey summary shows the average yield for "poor" performing cropland equals 125.3 bushels of corn per acre. Results also show that the average value of "poor" cropland was $3,667 per acre in 2009. According to survey data this "poor" producing cropland is expected to be valued at $3,655 in 2010. This is a decrease of 0.3%.
"Poor" cropland rented for an average of $102 per acre in 2009 according to survey results. Cash rent for "Poor" cropland is expected to average $102 per acre in 2010. This equates to a cash rent of $0.81 per bushel of corn produced in 2010. Rents in the "poor" cropland category are expected to equal 2.8% of land value in 2010.
| Table 1. Ohio Cropland Values and Cash Rents | ||||||
| Western Ohio Results | ||||||
| Avg | Std | Avg + 1 Std | Avg – 1 Std | |||
| Top | Avg Corn Yield | 192.2 | 20.9 | 213.1 | 171.3 | |
| Avg Soybean Yield | 60.0 | 7.0 | 67.0 | 53.0 | ||
| Market Value per Acre | 2009 | $5,378 | $1,463 | $6,841 | $3,915 | |
| 2010 | $5,252 | $1,445 | $6,697 | $3,806 | ||
| Rent per Acre | 2009 | $180 | $35 | $215 | $146 | |
| 2010 | $179 | $34 | $212 | $145 | ||
| Average | Avg Corn Yield | 157.0 | 15.5 | 172.5 | 141.5 | |
| Avg Soybean Yield | 48.2 | 5.8 | 54.0 | 42.5 | ||
| Market Value per Acre | 2009 | $4,540 | $1,009 | $5,549 | $3,530 | |
| 2010 | $4,469 | $1,031 | $5,500 | $3,437 | ||
| Rent per Acre | 2009 | $141 | $24 | $165 | $118 | |
| 2010 | $142 | $23 | $165 | $119 | ||
| Poor | Avg Corn Yield | 125.3 | 15.6 | 140.9 | 109.7 | |
| Avg Soybean Yield | 37.3 | 8.4 | 45.8 | 28.9 | ||
| Market Value per Acre | 2009 | $3,667 | $857 | $4,524 | $2,809 | |
| 2010 | $3,655 | $944 | $4,599 | $2,711 | ||
| Rent per Acre | 2009 | $102 | $20 | $121 | $82 | |
| 2010 | $102 | $18 | $121 | $84 | ||
| Cropland in Transition | 2009 | $5,547 | $1,360 | $6,907 | $4,187 | |
| 2010 | $5,694 | $1,780 | $7,473 | $3,914 | ||
| Cash Rental % Change in 5 Years | 1.12% | 12.20% | 13.32% | –11.07% | ||
| Cropland Value % Change in 5 Years | 1.42% | 11.81% | 13.24% | –10.39% | ||
| Mortgage Interest | 6.54% | 0.71% | 7.25% | 5.82% | ||
| Operating Loan Rate | 5.37% | 1.17% | 6.54% | 4.21% | ||
| Pasture Land — Cash Rent per Acre | $54 | $26 | $81 | $28 | ||
| Pasture Land — Value per Acre | $2,871 | $1,113 | $3,984 | $1,758 | ||
Northwest Ohio Results
Survey results from northwest Ohio are summarized in Table 2.
Top Cropland
Survey results indicate that "top" performing cropland in northwest Ohio averages 186.4 bushels of corn per acre or 58.7 bushels of soybeans per acre. Results also show that the average value of "top" cropland was $4,674 per acre in 2009. According to this survey "top" producing cropland in northwest Ohio is expected to be valued at $4,527 in 2010. This is a projected decrease of 3.1%.
"Top" cropland in northwest Ohio rented for an average of $160 per acre in 2009 and is expected to rent for $159 in 2010 according to survey results, which equals $0.85 per bushel of corn produced. Rents in the "top" cropland category are expected to equal 3.5% of land value.
Average Cropland
Yields for "average" producing cropland average 152.7 bushels of corn per acre or 46.9 bushels of soybeans per acre. Results show that the value of "average" cropland in northwest Ohio was $3,988 per acre in 2009. According to survey data this "average" producing cropland is expected to be valued at $3,899 per acre in 2010. This is a projected decrease of 2.2%.
"Average" cropland rented for an average of $127 per acre in 2009 according to survey results and is expected to rent for $128 in 2010 which equals $0.84 per bushel of corn produced. Rents in the "average" cropland category are expected to equal 3.3% of land value in 2010.
