Farmland across the Corn Belt and northern Plains just turned in a number that surprised even the appraisers tracking it: benchmark land values rose 1.9% over the first six months of 2026 and 3.5% over the past year, according to a mid-year report from Farm Credit Services of America, AgCountry Farm Credit and Frontier Farm Credit — even as corn and soybean prices sit near or below breakeven for many producers. The report, based on 93 benchmark farms across Iowa, Kansas, Minnesota, Nebraska, North Dakota, South Dakota, Wisconsin and Wyoming, is the clearest evidence yet that land and crop economics have decoupled this year.
2026 Update — Rolling Developments
- Aug. 11, 2026: Farm Credit Services of America, AgCountry Farm Credit and Frontier Farm Credit release mid-year benchmark data: land values up 1.9% (6-month) and 3.5% (1-year) across the 8-state region; Iowa levels off (flat 6-month, -1.4% 1-year) while South Dakota (+4.2%/+6.4%), Nebraska pasture (+3.5%/+16.7%) and North Dakota pasture (+7.0%/+24.4%) post the strongest gains.
- Aug. 12, 2026: USDA's August WASDE report trims 2026 corn yield to 180.7 bu/acre (from 183 bu/acre in July) and soybean yield to 52.7 bu/acre (from 53); December corn futures jumped 20.25 cents and November soybeans gained 14.5 cents same-day — a reminder that even tighter yields haven't been enough to lift grower margins back to comfortable territory.
- Ongoing: Iowa State University data (via appraiser Jim Rothermich, Iowa Appraisal) shows roughly 60% of Iowa farmland changes hands at auction; auctions of 80%+ tillable farms 35+ acres averaged $13,747/acre ($172 per CSR2 soil-productivity point) in the first half of 2026 — only about 5% off the 2022 peak, despite corn prices down roughly 40% from that same peak.
State-Level Land Value Change, Mid-Year 2026
| State | 6-Month Change | 1-Year Change | Notable Development |
|---|---|---|---|
| Iowa (all farmland) | 0.0% | -1.4% | Down 4.3% over 2 years after leading the prior run-up; still +31.6% over 5 years |
| Iowa (cropland only) | -0.7% | -2.6% | Softest sub-segment in the region this cycle |
| South Dakota (all farmland) | +4.2% | +6.4% | Pasture specifically up 10.2% (6-mo) / 13.9% (1-yr) |
| Nebraska (pasture/ranch) | +3.5% | +16.7% | Livestock exposure cited as the main support |
| North Dakota (pasture) | +7.0% | +24.4% | Strongest single sub-segment in the report |
| National cropland (USDA NASS, for comparison) | — | +3.3% | $6,020/acre, first time above $6,000 (reported here Aug. 13, 2026) |
| National pastureland (USDA NASS, for comparison) | — | +4.2% | $2,000/acre |
State figures as reported in the mid-year benchmark report from Farm Credit Services of America, AgCountry Farm Credit and Frontier Farm Credit (Aug. 11, 2026). National figures from USDA NASS, "Land Values 2026 Summary," released July 31, 2026.
1-year farmland value gain across the 8-state Farm Credit benchmark region
Average 2026 Iowa auction price for high-quality (80%+ tillable) farmland
Approximate drop in corn prices since the 2022 peak, with land values still only ~5% off their peak
A Market That Won't Crack
Despite lower commodity prices, tighter crop margins and uneven weather across parts of the Corn Belt, farmland values have not cracked. Kirk Manker, senior vice president of appraisal for Farm Credit Services of America, AgCountry Farm Credit and Frontier Farm Credit, put it plainly: "It's been so interesting that we've had this challenge in commodity prices, and a lot of people have been watching or wondering if the market's going to go down. It's been so resilient, it continues to hold its own."
Manker points to farmers' and ranchers' financial cushion from stronger income years earlier in the decade, and the fact that farmers and ranchers remain the primary buyers of farmland in most of these markets — a dynamic that keeps land a "local, legacy asset" rather than a purely financial one.
Iowa Levels Out While Pasture States Run Hot
The benchmark report shows real divergence beneath the headline number. Iowa — which saw the steepest gains during the run-up — is now flat to slightly softer: 0.0% over six months, -1.4% over the past year, -4.3% over two years, though still up 31.6% over five years and 51.1% over ten.
"What happens in Iowa is like throwing a pebble in a pond. It kind of reverberates out," Manker said. "We saw the market in Iowa increase the most in the past. That rapid increase leveled out. And now is there some softening? Possibly, but it's minor."
Farther west, livestock exposure is doing the heavy lifting: South Dakota pasture values are up 13.9% over one year, Nebraska pasture/ranch land is up 16.7%, and North Dakota pasture leads the region at +24.4%.
Auctions Are the Real-Time Signal
Jim Rothermich, an appraiser with Iowa Appraisal who tracks Iowa land auctions, says roughly 60% of Iowa farmland trades at auction, based on Iowa State University data — and he treats auction results as the truest read on value because they're openly negotiated with full market exposure.
His first-half 2026 analysis of high-quality Iowa farms (80%+ tillable, 35+ acres, excluding farmsteads and development tracts) put the average at $13,747/acre, or $172 per CSR2 soil-productivity point — up $1/point from December 31. "As I measure the data I had from June 30 of this year... and pair it with what I had at the same time in 2022, we're only off 5% from the peak. That is amazing," Rothermich said, noting corn prices have fallen roughly 40% from that same 2022 high.
Why Cash Rents Are Slow to Follow Margins Down
That land-market strength is spilling directly into 2027 lease negotiations. "Cash rents chase land values," Manker said. "As land values went up, cash rents — it took them a little while — but they got on the same trajectory as land values. As this levels out I see cash rents staying fairly stable."
Barry Ward of Ohio State University Extension describes Ohio's market the same way — "a mixed bag, but generally it's firm" — with Ohio State's 2025 survey showing western Ohio cash rents up about 1.3%, and a similarly modest 0-2% increase expected for 2026. Ward says part of the lag is informational: "Landlords are often not always processing all of the information immediately. Sometimes it takes them a year or two to see some of the profit picture."
Government payment expectations complicate the picture further, he added, since "there's no guarantee that we're going to have another ad hoc program payment."
5-Year and 10-Year Perspective
Iowa farmland values are up 31.6% over five years and 51.1% over ten years even after this year's leveling-off, illustrating how much of the pandemic-era and 2021-2022 run-up has held rather than reversed.
What It Means If You're Weighing a Sale
For landowners who have been waiting for a "better" market to sell — or worried that falling crop prices mean falling land prices — the current data cuts the other way. Land values in the benchmark region are still higher than a year ago, auction results show buyers showing up with full price in hand, and even the softest sub-market (Iowa cropland) is down only modestly.
That combination is exactly why appraisers describe today's market as a seller's window rather than a reason to wait: strong comparable sales support a strong asking price today, while next year's crop-price and rent uncertainty remains an open question.
What Happens Next
Manker's team is tracking sales and upcoming auctions continuously, with volume expected to increase after harvest — the next real stress test for whether land values keep holding as 2027 cash rent conversations get underway.
Rothermich says he personally expected rents to fall further given high input costs, "but it didn't seem to affect it... the way this land market is going on right now, there's no way it can come down because these prices are steady, just maybe just a little higher."
Thinking About Selling? Land Values Are Still Strong.
Get a no-obligation cash offer in 24-48 hours, no fees, no agent required.