Farmland values and cash rent

Throughout the year, many individuals ask what the “going rate” is for farmland rental prices.

That is a difficult question to answer. The rate fluctuates and is highly dependent on the individual farm ground being discussed. That is why when asked, Purdue Extension provides a range of values based on the annual Purdue Farmland Value Survey and stresses the importance of not simply utilizing the values given. Instead, landlords and tenants are told the final rental amount will need to be adjusted based on numerous items including the size of the field, drainage, soil fertility, ease of access for farm equipment, and much more. 

The 2026 Purdue Farmland Value Survey found the average value of bare Indiana cropland decreased. The average value of bare Indiana cropland ranged from $9,460 per acre for poor quality land (a 3.1% decrease from 2025) to $14,909 per acre for top quality land (a 0.6% increase from 2025). The average corn yield for poor quality land was 179 bushels per acre and 237 bushels per acre for top quality land.

The 2026 survey average for Indiana cash rent saw some changes. On average, cash rents ranged between $214 per acre for poor quality land and $305 per acre for top quality land. Cash rents increased by 3.3% for poor quality land and decreased by 4.1% for top quality land since June of 2025.

For individuals in our area, it is probably of more importance to look at the results for the West Central Region. The West Central Region (consisting of Benton, Carroll, Fountain, Montgomery, Parke, Putnam, Tippecanoe, Vermillion, Warren, and White Counties), had cropland values that ranged from $10,025 per acre for poor quality land and $14,975 per acre for top quality land. Cash rents for the West Central Region varied from $240 per acre for poor quality land to $333 per acre for top quality land (average quality land was $289 per acre). For the West Central Region, cash rents increased by 0.3% for poor quality land, decreased by 3.4% for average quality land, and decreased 6.9% for top quality land since June of 2025. The average corn yield for poor quality land was 185 bushels per acre, 214 bushels per acre for average quality land, and 242 bushels per acre for top quality land in this region.

Participation in the farmland values and cash rent survey has declined significantly over the years, resulting in changes to this year's report that provide greater transparency about response numbers and data reliability. To strengthen future reports, especially in Indiana's Southeast, Southwest, and North regions, additional input from agricultural professionals is encouraged. Interested farm managers, appraisers, land brokers, loan officers, and others with local farmland knowledge can sign up to participate in next year's survey and receive an advance copy of the report.

To obtain your own copy of the 2026 Purdue Farmland Value Survey Results, contact your local Extension Office or go to: <https://ag.purdue.edu/commercialag/home/wp-content/uploads/2025/08/PAER-2026_08_final.pdf>.  As a reminder, the values and information found within the survey should be adjusted for your individual situation when determining your rental agreement.

Purdue Extension invites Indiana farmland owners to attend Land of Opportunity: A Conference for Farmland Owners on October 5 in Wabash or October 6 in Terre Haute. This one-day conference will provide practical information on farmland ownership, including legal and tax considerations, farmland values and cash rents, property taxes, estate planning, conservation, and leasing arrangements. Attendees will hear from nationally recognized speakers Roger McEowen and Howard Halderman and can customize their experience through educational breakout sessions designed specifically for landowners. Registration is $40, includes lunch and materials, and is due by September 18. Learn more and register at: <https://bit.ly/land-of-opportunity>.

Visit our homepage at www.extension.purdue.edu/putnam or you can contact the local Purdue Extension Office by calling 765.653.8411 for more information regarding this week’s column topic or to RSVP for upcoming events. It is always best to call first to assure items are ready when you arrive and to RSVP for programs. While many publications are free, some do have a fee. Purdue University is an equal access/equal opportunity institution. All times listed are Eastern Time.

Upcoming Events:           

Aug. 28 – My Record of Achievement due

Aug. 28 – Junior Leader Manuel due

Aug. 31 – Securing the Future: Land Lease & Tenant Relationships webinar, 6:30-8:00 pm,
                 Register at https://bit.ly/securingthefuture2026

Sept. 7 – Extension Office closed for Labor Day

Sept. 18 – Registration deadline for Land of Opportunity: A Conference for Farmland
                 Owners, register at: https://bit.ly/land-of-opportunity

Oct. 5 – Land of Opportunity: A Conference for Farmland Owners, Wabash, IN, 9 am –
              3:20 pm, $40, register by Sept. 18^th

Oct. 6 – Land of Opportunity: A Conference for Farmland Owners, Terre Haute, IN, 9 am –
              3:20 pm, $40, register by Sept. 18^th