Dr. German Mandrini, Dr. Graham Jeffries and Dr. Kevin McNew

Executive Summary The price of farmland in Illinois grew 25% year-on-year, commanding more than $10,300 per acre. This follows a 5% increase in 2021.  High valuations brought a historically significant volume of acreage to the market in 2022, surpassing the previous record in 2021.  These increases were primarily driven by growth in farmer savings over the last three years fueled by high commodity prices, increasing government payments and low-interest rates. These low-interest rates also enabled farmers to obtain larger loans to purchase more land, adding pressure to land values and creating competition for farmland coming to the market. [READ: Forecasting 2023 Farmland Values: Will U.S. Land Prices Decrease in 2023?] Why Are Illinois Farmland Values Important?  Farmland is an essential asset for most farmers in terms of value and importance for their long-term success. At FBN®, our team of data scientists and appraisers puts Farmers First® by continuously monitoring the farmland market to provide transparent, timely and actionable insights. We believe that delivering trusted reporting is essential to creating a better farmland marketplace that’s more fair for farmers — whether buying, selling, or refinancing. This report delivers data-driven insights on trends related to Illinois farmland values by exploring:  Why farmland values increased nationally in 2022  Broad, state-level trends in transaction values and sales volume A detailed analysis of each of the nine United States Department of Agriculture (USDA) agricultural districts in the state. [READ: Why Did National Farmland Values Increase in 2022?] Trends in Illinois Farmland Values Localized analysis is essential for understanding how soil quality, yield, and farm revenue shape farmland values across Illinois. The cost of land per bushel of production helps optimize investment options with higher returns. Similarly, the slope of yield gain helps assess long-term expected yield for a given parcel. Soil Quality Impacts Soil quality is one of the main drivers of farmland values. In Illinois, the Illinois Soil Productivity Index (ILPI) is a widely used index for rating the relative quality of the soils. Using the ILPI, we categorize Illinois's farmland parcels into three soil quality levels, each of them representing an equal total area. (See Methods section at the end of this post for details about the limits for each soil quality class.)  Because different districts have different average ILPI scores, a different proportion of each of the three soil quality categories is represented in the area. To determine the year-on-year change in value, we compared farmland values from the last six months of 2021 with the same period in 2022.  At the state level, the soil quality with the most significant percentage change was the High class, with 26.0%.  On the other end, the soil quality with the lowest change in price was the Low class, showing a 16.0% difference.  Regional Land Value Growth  Land values increased in all nine districts. The largest percentage changes were in the East Southeast and Northwest districts, with 34.4% and 31.7%, respectively. The Southeast and Southwest districts saw the smallest percentage change, with 17.6% and 7.2%, respectively. The highest average land values were observed in Central Illinois, at $13,290 per acre. The lowest average land values were seen in Southeast Illinois, at $5,240 per acre.  Transaction Volume  Transaction volume was low compared to previous years, being ranked as ninth, out of the last thirteen years. The total area sold was 40.0% lower than the previous year (2021) and 4.8% lower than the last thirteen years' average (2010-2022). Summary  The price of farmland in Illinois grew 25.0% year-on-year, commanding more than $10,300 per acre.  High valuations brought a historically significant volume of acreage to the market in 2022, surpassing the previous record in 2021.  Localized analysis is essential for understanding how soil quality, yield, and farm revenue shape farmland values across Illinois. The cost of land per bushel of production helps optimize investment options with higher returns. Similarly, the slope of yield gain helps assess long-term expected yield for a given parcel.  [Curious about trends in other states? Check out the Iowa Farmland Values Analysis or review the Minnesota Farmland Values Analysis .] Trends by Region: Central Illinois The Central region is 73.6% cropland and 5.1% grassland/pasture. The primary crops grown are corn and soybeans.  In total, 11,441 ac were sold in Central IL in the last twelve months. This compares to an average of 10,544 ac per year sold between 2010-2022. Most sales occurred in the first quarter of the year — a total of 4,048 ac (35.4% of total annual sales).  Central Illinois Productivity and Economic Indicators One interesting metric is the price per bushel of grain. In this district, the soils with the highest ILPI show a price of farmland per bushel of corn of 71 $/bu. On the other end, the soils with the lowest ILPI show a price of farmland per bushel of corn of 52 $/bu. For soybeans, those values were 225 $/ bu and 161 $/bu, respectively.  Central Illinois Soil Productivity and Yield Graph showing the relationship between ILPI and land price. Each point is a 2022 season sale, and the line shows the trend.  