Every year, members of the Illinois Society of Professional Farm Managers and Rural Appraisers produce an update on “Farmland Values and Lease Trends” from throughout the state. The results, combined with surveys conducted by professors from the University of Illinois and white papers from farmland professionals, are published in March and released at an annual conference held in Bloomington, Illinois. The First Mid Ag Services team plays a vital role in gathering, analyzing, and sharing this information.
The state is broken down into 10 regions:
First Mid appraisers Cory Kauffman (Region 5-Eastern) and Eric Schumacher (Region 9-Southeast), and auctioneers David Klein (Region 4- North Central) and Justin Wheeler (Region 6-Central), all participated in the data collection teams. Michael Bernhard (Region 1-Northeast) and Michael Rhoda (Region 4-North Central) served as chairmen for their regions, authoring the narrative description of the past year’s highlights and changes compared to 2022. Their ability to drill down into the data and provide the story for 2023 gives them a unique and extensive understanding of farmland values in their regions of the state.
Michael Lauher from the First Mid Ag Mattoon-Champaign regional area co-chairs the advertising campaign for the project. He can be contacted to place an advertisement in the publication.
David Klein, designated managing broker and auctioneer for First Mid Ag Services, served as the chairman of the event and project from 2016 to 2020. He sees the value of collaboration with other colleagues in the industry. He also believes First Mid team members receive the real benefit of familiarity and understanding of land sales in their areas through participation in this effort.
“We are able to convey this information to not only our current clients, but also speak confidently to customers seeking our advice on farmland pricing and leasing trends,” says David.
Eric Schumacher, who works out of First Mid Ag Services’ Mattoon office, helped in data collection and completing the report for Region 9, which covers 13 counties in southeastern Illinois. He works as both an appraiser and a farm manager within the region and adds perspective for both land values and leasing trends. Each region provides information on leasing trends.
“While land values have an impact on the balance sheet of an operation, lease trends have a more immediate impact on the cash flow and profitability of an operation,” says Eric.
These leasing trends are beneficial to a landowner in not only potential lease negotiations but also in telling more of the story about overall farmland values and economics.
To learn more about this publication, follow the link on firstmidag.com or go directly to ispfmra.org to order a copy of the report. Or call one of these First Mid Ag Services experts at their offices in Bloomington, 309-665-0955; Bourbonnais, 815-936-8976; Decatur, 217-421-9615; or Mattoon, 217-258-0498. They will gladly discuss the appraisal, management, auction, sale, or acquisition of farmland throughout the state and how current trends may be affecting farmland goals and objectives.
Read our full Spring Midwest Farmowner Newsletter here.
Farmland Services offered through First Mid Ag Services, Principal Real Estate Office, Bloomington, IL. First Mid Ag Services is a wholly owned subsidiary of First Mid Wealth Management Company. Farmland Services are not deposits or obligations of First Mid Bank & Trust, not insured by the FDIC or any governmental agency, and are not guaranteed.