Poor Cropland
The survey summary shows the average yield for "poor" performing cropland in northwestern Ohio equals 123.4 bushels of corn per acre or 35.9 bushels of soybeans per acre. Results also show that the average value of "poor" cropland was $3,248 per acre in 2009 and is expected to average $3,227 per acre in 2010. This is a projected decrease of 0.6%.
"Poor" cropland rented for an average of $94 per acre in 2009 and is expected to average $97 per acre in 2010 according to survey results which equals $0.79 per bushel of corn produced. Rents in the "poor" cropland category are expected to equal 3.0% of land value in 2010.
The northwest region for the purposes of this survey includes Williams, Fulton, Lucas, Ottawa, Defiance, Henry, Wood, Sandusky, Paulding, Putnam, Hancock, Seneca, Van Wert, Allen, Hardin, Wyandot, Crawford, Marion, and Morrow counties.
| Table 2. Ohio Cropland Values and Cash Rents | ||||||
| Northwest Ohio Results | ||||||
| Avg | Std | Avg + 1 Std | Avg – 1 Std | |||
| Top | Avg Corn Yield | 186.4 | 17.4 | 203.8 | 169.0 | |
| Avg Soybean Yield | 58.7 | 5.6 | 64.3 | 53.0 | ||
| Market Value per Acre | 2009 | $4,674 | $739 | $5,413 | $3,935 | |
| 2010 | $4,527 | $750 | $5,276 | $3,777 | ||
| Rent per Acre | 2009 | $160 | $18 | $177 | $142 | |
| 2010 | $159 | $20 | $179 | $139 | ||
| Average | Avg Corn Yield | 152.7 | 14.7 | 167.4 | 138.1 | |
| Avg Soybean Yield | 46.9 | 5.6 | 52.6 | 41.3 | ||
| Market Value per Acre | 2009 | $3,988 | $541 | $4,529 | $3,446 | |
| 2010 | $3,899 | $536 | $4,435 | $3,363 | ||
| Rent per Acre | 2009 | $127 | $15 | $142 | $112 | |
| 2010 | $128 | $15 | $143 | $113 | ||
| Poor | Avg Corn Yield | 123.4 | 17.0 | 140.3 | 106.4 | |
| Avg Soybean Yield | 35.9 | 5.5 | 41.4 | 30.3 | ||
| Market Value per Acre | 2009 | $3,248 | $589 | $3,837 | $2,660 | |
| 2010 | $3,227 | $522 | $3,750 | $2,705 | ||
| Rent per Acre | 2009 | $94 | $15 | $109 | $79 | |
| 2010 | $97 | $14 | $111 | $84 | ||
| Cropland in Transition | 2009 | $5,929 | $1,644 | $7,572 | $4,285 | |
| 2010 | $5,886 | $1,720 | $7,606 | $4,166 | ||
| Cash Rental % Change in 5 Years | 0.11% | 7.34% | 7.61% | –7.06% | ||
| Cropland Value % Change in 5 Years | 3.34% | 7.04% | 9.67% | –4.42% | ||
| Mortgage Interest | 6.72% | 0.73% | 7.45% | 5.99% | ||
| Operating Loan Rate | 4.97% | 0.80% | 5.79% | 4.19% | ||
| Pasture Land — Cash Rent per Acre | $59 | $31 | $90 | $28 | ||
| Pasture Land — Value per Acre | $2,692 | $784 | $3,476 | $1,908 | ||
Southwest Ohio Results
Survey results from southwest Ohio are summarized in Table 3.
Top Cropland
Survey results indicate that "top" performing cropland in southwest Ohio averages 198.0 bushels of corn per acre or 61.3 bushels of soybeans per acre. Results also show that average value of "top" cropland was $6,002 per acre in 2009. According to this survey "top" producing cropland in southwest Ohio is expected to be valued at $5,894 per acre in 2010. This is a projected decrease of 1.8%.
"Top" cropland in southwest Ohio rented for an average of $200 per acre in 2009 and is expected to rent for $197 per acre in 2010 according to survey results which equals $0.99 per bushel of corn produced. Rents in the "top" cropland category are expected to equal 3.3% of land value in 2010.
Average Cropland
Yields for "average" cropland equal 161.1 bushels of corn per acre. Results show that the value of "average" cropland in southwest Ohio was $5,013 per acre in 2009. According to survey data this "average" producing cropland is expected to be valued at $4,957 per acre in 2010. This is a projected decrease of 1.1%.