To calculate the value per ac for a different parcel, multiply the ILPI of the parcel by 195 $/ILPI and subtract 12,995 $/ac. The result is the estimated value of the parcel in $/ac. Boxes show the distribution of yields. The bottom of the box is the lowest 25% yield, the central line is the median (50%) yield, and the top of the box is the 75% yield. The bottom of the horizontal line is the 10% yield and the top of the horizontal line is the 90% yield. Central Illinois Yield Trends Average yield for 2015-2021 compared to 2008-2014 for Central Illinois. Crop yields in 2012 were anomalously low due to severe drought and were excluded from calculations.  Trends by Region: East Illinois The East region is 83.7% cropland and 3.6% grassland/pasture. The primary crops grown are corn and soybeans.  In total, 14,798 ac were sold in East IL in the last twelve months. This compares to an average of 15,201 ac per year sold between 2010-2022. Most sales occurred in the first quarter of the year — a total of 4,828 ac (32.6% of total annual sales).  East Illinois Productivity and Economic Indicators One interesting metric is the price per bushel of grain. In this district, the soils with the highest ILPI show a price of farmland per bushel of corn of 75 $/bu. On the other end, the soils with the lowest ILPI show a price of farmland per bushel of corn of 35 $/bu. For soybeans, those values were 238 $/ bu and 111 $/bu, respectively.  East Illinois Soil Productivity and Yield Graph showing the relationship between ILPI and land price. Each point is a 2022 season sale, and the line shows the trend.  To calculate the value per ac for a different parcel, multiply the ILPI of the parcel by 219 $/ILPI and subtract 17,556 $/ac. The result is the estimated value of the parcel in $/ac. East Illinois Yield Trends Average yield for 2015-2021 compared to 2008-2014 for East Illinois. Crop yields in 2012 were anomalously low due to severe drought and were excluded from calculations. Trends by Region: East Southeast Illinois  The East Southeast region is 65.8% cropland and 6.9% grassland/pasture. The primary crops grown are soybeans and corn.  In total, 8,549 ac were sold in East Southeast IL in the last twelve months. This compares to an average of 13,293 ac per year sold between 2010-2022. Most sales occurred in the first quarter of the year — a total of 3,113 ac (36.4% of total annual sales).  East Southeast Illinois Productivity and Economic Indicators One interesting metric is the price per bushel of grain. In this district, the soils with the highest ILPI show a price of farmland per bushel of corn of 62 $/bu. On the other end, the soils with the lowest ILPI show a price of farmland per bushel of corn of 44 $/bu. For soybeans, those values were 195 $/ bu and 138 $/bu, respectively.  East Southeast Illinois Soil Productivity and Yield Graph showing the relationship between ILPI and land price. Each point is a 2022 season sale, and the line shows the trend.  In this district, we could not determine a clear relationship between ILPI and farmland value. The R2 is 0.17, which is low and shows that there is too much noise to establish a relationship. Other factors may be affecting farmland values that are not captured by soil quality. East Southeast Illinois Yield Trends Average yield for 2015-2021 compared to 2008-2014 for East Southeast Illinois. Crop yields in 2012 were anomalously low due to severe drought and were excluded from calculations.  Trends by Region: Northeast Illinois  The Northeast region is 45.8% cropland and 6.4% grassland/pasture. The primary crops grown are corn and soybeans.  In total, 10,007 ac were sold in Northeast IL in the last twelve months. This compares to an average of 8,024 ac per year sold between 2010-2022. Most sales occurred in the first quarter of the year — a total of 3,275 ac (32.7% of total annual sales).  Northeast Illinois Productivity and Economic Indicators One interesting metric is the price per bushel of grain. In this district, the soils with the highest ILPI show a price of farmland per bushel of corn of 66 $/bu. On the other end, the soils with the lowest ILPI show a price of farmland per bushel of corn of 45 $/bu. For soybeans, those values were 220 $/ bu and 148 $/bu, respectively.  Northeast Illinois Soil Productivity and Yield Graph showing the relationship between ILPI and land price. Each point is a 2022 season sale, and the line shows the trend.  To calculate the value per ac for a different parcel, multiply the ILPI of the parcel by 170 $/ILPI and subtract 11,473 $/ac. The result is the estimated value of the parcel in $/ac. Northeast Illinois Yield Trends Average yield for 2015-2021 compared to 2008-2014 for Northeast Illinois. Crop yields in 2012 were anomalously low due to severe drought and were excluded from calculations. Trends by Region: Northwest Illinois  The Northwest region is 66.7% cropland and 9.1% grassland/pasture. The primary crops grown are corn and soybeans.  In total, 17,569 ac were sold in Northwest IL in the last twelve months. This compares to an average of 15,648 ac per year sold between 2010-2022. Most sales occurred in the first quarter of the year — a total of 5,976 ac (34.0% of total annual sales).  Northwest Illinois Productivity and Economic Indicators One interesting metric is the price per bushel of grain. In this district, the soils with the highest ILPI show a price of farmland per bushel of corn of 68 $/bu. On the other end, the soils with the lowest ILPI show a price of farmland per bushel of corn of 36 $/bu. For soybeans, those values were 231 $/ bu and 118 $/bu, respectively.  Northwest Illinois Soil Productivity and Yield Graph showing the relationship between ILPI and land price. Each point is a 2022 season sale, and the line shows the trend.  