The ag economy has seen many changes this year and that includes the land market.Economists with Farmers National Company say there is more change on the way.
“40 to 60% of US farmland is going to change hands the next 20 years. Our estimates are kind of shift in the middle, of about 50% that’s a combination of folks that have owned it for generations, already passing it down. But it’s also that average age of that farmer coming on the ag census is over 58 you look at now the last run up that we had, there’s a lot of farm estate sales going on from machinery, folks, farmers retiring. That land’s going to start entering in the next 20 years as that gets passed down to generations. So there’s opportunities that are out there, certainly, but it’s going to change some of those dynamics and that agricultural land ownership space,” said Matt Gunderson.
On the cash rent side, Gunderson says those numbers are holding steady, and he cites cheaper inputs, fuel, and interest rates.
