Good news for ranch owners and anyone seeking a ranch for sale. According to the U.S. Department of Agriculture, farm income will jump 28% this year to a record $100.9 billion.
An article in the Salt Lake Tribune explains:
Sales of crops including corn, soybeans, wheat and cotton will rise 19 percent from last year to $204 billion, and livestock receipts will jump by 17 percent to $164.1 billion…
Of relevance to ranch buyers and sellers, this increase in farm income drove agricultural real-estate prices to a record $2,350 an acre this year according to the USDA. In fact, the Federal Reserve banks in Chicago and Kansas City released reports in November stating farmland values in Midwest and Great Plains states were up at least 25 percent in the third quarter from a year earlier. Again, excellent news for anyone buying or selling a ranch for sale.
Photo: Cucharas River Ranch, an agricultural ranch for sale near La Veta, Colorado