"Average" cropland rented for an average of $155 per acre in 2009 and is expected to rent for $156 per acre in 2010 according to survey results which equals $0.97 per bushel of corn produced. Rents in the "average" cropland category are expected to equal 3.1% of land value in 2010.
Poor Cropland
The survey summary shows the average yield for "poor" cropland in southwestern Ohio equals 127.4 bushels of corn per acre. Results also show that the average value of "poor" cropland was $4,072 per acre in 2009. According to survey data this "poor" producing cropland is expected to be valued at $4,069 per acre in 2010. This is a decrease of 0.1%.
"Poor" cropland rented for an average of $109 per acre in 2009 and is expected to average $108 per acre in 2010 according to survey results which equals $0.85 per bushel of corn produced. Rents in the "poor" cropland category are expected to equal 2.7% of land value in 2010.
The southwest region for the purposes of this survey includes Mercer, Auglaize, Shelby, Logan, Union, Delaware, Darke, Miami, Champaign, Clark, Madison, Franklin, Preble, Montgomery, Greene, Butler, Warren, Hamilton, Clermont, Clinton, Fayette, and Pickaway counties.
| Table 3. Ohio Cropland Values and Cash Rents | ||||||
| Southwest Ohio Results | ||||||
| Avg | Std | Avg + 1 Std | Avg – 1 Std | |||
| Top | Avg Corn Yield | 198.0 | 22.7 | 220.7 | 175.2 | |
| Avg Soybean Yield | 61.3 | 8.0 | 69.4 | 53.3 | ||
| Market Value per Acre | 2009 | $6,002 | $1,660 | $7,662 | $4,342 | |
| 2010 | $5,894 | $1,611 | $7,505 | $4,283 | ||
| Rent per Acre | 2009 | $200 | $36 | $236 | $164 | |
| 2010 | $197 | $35 | $231 | $162 | ||
| Average | Avg Corn Yield | 161.1 | 15.4 | 176.5 | 145.7 | |
| Avg Soybean Yield | 49.4 | 5.7 | 55.1 | 43.8 | ||
| Market Value per Acre | 2009 | $5,013 | $1,081 | $6,093 | $3,932 | |
| 2010 | $4,957 | $1,107 | $6,064 | $3,850 | ||
| Rent per Acre | 2009 | $155 | $23 | $177 | $132 | |
| 2010 | $156 | $22 | $178 | $134 | ||
| Poor | Avg Corn Yield | 127.4 | 14.0 | 141.4 | 113.4 | |
| Avg Soybean Yield | 38.9 | 10.6 | 49.5 | 28.3 | ||
| Market Value per Acre | 2009 | $4,072 | $889 | $4,961 | $3,183 | |
| 2010 | $4,069 | $1,077 | $5,145 | $2,992 | ||
| Rent per Acre | 2009 | $109 | $21 | $131 | $88 | |
| 2010 | $108 | $21 | $129 | $87 | ||
| Cropland in Transition | 2009 | $5,280 | $1,138 | $6,418 | $4,142 | |
| 2010 | $5,544 | $1,914 | $7,458 | $3,631 | ||
| Cash Rental % Change in 5 Years | 1.92% | 15.53% | 17.45% | –13.61% | ||
| Cropland Value % Change in 5 Years | 0.22% | 15.18% | 15.41% | –14.96% | ||
| Mortgage Interest | 6.34% | 0.65% | 6.99% | 5.69% | ||
| Operating Loan Rate | 5.80% | 1.36% | 7.16% | 4.44% | ||
| Pasture Land — Cash Rent per Acre | $52 | $25 | $77 | $27 | ||
| Pasture Land — Value per Acre | $2,954 | $1,256 | $4,210 | $1,698 | ||
Additional Survey Results
Survey respondents were asked to give their best estimates for long-term land value and cash rent change as well as projections for mortgage and operating loan interest rates for 2010.
The average estimate of cropland value change in the next 5 years is an increase of 1.42%. There was a large range in responses from survey participants for cropland value change in 5 years. Responses ranged from an increase of 25% to a decrease of 7%.
The average estimate of cash rent change in the next 5 years is an increase of 1.12%. There was a large range in responses from survey participants for cash rent change in 5 years. Responses ranged from an increase of 16% to a decrease of 6%.
