Recent reports from the USDA’s National Agricultural Statistics Service (NASS) regarding farmland values, cash rental rates, production expenses, and farm prices, provide perspective on the current state of the U.S. farm economy.

On Friday, in its annual Land Values Summary, NASS indicated that, “The United States farm real estate value, a measurement of the value of all land and buildings on farms, averaged $3,380 per acre for 2021, up $220 per acre (7.0 percent) from 2020.”

Land Values 2021 Summary (August 2021). USDA, National Agricultural Statistics Service.

With respect to cropland, the report stated that, “The United States cropland value averaged $4,420 per acre, an increase of $320 per acre (7.8 percent) from the previous year.”

Land Values 2021 Summary (August 2021). USDA, National Agricultural Statistics Service.

Friday’s report added that, “The United States pasture value averaged $1,480 per acre, an

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