2016 Rents for Indiana Pasture Land, Irrigated Farmland, Hay Ground, and On-Farm Grain Storage

February 15, 2017

PAER-2017-02

Authors: Craig Dobbins, Professor of Agricultural Economics and Kim Cook, Research Associate in Agricultural Economics

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Estimates for the rental value of irrigated farmland, pasture land, hay ground, and on-farm grain storage in Indiana are often difficult to locate. For the past several years, questions about these items have been included in the Purdue Farmland Value Survey. The values from the June 2016 survey are reported here. Because the number of responses for some items is small, the number of responses is also reported.

Averages for pasture rent, the market value and cash rent for irrigated farmland, and the rental of on-farm grain storage are presented in Tables 1, 2, and 3, respectively. The rental rate for grain bins includes the situation where there is just a bin and the situation where there is a bin and utilities. Table 4 provides information about the rental rate for established alfalfa-grass and grass hay ground.

Table 1. Pastureland: Number of responses, annual cash rent, and carrying capacity, June 2016 Table 2. Irrigated farmland: Number of responses, estimated market value, annual cash rent and rent as a percent of farmland value, June 2016 Table 3. On-Farm grain storage rental: Number of responses and annual per bushel rent, June 2016 Table 4. Rental of established alfalfa and grass hay ground, June 2016

Information from prior years’ surveys can be found in the Purdue Agricultural Economics Report archive, https://ag.purdue.edu/agecon/Pages/Purdue-Agricultural-Economics-Report-Archive.aspx. This information can generally be found in the August issue beginning in 2006.

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Purdue Agricultural Economics Report

2017-02 PAER

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