To calculate the value per ac for a different parcel, multiply the ILPI of the parcel by 157 $/ILPI and subtract 9,540 $/ac. The result is the estimated value of the parcel in $/ac. Northwest Illinois Yield Trends Average yield for 2015-2021 compared to 2008-2014 for Northwest Illinois. Crop yields in 2012 were anomalously low due to severe drought and were excluded from calculations. Trends by Region: Southeast Illinois  The Southeast region is 49.4% cropland and 12.0% grassland/pasture. The primary crops grown are soybeans and corn.  In total, 7,305 ac were sold in Southeast IL in the last twelve months. This compares to an average of 4,831 ac per year sold between 2010-2022. Most sales occurred in the first quarter of the year — a total of 3,044 ac (41.7% of total annual sales).  Southeast Illinois Soil Productivity and Yield Graph showing the relationship between ILPI and land price. Each point is a 2022 season sale, and the line shows the trend.  In this district, we could not determine a clear relationship between ILPI and farmland value. The R2 is 0.04, which is low and shows that there is too much noise to establish a relationship. Other factors may be affecting farmland values that are not captured by soil quality.  Southeast Illinois Yield Trends Average yield for 2015-2021 compared to 2008-2014 for Southeast Illinois. Crop yields in 2012 were anomalously low due to severe drought and were excluded from calculations. Trends by Region: Southwest Illinois  The Southwest region is 42.1% cropland and 11.3% grassland/pasture. The primary crops grown are soybeans and corn.  In total, 3,620 ac were sold in Southwest IL in the last twelve months. This compares to an average of 3,473 ac per year sold between 2010-2022. Most sales occurred in the first quarter of the year — a total of 1,201 ac (33.2% of total annual sales).  Southwest Illinois Productivity and Economic Indicators One interesting metric is the price per bushel of grain. In this district, the soils with the highest ILPI show a price of farmland per bushel of corn of 41 $/bu. On the other end, the soils with the lowest ILPI show a price of farmland per bushel of corn of 31 $/bu. For soybeans, those values were 124 $/ bu and 95 $/bu, respectively.  Southwest Illinois Soil Productivity and Yield Graph showing the relationship between ILPI and land price. Each point is a 2022 season sale, and the line shows the trend.  In this district, we could not determine a clear relationship between ILPI and farmland value. The R2 is 0.03, which is low and shows that there is too much noise to establish a relationship. Other factors may be affecting farmland values that are not captured by soil quality.  Southwest Illinois Yield Trends Average yield for 2015-2021 compared to 2008-2014 for Southwest Illinois. Crop yields in 2012 were anomalously low due to severe drought and were excluded from calculations.  Trends by Region: West Illinois  The West region is 57.4% cropland and 10.0% grassland/pasture. The primary crops grown are corn and soybeans.  In total, 6,173 ac were sold in West IL in the last twelve months. This compares to an average of 10,081 ac per year sold between 2010-2022. Most sales occurred in the first quarter of the year — a total of 2,873 ac (46.5% of total annual sales).  West Illinois Productivity and Economic Indicators One interesting metric is the price per bushel of grain. In this district, the soils with the highest ILPI show a price of farmland per bushel of corn of 65 $/bu. On the other end, the soils with the lowest ILPI show a price of farmland per bushel of corn of 36 $/bu. For soybeans, those values were 205 $/ bu and 109 $/bu, respectively. West Illinois Soil Productivity and Yield Graph showing the relationship between ILPI and land price. Each point is a 2022 season sale, and the line shows the trend.  In this district, we could not determine a clear relationship between ILPI and farmland value. The R2 is 0.15, which is low and shows that there is too much noise to establish a relationship. Other factors may be affecting farmland values that are not captured by soil quality. West Illinois Yield Trends Average yield for 2015-2021 compared to 2008-2014 for West Illinois. Crop yields in 2012 were anomalously low due to severe drought and were excluded from calculations. Trends by Region: West Southwest Illinois The West Southwest region is 60.9% cropland and 7.4% grassland/pasture. The primary crops grown are corn and soybeans.  In total, 9,447 ac were sold in West Southwest IL in the last twelve months. This compares to an average of 12,263 ac per year sold between 2010-2022. Most sales occurred in the third quarter of the year — a total of 2,755 ac (29.2% of total annual sales).  West Southwest Illinois Productivity and Economic Indicators One interesting metric is the price per bushel of grain. In this district, the soils with the highest ILPI show a price of farmland per bushel of corn of 74 $/bu. On the other end, the soils with the lowest ILPI show a price of farmland per bushel of corn of 42 $/bu. For soybeans, those values were 235 $/ bu and 128 $/bu, respectively.  West Southwest Illinois Soil Productivity and Yield Graph showing the relationship between ILPI and land price. Each point is a 2022 season sale, and the line shows the trend.  To calculate the value per ac for a different parcel, multiply the ILPI of the parcel by 245 $/ILPI and subtract 19,602 $/ac. The result is the estimated value of the parcel in $/ac. West Southwest Illinois Yield Trends Average yield for 2015-2021 compared to 2008-2014 for West Southwest Illinois. Crop yields in 2012 were anomalously low due to severe drought and were excluded from calculations.  