The summary of these responses is presented in Tables 1 through 3 and includes Value of Cropland in Transition (areas where much of the land is moving into residential, commercial, and industrial uses), Expected Percent Change in the Value of Bare Cropland in the Next 5 Years, Expected Percent Change in the Cash Rental Rates in the Next 5 Years, Expected Average Interest Rate for Mortgage Loans for 2010, Expected Average Operating Loan Rate for 2010, Pasture Cash Rent per Acre, and the Value of Pasture Land. Tables 1 through 3 below show the results of the survey for these measures for western Ohio and two subregions (northwest and southwest) of Ohio.
Ohio Results
To retain continuity with past research summaries on Ohio Cropland Values and Cash Rents, a summary table is included for the entire state including both eastern and western Ohio. This data is summarized in Table 4.
| Table 4. Ohio Cropland Values and Cash Rents | ||||||
| Ohio Results | ||||||
| Avg | Std | Avg + 1 Std | Avg – 1 Std | |||
| Top | Avg Corn Yield | 191.6 | 20.7 | 212.3 | 170.9 | |
| Avg Soybean Yield | 60.0 | 7.0 | 67.0 | 53.0 | ||
| Market Value per Acre | 2009 | $5,201 | $1,476 | $6,678 | $3,725 | |
| 2010 | $5,112 | $1,450 | $6,562 | $3,662 | ||
| Rent per Acre | 2009 | $166 | $44 | $210 | $122 | |
| 2010 | $165 | $42 | $208 | $123 | ||
| Average | Avg Corn Yield | 155.1 | 16.1 | 171.2 | 139.0 | |
| Avg Soybean Yield | 47.7 | 5.8 | 53.5 | 41.9 | ||
| Market Value per Acre | 2009 | $4,356 | $1,100 | $5,456 | $3,256 | |
| 2010 | $4,312 | $1,090 | $5,402 | $3,222 | ||
| Rent per Acre | 2009 | $127 | $37 | $164 | $90 | |
| 2010 | $128 | $37 | $164 | $91 | ||
| Poor | Avg Corn Yield | 122.1 | 16.6 | 138.7 | 105.5 | |
| Avg Soybean Yield | 36.4 | 8.3 | 44.7 | 28.0 | ||
| Market Value per Acre | 2009 | $3,523 | $991 | $4,513 | $2,532 | |
| 2010 | $3,518 | $1,042 | $4,559 | $2,476 | ||
| Rent per Acre | 2009 | $90 | $31 | $121 | $58 | |
| 2010 | $90 | $31 | $121 | $60 | ||
| Cropland in Transition | 2009 | $5,554 | $1,755 | $7,309 | $3,799 | |
| 2010 | $5,719 | $2,023 | $7,742 | $3,696 | ||
| Cash Rental % Change in 5 Years | 2.22% | 11.80% | 14.03% | –9.58% | ||
| Cropland Value % Change in 5 Years | 2.01% | 11.29% | 13.30% | –9.29% | ||
| Mortgage Interest | 6.56% | 0.81% | 7.37% | 5.76% | ||
| Operating Loan Rate | 5.26% | 1.15% | 6.41% | 4.11% | ||
| Pasture Land — Cash Rent per Acre | $48 | $25 | $74 | $23 | ||
| Pasture Land — Value per Acre | $2,777 | $1,048 | $3,825 | $1,729 | ||
| Table 5. Average estimated Ohio land value per acre (tillable, bare land) by geographical area and land class, Ohio Cropland Values and Cash Rents Survey 2009–10. | ||||||
| Area | Land Class | Corn bu/A |
Soy bu/A |
Land Value | ||
| 2009 | 2010* | % Change | ||||
| $/A | $/A | 2009–2010 | ||||
| Northwest | Top | 186.4 | 58.7 | $4,674 | $4,527 | –3.1% |
| Average | 152.7 | 46.9 | $3,988 | $3,899 | –2.2% | |
| Poor | 123.4 | 35.9 | $3,248 | $3,227 | –0.6% | |
| Southwest | Top | 198.0 | 61.3 | $6,002 | $5,894 | –1.8% |
| Average | 161.1 | 49.4 | $5,013 | $4,957 | –1.1% | |
| Poor | 127.4 | 38.9 | $4,072 | $4,069 | –0.1% | |
| Western | Top | 192.2 | 60.0 | $5,378 | $5,252 | –2.3% |
