Illinois Farmland Values Fall

A new report from the Illinois Society of Professional Farm Managers and Rural Appraisers finds farmland prices in the state saw a significant decline last year. The group's annual farmland value report shows that agriculture acreage across Illinois dropped between 8 and 9 percent in 2015. The report found that land rated ``excellent'' and land rated ``good'' saw an 8 percent decline, while land rated ``average'' saw a 9 percent decline. David Klein, the group's general co-chairman says the decline represents a natural self-correction of the market after nearly two decades of increasing farmland values. Klein says farmland value in 2016 will largely depend on commodity prices.