Methods The farmland transaction dataset analyzed in the report was drawn from public deed and property transaction records and enhanced with environmental geospatial data by FBN. Only fair market parcel transactions with >=20 ac and at least 70% area in agriculture land uses (cropland or pasture) were included in calculations.  We used the Illinois Soil Productivity Index to classify soils into three quality tiers, each of them representing an equal total area:  High (ILPI higher than 172)  Medium (ILPI 119 to 133)  Low (ILPI below 119) Yield trends across regions and soil quality groups were calculated using FBN field-level yield estimates for corn and soybeans. The FBN yield estimates shown here leverage farmer contributed yield data to help identify patterns between yields and data layers including satellite imagery, weather, soil and more. No farmer contributed yield data was used directly in estimating yields by soil and region.  Direct income ($/ac) was estimated for both corn and soybeans to document how both changes in yield and basis across the state may shape farmland values. To estimate direct income, we simply multiply the estimated per acre yield with the typical grain price received around harvest (September-November) in that year, assuming no storage or drying fees.  More information about grain prices can be found on the FBN Profit Center website .  Land Loans and Farm Financing with FBN® Finance* Whether you’re expanding your Iowa farm with a land purchase, refinancing, or making improvements, FBN Finance can help you secure the capital you need to build a stronger financial future. You could save thousands by financing your farm or ranch at a great rate with a nationwide team that knows ag. Apply in just minutes using our secure and straightforward online loan application . Complete the form below or click here to connect with a member of our team today .  Any charts and graphs provided are for illustrative purposes only. Any performance quoted represents past performance. Past performance does not guarantee future results. 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Executive Summary The price of farmland in Minnesota grew 25% year-on-year, commanding more than $6,200 per acre. This follows a 12% increase in 2021.  High valuations brought a historically significant volume of acreage to the market in 2022, surpassing the previous record in 2021.  These increases were primarily driven by growth in farmer savings over the last three years fueled by high commodity prices, increasing government payments and low-interest rates. These low-interest rates also enabled farmers to obtain larger loans to purchase more land, adding pressure to land values and creating competition for farmland coming to the market. [READ: Forecasting 2023 Farmland Values: Will U.S. Land Prices Decrease in 2023?] Why Are Minnesota Farmland Values Important?  Farmland is an essential asset for most farmers in terms of value and importance for their long-term success. At FBN®, our team of data scientists and appraisers puts Farmers First® by continuously monitoring the farmland market to provide transparent, timely and actionable insights. We believe that delivering trusted reporting is essential to creating a better farmland marketplace that’s more fair for farmers — whether buying, selling, or refinancing. This analysis delivers data-driven insights on trends related to Minnesota farmland values by exploring:  Why farmland values increased nationally in 2022  Broad, state-level trends in transaction values and sales volume A detailed analysis of each of the eight United States Department of Agriculture (USDA) agricultural districts in the state. [READ: Why Did National Farmland Values Increase in 2022?] Trends in Minnesota Farmland Values Localized analysis is essential for understanding how soil quality, yield, and farm revenue shape farmland values across Minnesota. The cost of land per bushel of production helps optimize investment options with higher returns. Similarly, the slope of yield gain helps assess long-term expected yield for a given parcel. Soil Quality Impacts Soil quality is one of the main drivers of farmland values. In Minnesota, the National Commodity Crop Productivity Index for Corn (NCCPI) is a widely used index for rating the relative quality of the soils. Using the NCCPI, we categorize Minnesota's farmland parcels into three soil quality levels, each of them representing an equal total area. (See Methods section at the end of this postfor details about the limits for each soil quality class.)  Because different districts have different average NCCPI scores, a different proportion of each of the three soil quality categories is represented in the area. To determine the year-on-year change in value, we compared farmland values from the last six months of 2021 with the same period in 2022.  At the state level, the soil quality with the most significant percentage change was the High class, with 30.0%.  On the other end, the soil quality with the lowest change in price was the Low class, showing a 9.0% difference.  Regional Land Value Growth  Land values increased in seven districts. Land values decreased in one district. The largest percentage changes were in the North Central and South Central districts, with 48.2% and 32.9%, respectively. The East Central and Central districts saw the smallest percentage change, with 16.7% and -2.8%, respectively. We excluded the Northeast district, for not having enough sales to estimate the different metrics presented in the analysis. The highest average land values were observed in South Central Minnesota, at $9,790 per acre.  