| Average | 157.0 | 48.2 | $4,540 | $4,469 | –1.6% | |
| Poor | 125.3 | 37.3 | $3,667 | $3,655 | –0.3% | |
| Ohio | Top | 191.6 | 60.0 | $5,201 | $5,112 | –1.7% |
| Average | 155.1 | 47.7 | $4,356 | $4,312 | –1.0% | |
| Poor | 122.1 | 36.4 | $3,523 | $3,518 | –0.1% | |
| Transition | XXX | XXX | $5,554 | $5,719 | 2.97% | |
| * Projected Land Value | ||||||
| Table 6. Average estimated Ohio cash rent per acre (tillable, bare land), per bushel corn and soybean yields, by geographical area and land class, Ohio Cropland Values and Cash Rents Survey 2009–10. | ||||||||||
| Area | Land Class | Corn bu/A | Soy bu/A | Rent per Acre | Rent per Bushel Corn | Rent as % of Land Value | ||||
| 2009 | 2010 | % Change | 2009 | 2010 | 2009 | 2010 | ||||
| $/A | $/A | 2009–2010 | $/Bu | $/Bu | % | % | ||||
| Northwest | Top | 186.4 | 58.7 | $160 | $159 | –0.63% | $0.86 | $0.85 | 3.4% | 3.5% |
| Average | 152.7 | 46.9 | $127 | $128 | 0.79% | $0.83 | $0.84 | 3.2% | 3.3% | |
| Poor | 123.4 | 35.9 | $94 | $97 | 3.19% | $0.76 | $0.79 | 2.9% | 3.0% | |
| Southwest | Top | 198.0 | 61.3 | $200 | $197 | –1.50% | $1.01 | $0.99 | 3.3% | 3.3% |
| Average | 161.1 | 49.4 | $155 | $156 | 0.65% | $0.96 | $0.97 | 3.1% | 3.1% | |
| Poor | 127.4 | 38.9 | $109 | $108 | –0.92% | $0.86 | $0.85 | 2.7% | 2.7% | |
| Western | Top | 192.2 | 60.0 | $180 | $179 | –0.56% | $0.94 | $0.93 | 3.3% | 3.4% |
| Average | 157.0 | 48.2 | $141 | $142 | 0.71% | $0.90 | $0.90 | 3.1% | 3.2% | |
| Poor | 125.3 | 37.3 | $102 | $102 | 0.00% | $0.81 | $0.81 | 2.8% | 2.8% | |
| Ohio | Top | 191.6 | 60.0 | $166 | $165 | –0.60% | $0.87 | $0.86 | 3.2% | 3.2% |
| Average | 155.1 | 47.7 | $127 | $128 | 0.79% | $0.82 | $0.83 | 2.9% | 3.0% | |
| Poor | 122.1 | 36.4 | $90 | $90 | 0.00% | $0.74 | $0.74 | 2.6% | 2.6% | |
| * Projected Rental Rate | ||||||||||
Summary
This study will add to existing research on Ohio farmland values and cash rents that can assist producers and landowners with purchase and rental decisions. Existing research includes:
Ohio Cropland Values and Cash Rents 2008–09 at: aede.osu.edu/about-us/publications/ohio-cropland-values-and-cash-rents-2008-2009
Ohio Cropland Values and Cash Rents 2007–08 at: aede.osu.edu/about-us/publications/ohio-cropland-values-and-cash-rents-2007-2008
Ohio Cropland Values and Cash Rents 2006–07 at: aede.osu.edu/about-us/publications/ohio-cropland-values-and-cash-rents-2006-2007
Ohio Cropland Values and Cash Rents 2005–06 at: aede.osu.edu/about-us/publications/ohio-cropland-values-and-cash-rents-2005-2006
Ohio Farm Real Estate Markets (2003) at: aede.osu.edu/about-us/publications/2003-ohio-farmland-lease-and-real-estate-values
Also, check with your local OSU Extension office for local land value/rental survey summaries. For additional information on farmland lease issues see the Department of Agricultural, Environmental, and Development Economics (AEDE) Farm Management webpage at: aede.osu.edu/Programs/FarmManagement/MgtPublications.htm.
Barry Ward can be contacted at: ward.8@osu.edu.
Written May 24, 2011 by Barry Ward, Leader Production Business Management; Department of Agricultural, Environmental, and Development Economics, Ohio State University Extension.