2019 Indiana Pasture Land, Hay Ground, and On-Farm Grain Storage Rent

August 5, 2019

PAER-2019-11

Author: Craig Dobbins, Professor of Agricultural Economics

Estimates for the current rental value of pastureland, hay ground, irrigated land, 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. These tables report the values from the June 2019 survey.

Table 1 reports averages and the number of responses for pasture rent. The number of acres required to support a cow is also presented.

Table 1. Pastureland: Number of responses, annual cash rent, and carrying capacity, June 2019

Table 1. Pastureland: Number of responses, annual cash rent, and carrying capacity, June 2019

 

Table 2 reports the average per acre rental rates and the number of responses for established alfalfa/grass hay and grass hay.

Table 2. Rental of established alfalfa hay and grass ground, June 2019

Table 2. Rental of established alfalfa hay and grass ground, June 2019

 

Table 3 provides information about the value and rental rate for irrigated farmland. These rates are for the production of corn and soybeans. When producing specialty crops such as seed corn or tomatoes, rent is frequently higher.

Table 3. Irrigated Indiana farmland: Number of responses, long-term corn yields, estimated market value, annual cash rent, and rent as a percent of farmland value, June 2019

Table 3. Irrigated Indiana farmland: Number of responses, long-term corn yields, estimated market value, annual cash rent, and rent as a percent of farmland value, June 2019

 

Table 4 provides information about the rental rate for on-farm grain storage. The rental rate for grain bins includes three situations: where the bin only is rented, where the bin plus utilities are covered; and where a grain system is rented.

Table 4. On-Farm grain storage rental: Number of responses and annual per bushel rent, June 2019

Table 4. On-Farm grain storage rental: Number of responses and annual per bushel rent, June 2019

 

The first year for reporting this information was 2006. Past reports are in the Purdue Agricultural Economics Report Archive. This information is typically found in the August issue of the specified year. However, 2016 results are in the February 2017 issue and the 2017 results are in the April 2018 issue.

Publication Appeared Within:

Latest Articles:

State of the Agricultural Economics Graduate Program in 2024

May 15, 2024

Dr. Carson Reeling and Dr. Brady Brewer provide an update on the State of the Agricultural Economics Graduate Program at Purdue University.

READ MORE

Trends and Changes in Agricultural Job Opening Salaries

May 15, 2024

Using job openings that are available on the Google Jobs job board, changes and long-term trends in salary of agricultural job openings is analyzed. It is found that salaries increased year over year from 2022 to 2023 and are elevated in the summer month.

READ MORE

Income Differences: Owner’s and Businesses’ Age Amongst Family/Non-Family Businesses

May 15, 2024

Utilizing average income for small businesses, this report sought to understand the impact succession practices can have on the success and longevity of small businesses.
*As modified from the Purdue Institute for Family Businesses 2023 Quarter 1 Newsletter*

READ MORE

Delivered right to your inbox

The Purdue Agricultural Economics Report is a quarterly publication written by faculty and staff from the Department Agricultural Economics at Purdue University.

By joining this mailing list, you will receive an email when a new publication is released. This mailing list is kept solely for the purpose of sharing the report and is not used for any other purposes.