The lowest average land values were seen in North Central Minnesota, at $1,510 per acre.   Transaction Volume  Transaction volume was at a record high in 2022, being the highest volume of the last thirteen years. The total area sold was 10.0% higher than the previous year (2021) and 29.5% higher than the last thirteen years' average (2010-2022).  Summary  The price of farmland in Minnesota grew 25.0% year-on-year, commanding more than $6,200 per acre.  High valuations brought a historically significant volume of acreage to the market in 2022, surpassing the previous record in 2021.  Localized analysis is essential for understanding how soil quality, yield, and farm revenue shape farmland values across Minnesota. The cost of land per bushel of production helps optimize investment options with higher returns. Similarly, the slope of yield gain helps assess long-term expected yield for a given parcel.  [Curious about trends in other states? Check out the Iowa Farmland Values Analysis or the Illinois Farmland Values Analysis .] Trends by Region: Central Minnesota  The Central region is 49.2% cropland and 11.5% grassland/pasture. The primary crops grown are corn and soybeans. In total, 32,558 ac were sold in Central MN in the last twelve months. This compares to an average of 19,714 ac per year sold between 2010-2022. Most sales occurred in the first quarter of the year — a total of 9,572 ac (29.4% of total annual sales).  Central Minnesota Productivity and Economic Indicators One interesting metric is the price per bushel of grain. In this district, the soils with the highest NCCPI show a price of farmland per bushel of corn of 47 $/bu. On the other end, the soils with the lowest NCCPI show a price of farmland per bushel of corn of 17 $/bu. For soybeans, those values were 166 $/bu and 63 $/bu, respectively.  Central Minnesota Soil Productivity and Yield Graph showing the relationship between ILPI and land price. Each point is a 2022 season sale, and the line shows the trend.  To calculate the value per ac for a different parcel, multiply the NCCPI of the parcel by 207 $/NCCPI and subtract 6,698 $/ac. The result is the estimated value of the parcel in $/ac. Boxes show the distribution of yields. The bottom of the box is the lowest 25% yield, the central line is the median (50%) yield, and the top of the box is the 75% yield. The bottom of the horizontal line is the 10% yield and the top of the horizontal line is the 90% yield. Central Minnesota Yield Trends Average yield for 2015-2021 compared to 2008-2014 for Central Minnesota. Crop yields in 2012 were anomalously low due to severe drought and were excluded from calculations.  Trends by Region: East Central Minnesota The East Central region is 7.3% cropland and 10.3% grassland/pasture. The primary crops grown are corn and soybeans.  In total, 6,807 ac were sold in East Central MN in the last twelve months. This compares to an average of 2,714 ac per year sold between 2010-2022. Most sales occurred in the first quarter of the year — a total of 2,159 ac (31.7% of total annual sales).  East Central Minnesota Productivity and Economic Indicators One interesting metric is the price per bushel of grain. In this district, the soils with the highest NCCPI show a price of farmland per bushel of corn of 18 $/bu. On the other end, the soils with the lowest NCCPI show a price of farmland per bushel of corn of 16 $/bu. For soybeans, those values were 64 $/ bu and 57 $/bu, respectively.  East Central Minnesota Soil Productivity and Yield Graph showing the relationship between ILPI and land price. Each point is a 2022 season sale, and the line shows the trend.  In this district, we could not determine a clear relationship between NCCPI and farmland value. The R2 is 0.03, which is low and shows that there is too much noise to establish a relationship. Other factors may be affecting farmland values that are not captured by soil quality. East Central Minnesota Yield Trends Average yield for 2015-2021 compared to 2008-2014 for East Central Minnesota. Crop yields in 2012 were anomalously low due to severe drought and were excluded from calculations.  Trends by Region: North Central Minnesota The North Central region is 2.4% cropland and 3.0% grassland/pasture. The primary crops grown are soybeans and alfalfa.  In total, 283 ac were sold in North Central MN in the last twelve months. This compares to an average of 1,624 ac per year sold between 2010-2022. Most sales occurred in the second quarter of the year — a total of 145 ac (51.4% of total annual sales).  North Central Minnesota Soil Productivity and Yield North Central Minnesota Yield Trends Average yield for 2015-2021 compared to 2008-2014 for North Central Minnesota. Crop yields in 2012 were anomalously low due to severe drought and were excluded from calculations.  Trends by Region: Northwest Minnesota The Northwest region is 52.7% cropland and 5.3% grassland/pasture. The primary crops grown are soybeans and spring wheat.  In total, 27,797 ac were sold in Northwest MN in the last twelve months. This compares to an average of 27,112 ac per year sold between 2010-2022. Most sales occurred in the first quarter of the year — a total of 7,941 ac (28.6% of total annual sales).  Northwest Minnesota Productivity and Economic Indicators One interesting metric is the price per bushel of grain. In this district, the soils with the highest NCCPI show a price of farmland per bushel of corn of 29 $/bu. On the other end, the soils with the lowest NCCPI show a price of farmland per bushel of corn of 21 $/bu. For soybeans, those values were 105 $/bu and 76 $/bu, respectively.  