Minnesota Farmland Prices Drop in 2017

MINNEAPOLIS (AP) -- Minnesota's farmland prices dropped last year as the agriculture industry continues facing low crop prices and reduced income.

Sales data for fiscal 2017 reported to the Minnesota Department of Revenue and analyzed by the University of Minnesota indicate that the median price per acre was about $4,600, a 5.4 percent decrease from 2016.

Former Minnesota Corn Growers Association President Bruce Peterson says land values are important to a farmer's equity.

Minnesota Soybean Growers Association President Mike Petefish says falling land prices may make it easier for farmers looking to rent or purchase land.

The Federal Reserve Bank of Minneapolis says the state's agricultural sector, which has been struggling for four years, is weak but stable.