It's been a quiet year for non-irrigated land values and cash rents in South Dakota. The average cropland value rose just $34 per acre, or 0.9% from 2017 to 2018, according to the recently released south Dakota State University Farm Real Estate Survey Report.
The statewide average cash rental rate for non-irrigated cropland was $3 per ace higher in 2018 than 2017, and the state average cash rent for pasture and rangeland was unchanged.
As of the February 2018 survey, the weighted statewide average value of South Dakota's non-irrigated cropland was $3,937 per acre.
Regional cropland values tended to gather in the following three groups:
• East-central and Southeast regions, with average values of $6,237 and $6,361 per-acre, respectively.
• Northeast, North-central, and Central regions with average cropland values varying from $4,546 to $3,347 per-acre.
• South-central, Southwest and Northwest regions with values of $2,125 in the South-central, $1,207 in the Southwest and $1,369 in the Northwest
Average cropland cash rental rates increased in the four regions (southwest, Northeast, Central and South-central) with the other regions unchanged or lower.
Rates ranged from $33 per acre in the Southwest region to $204 in the Southeast region. Rental rates in Minnehaha and Moody counties were the high, at $231 per acre.
Changes in irrigated average cropland values since 2016 ranged from -24.3% to +2.4. No values were collected in 2017. Values were between $6,500 and $6,876 per acre in the Southeast and East-central regions, respectively. Western region irrigated land values averaged $2,035 per acre and ranged from $1,575 to $2,488 per acre.
The cash rent average for irrigated cropland varied from $100 per acre in the Southwest region-to $228 per acre in the Southeast region. A decrease in cash rental rates from 2016 was seen the Southeast, North-central, Central and Western regions. No cash rental rates for irrigated cropland were collected in 2017.
Pasture and rangeland
The value of South Dakota pasture and rangeland averaged $1,252 per-acre, a 3% increase compared to 2017 values. The East-central and Southeast regions averaged $2,624 and $2,829 per-acre, respectively. Values in the Northeast, North-central and Central regions varied from $1,712 to $2,178 per-acre. The lowest pasture values per-acre were in western South Dakota. They varied from $781 to $1,240 per acre.
Average cash rental rates for rangeland and pasture ranged from $16 per acre in the Southwest region to $75 per acre in the East-central region. Minnehaha County's rents were the highest — $80 per acre.
Average per cow-calf pair monthly rental rates for 2018 ranged from $37 to $51 per pair. Average yearling rates were between $31 and $47 per head.
The South Dakota Agricultural Land Market Trends, 1991-2018: Results from the 2018 SDSU South Dakota Farm Real Estate Survey is available to read in full online.