Northwest Minnesota Soil Productivity and Yield Graph showing the relationship between ILPI and land price. Each point is a 2022 season sale, and the line shows the trend.  In this district, we could not determine a clear relationship between NCCPI and farmland value. The R2 is 0.04, which is low and shows that there is too much noise to establish a relationship. Other factors may be affecting farmland values that are not captured by soil quality.  Northwest Minnesota Yield Trends Average yield for 2015-2021 compared to 2008-2014 for Northwest Minnesota. Crop yields in 2012 were anomalously low due to severe drought and were excluded from calculations.  Trends by Region: South Central Minnesota The South Central region is 75.0% cropland and 5.2% grassland/pasture. The primary crops grown are corn and soybeans.  In total, 20,973 ac were sold in South Central MN in the last twelve months. This compares to an average of 16,976 ac per year sold between 2010-2022. Most sales occurred in the third quarter of the year — a total of 6,094 ac (29.1% of total annual sales).  South Central Minnesota Productivity and Economic Indicators One interesting metric is the price per bushel of grain. In this district, the soils with the highest NCCPI show a price of farmland per bushel of corn of 47 $/bu. On the other end, the soils with the lowest NCCPI show a price of farmland per bushel of corn of 42 $/bu. For soybeans, those values were 162 $/bu and 148 $/bu, respectively.  South Central Minnesota Soil Productivity and Yield Graph showing the relationship between ILPI and land price. Each point is a 2022 season sale, and the line shows the trend.  In this district, we could not determine a clear relationship between NCCPI and farmland value. The R2 is 0.0, which is low and shows that there is too much noise to establish a relationship. Other factors may be affecting farmland values that are not captured by soil quality. South Central Minnesota Yield Trends  Average yield for 2015-2021 compared to 2008-2014 for South Central Minnesota. Crop yields in 2012 were anomalously low due to severe drought and were excluded from calculations.  Trends by Region: Southeast Minnesota The Southeast region is 53.4% cropland and 13.4% grassland/pasture. The primary crops grown are corn and soybeans.  In total, 14,465 ac were sold in Southeast MN in the last twelve months. This compares to an average of 11,956 ac per year sold between 2010-2022. Most sales occurred in the second quarter of the year — a total of 4,182 ac (28.9% of total annual sales).  Southeast Minnesota Productivity and Economic Indicators One interesting metric is the price per bushel of grain. In this district, the soils with the highest NCCPI show a price of farmland per bushel of corn of 44 $/bu. On the other end, the soils with the lowest NCCPI show a price of farmland per bushel of corn of 46 $/bu. For soybeans, those values were 160 $/bu and 168 $/bu, respectively.  Graph showing the relationship between ILPI and land price. Each point is a 2022 season sale, and the line shows the trend.  In this district, we could not determine a clear relationship between NCCPI and farmland value. The R2 is 0.0, which is low and shows that there is too much noise to establish a relationship. Other factors may be affecting farmland values that are not captured by soil quality. Southeast Minnesota Yield Trends Average yield for 2015-2021 compared to 2008-2014 for Southeast Minnesota. Crop yields in 2012 were anomalously low due to severe drought and were excluded from calculations.  Trends by Region: Southwest Minnesota The Southwest region is 79.3% cropland and 7.8% grassland/pasture. The primary crops grown are corn and soybeans.  In total, 22,012 ac were sold in Southwest MN in the last twelve months. This compares to an average of 15,354 ac per year sold between 2010-2022. Most sales occurred in the fourth quarter of the year — a total of 8,307 ac (37.7% of total annual sales). Southwest Minnesota Productivity and Economic Indicators One interesting metric is the price per bushel of grain. In this district, the soils with the highest NCCPI show a price of farmland per bushel of corn of 57 $/bu. On the other end, the soils with the lowest NCCPI show a price of farmland per bushel of corn of 40 $/bu. For soybeans, those values were 205 $/bu and 141 $/bu, respectively.  Southwest Minnesota Soil Productivity and Yield Graph showing the relationship between ILPI and land price. Each point is a 2022 season sale, and the line shows the trend. In this district, we could not determine a clear relationship between NCCPI and farmland value. The R2 is 0.05, which is low and shows that there is too much noise to establish a relationship. Other factors may be affecting farmland values that are not captured by soil quality. Southwest Minnesota Yield Trends Average yield for 2015-2021 compared to 2008-2014 for Southwest Minnesota. Crop yields in 2012 were anomalously low due to severe drought and were excluded from calculations. Trends by Region: West Central Minnesota The West Central region is 63.1% cropland and 7.0% grassland/pasture. The primary crops grown are corn and soybeans.  In total, 30,272 ac were sold in West Central MN in the last twelve months. This compares to an average of 24,342 ac per year sold between 2010-2022. Most sales occurred in the second quarter of the year — a total of 9,496 ac (31.4% of total annual sales).  West Central Minnesota Productivity and Economic Indicators One interesting metric is the price per bushel of grain. In this district, the soils with the highest NCCPI show a price of farmland per bushel of corn of 44 $/bu. On the other end, the soils with the lowest NCCPI show a price of farmland per bushel of corn of 18 $/bu. For soybeans, those values were 155 $/bu and 64 $/bu, respectively.  