Farmland Values Stable Across Key Ag States Entering 2026

Despite economic headwinds, benchmark farmland values in eastern Kansas have steadily inched up, increasing an average of 2.6% in the last six months of 2025. For the year, benchmark values are up 7.4%.

The chart below shows the change in benchmark values by state, going back to 2015. The number of benchmark farms is in parentheses.

Yearly Farmland Value Trends by State

Some of the same factors that pushed farmland values to record levels in 2023 continue to shape the real estate market—tight land supply and financially strong buyers. The number of cropland tracts sold in eastern Kansas dropped 35.4% in 2025 compared to 2024. However, this could change as more sales are recorded in coming months. Tracts sold at public auctions were down 3%.  

Benchmark values also have benefited from strong cattle prices, and the resulting demand for pastureland. The three Kansas pasture benchmarks increased an average of 2.1% in the last six months, and 4.40% for the year. The chart below shows changes in pasture benchmark values.

Benchmark Pasture/Ranch Value Changes

Cropland only benchmarks gained 2.8% and 8.6% in value in the past six and 12 months, respectively.

Our benchmark farmland report includes a combination of cropland and pastureland. Our certified local appraisers update values for the same farms every six months—January and July.

As part of our collaboration with AgCountry Farm Credit Services and Farm Credit Services of America (FCSAmerica), our appraisal team also tracks benchmark values in Iowa, western Minnesota, Nebraska, much of North Dakota, South Dakota, central Wisconsin, and Wyoming. We have a total of 93 benchmark farms.

Values across our eight states have largely remained stable. As a whole, benchmark values in the collaborating Associations inched up 1.5 percent in the last six months and 2.9% for the year.

6-Month Average Benchmark Land Values Change

Resilience Despite Market Headwinds

Much of the news coming out of agriculture paints a picture of financial distress in the grain industry. Certainly, agriculture faces challenges. Net farm income and working capital are down after two years of tight margins, and pockets of stress exist in the states we serve. 

But agriculture entered the downturn with unprecedented levels of working capital, and so far, producers are weathering the cycle. In fact, many have remained profitable because of strong risk management and marketing strategies, adjustments to cost structures, and controlled spending. 

This financial strength is supported by benchmark farm values. Individually, benchmark farms reflect their local market. When viewed as a whole, benchmark values cut through some of the noise in the market. Flat values in today’s economic environment points to the real estate market’s continued resiliency. 

The average dollar value of all benchmark farms in Frontier Farm Credit reached an all-time high of $5,684 per acre at the close of 2025.

Average Dollar per Acre of All Benchmarks Over the Past 15 Years

Cautious Optimism for 2026

While agriculture will continue to see pockets of pressure, there is reason for cautious optimism as we enter 2026. Cattle operators must manage risk in a volatile market, but supply-and-demand fundamentals continue to support profitability. Corn and soybean prices stabilized in 2025, Congress strengthened crop insurance, and ad-hoc government payments to help offset some of the impact of tariffs came as good news to grain producers.

Barring a major disruption to markets, benchmarks values through July likely will remain stable, with only modest movement up or down.

Farmland often accounts for a majority of a farm's assets. Our upcoming webinar will review the latest on farmland values and the economic factors driving values. Register for our upcoming webinar on land values.