Cropland values and rental rates continued their upward march through 2023 across a wide swath of the country. Jon LaPorte, farm business management educator for Michigan State University Extension, reported that weak commodity markets may cause farmers to push back on land values and rents. Corn priced under $4 a bushel creates a lot of downward pressure.

LaPorte reported that land prices typically rise faster than they come back down. It can take a year and a half to two years before the prices start to decrease.

Check out these current cropland values:
>> Michigan at $5,900 per acre
>> Ohio at $8,200 per acre
>> Indiana at $8,400 per acre
>> Illinois at $9,580 per acre
>> Iowa at $10,100 per acre

The highest cropland values in the country are currently in New Jersey at $18,100 per acre.

Read more on how commodity prices may affect land values here.