West Central Minnesota Soil Productivity and Yield Graph showing the relationship between ILPI and land price. Each point is a 2022 season sale, and the line shows the trend.  To calculate the value per ac for a different parcel, multiply the NCCPI of the parcel by 139 $/NCCPI and subtract 1,644 $/ac. The result is the estimated value of the parcel in $/ac. West Central Minnesota Yield Trends Average yield for 2015-2021 compared to 2008-2014 for West Central Minnesota. Crop yields in 2012 were anomalously low due to severe drought and were excluded from calculations.  Methods The farmland transaction dataset analyzed in the report was drawn from public deed and property transaction records and enhanced with environmental geospatial data by FBN . Only fair market parcel transactions with >=20 ac and at least 70% area in agriculture land uses (cropland or pasture) were included in calculations.  We used the National Commodity Crop Productivity Index for Corn to classify soils into three quality tiers, each of them representing an equal total area:  High (NCCPI higher than 105)  Medium (NCCPI 49 to 69)  Low (NCCPI below 49) Yield trends across regions and soil quality groups were calculated using FBN field-level yield estimates for corn and soybeans. The FBN yield estimates shown here leverage farmer contributed yield data to help identify patterns between yields and data layers including satellite imagery, weather, soil and more. No farmer contributed yield data was used directly in estimating yields by soil and region.  Direct income ($/ac) was estimated for both corn and soybeans to document how both changes in yield and basis across the state may shape farmland values. To estimate direct income, we simply multiply the estimated per acre yield with the typical grain price received around harvest (September-November) in that year, assuming no storage or drying fees.  More information about grain prices can be found on the FBN Profit Center website .  Land Loans and Farm Financing with FBN® Finance* Whether you’re expanding your Iowa farm with a land purchase, refinancing, or making improvements, FBN Finance can help you secure the capital you need to build a stronger financial future. You could save thousands by financing your farm or ranch at a great rate with a nationwide team that knows ag. Apply in just minutes using our secure and straightforward online loan application . Complete the form below or click here to connect with a member of our team today .  Any charts and graphs provided are for illustrative purposes only. Any performance quoted represents past performance. Past performance does not guarantee future results. Copyright © 2014 - 2023 Farmer's Business Network, Inc. All rights Reserved. The sprout logo, “Farmers Business Network”, “FBN”, "Farmers First" are trademarks, registered trademarks or service marks of Farmer's Business Network, Inc. Information in this report is provided for your individual informational use only, and may not be disclosed, reproduced, summarized, distributed, excerpted, or used for any reason other than for research purposes to aid in your potential purchase, sale, or rental of property. Any unauthorized use of this report or its information is prohibited. Information is reliable but not guaranteed, may be incomplete, and should be independently verified. Farmer's Business Network, Inc. and its subsidiaries are not responsible for the accuracy of this information.  Disclaimer: The material provided is for educational purposes only. It is not intended to be a substitute for specific individualized tax, business, legal, investment or professional advice. Where specific advice is necessary or appropriate, consult with a qualified tax advisor, CPA, financial planner, or investment manager. Neither Farmer's Business Network, Inc. nor any of its affiliates makes any representations or warranties, express or implied, as to the accuracy or completeness of the statements or any information contained in the material and any liability therefore is expressly disclaimed.  *Financing offered by FBN Finance, LLC and its lending partners. Terms and conditions apply. To qualify, a borrower must be a member of Farmer’s Business Network, Inc. and meet all underwriting requirements. Interest rates and fees will vary depending on your individual situation. Not all applicants will qualify.

Executive Summary The price of farmland in Iowa grew 17% year-on-year, commanding more than $11,100 per acre. This follows a similar 17% increase in 2021.  High valuations brought a historically significant volume of acreage to the market in 2022, surpassing the previous record in 2021.  These increases were primarily driven by growth in farmer savings over the last three years fueled by high commodity prices, increasing government payments and low-interest rates. These low-interest rates also enabled farmers to obtain larger loans to purchase more land, adding pressure to land values and creating competition for farmland coming to the market. [READ: Forecasting 2023 Farmland Values: Will U.S. Land Prices Decrease in 2023?] Why Are Iowa Farmland Values Important?  