The Illinois Society of Professional Farm Managers and Rural Appraisers has released the “2020 Farmland Prices and 2021 Cash Rents” report.

The report is normally released during the Farm Progress Show, but this year’s information was shared via webinar format. Among the presenters was Luke Worrell. The average price for Excellent Quality farmland across the state was $10,313. The average paid for Good farmland was $8,233. Average Quality land was very “stable,” with the overall average being $6,350 per acre.

Those responding to the survey indicated an expectation of a 2.5 percent decline in cash rents for professionally managed Excellent farmland going into 2021. This drops the average rate from $305 per acre to $297. For Good farmland the rate is projected to drop from $270 to $253. For Average land the rate is expected to go from $224 per acre to $212, and $173 to $160 for Fair quality land.