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U.S. Farmland Values Reach Record on Higher Crop Prices

U.S. farmland values rose 11 percent to a record this year as crop and livestock prices surged and export demand remained high, the Department of Agriculture said.

The average value of all land and buildings on farms and ranches in the 48 continental states was $2,650 an acre, according to a June survey of farmers, the USDA said today in an annual report, up from a revised $2,390 a year earlier. The sample was taken before the worst drought since the 1950s spread through the Corn Belt and Great Plains, which may make investors shy away in the short term, said Brent Gloy, an agricultural economist at Purdue University in Indiana.