August is here, which means that the USDA National Agricultural Statistics Service has published its survey results showing average cash rental rates by state. Next month, they will issue their report breaking this information down within each state by region and county. Stay tuned for that information the second week of September.
The 2018 NASS report offers average rental rates for irrigated cropland, non-irrigated cropland and pastureland across the country. Lands used for haying or CRP are considered to be cropland, rather than pastureland. The 2018 results are as follows and are all reported as price per acre, per year.
United States average cash rental rates:
- Irrigated Cropland: $215 (Up $3.00 from 2017)
- Non-Irrigated Cropland: $125 (Up $2.00 from 2017)
- Pastureland: $12.50 (No change from 2017)
The highest average cash lease rate in the country for irrigated cropland was found in California ($528), while Iowa posted the highest averages for both for non-irrigated cropland ($231), and for pastureland ($54). The lowest reported averages were found in Oklahoma for irrigated cropland ($72), and in Montana for both non-irrigated cropland ($26.50) and for pastureland ($6.30).
Texas average lease rates for 2018 are:
- Irrigated Cropland: $91 (Up $3.00 from 2017)
- Non-Irrigated Cropland: $30 (Up $2.00 from 2017)
- Pastureland: $6.70 (Up $0.10 from 2017)
For all other states, you can access the USDA NASS database by clicking here.
As always, I like to remind folks that these numbers are just useful as a ballpark. The cash value for cash leases in your area depend on a number of factors such as weather conditions, precipitation, quality of fences, access to water, quality and quantity of forage. Your local County Extension Agent, producers and landowners in your area, and several Texas A&M AgriLife Extension Specialists can provide useful information in helping to determine the potential lease value of your specific property. For more information on finding published lease rates for Texas, click here.
For folks interested in grazing, hunting, and livestock leases, click here to check out our upcoming Ranchers Leasing Workshops this fall.