Farmland is an essential asset for most farmers in terms of value and importance for their long-term success. At FBN®, our team of data scientists and appraisers puts Farmers First® by continuously monitoring the farmland market to provide transparent, timely and actionable insights. We believe that delivering trusted reporting is essential to creating a better farmland marketplace that’s more fair for farmers — whether buying, selling, or refinancing. The analysis below delivers data-driven insights on trends related to Iowa farmland values by exploring:  Why farmland values increased nationally in 2022  Broad, state-level trends in transaction values and sales volume A detailed analysis of each of the nine United States Department of Agriculture (USDA) agricultural districts in the state. [READ: Why Did National Farmland Values Increase in 2022?] Trends in Iowa Farmland Values Localized analysis is essential for understanding how soil quality, yield, and farm revenue shape farmland values across Iowa. The cost of land per bushel of production helps optimize investment options with higher returns. Similarly, the slope of yield gain helps assess long-term expected yield for a given parcel. Soil Quality Impacts Soil quality is one of the main drivers of farmland values. In Iowa, the Iowa Corn Suitability Rating (CSR2) is a widely used index for rating the relative quality of the soils. Using the CSR2, we categorize Iowa's farmland parcels into three soil quality levels, each of them representing an equal total area.  (See Methods section at the end of this postfor details about the limits for each soil quality class.)  Because different districts have different average CSR2 scores, a different proportion of each of the three soil quality categories is represented in the area. To determine the year-on-year change in value, we compared farmland values from the last six months of 2021 with the same period in 2022.  At the state level, the soil quality with the most significant percentage change was the Low class, with 42.0%.  On the other end, the soil quality with the lowest change in price was the Medium class, showing a 21.0% difference. Regional Land Value Growth  Land values increased in all nine districts. The largest percentage changes were in the Northeast and Southwest districts, with 35.4% and 22.2%, respectively. The Southeast and West Central districts saw the smallest percentage change, with 10.7% and 3.4%, respectively.  The highest average land values were observed in Northwest Iowa, at $14,010 per acre. The lowest average land values were seen in South Central Iowa, at $6,090 per acre. Transaction Volume  Transaction volume was at a record high in 2022, representing the highest volume of the last thirteen years. The total area sold was 30% higher than the previous year (2021) and 220.6% higher than the last thirteen years' average (2010-2022). Summary The price of farmland in Iowa grew 17.0% year-on-year, commanding more than $11,100 per acre.  High valuations brought a historically significant volume of acreage to the market in 2022, surpassing the previous record in 2021.  Localized analysis is essential for understanding how soil quality, yield, and farm revenue shape farmland values across Iowa. The cost of land per bushel of production helps optimize investment options with higher returns. Similarly, the slope of yield gain helps assess long-term expected yield for a given parcel. [Curious about trends in other states? Check out the Minnesota Farmland Values Analysis or the Illinois Farmland Values Analysis . ] Trends by Region: Central Iowa The Central region is 72.2% cropland and 10.9% grassland/pasture. The primary crops grown are corn and soybeans.  In total, 13,805 ac were sold in Central IA in the last twelve months. This compares to an average of 3,521 ac per year sold between 2010-2022. Most sales occurred in the first quarter of the year — a total of 4,406 ac (31.9% of total annual sales).  Central Iowa Productivity and Economic Indicators One interesting metric is the price per bushel of grain. In this district, the soils with the highest CSR2 show a price of farmland per bushel of corn of 80 $/bu. On the other end, the soils with the lowest CSR2 show a price of farmland per bushel of corn of 55 $/bu. For soybeans, those values were 257 $/bu and 181 $/bu, respectively.  Central Iowa Soil Productivity and Yield Graph showing the relationship between ILPI and land price. Each point is a 2022 season sale, and the line shows the trend.  To calculate the value per ac for a different parcel, multiply the CSR2 of the parcel by 168.08 $/CSR2. The result is the estimated value of the parcel in $/ac. Boxes show the distribution of yields. The bottom of the box is the lowest 25% yield, the central line is the median (50%) yield, and the top of the box is the 75% yield. The bottom of the horizontal line is the 10% yield and the top of the horizontal line is the 90% yield. Central Iowa Yield Trends Average yield for 2015-2021 compared to 2008-2014 for Central Iowa. Crop yields in 2012 were anomalously low due to severe drought and were excluded from calculations. Trends by Region: East Central Iowa The East Central region is 61.9% cropland and 14.2% grassland/pasture. The primary crops grown are corn and soybeans.  In total, 6,984 ac were sold in East Central IA in the last twelve months. This compares to an average of 2,532 ac per year sold between 2010-2022. Most sales occurred in the first quarter of the year — a total of 2,604 ac (37.3% of total annual sales).  East Central Iowa Productivity and Economic Indicators One interesting metric is the price per bushel of grain. In this district, the soils with the highest CSR2 show a price of farmland per bushel of corn of 69 $/bu. On the other end, the soils with the lowest CSR2 show a price of farmland per bushel of corn of 56 $/bu. For soybeans, those values were 234 $/bu and 188 $/bu, respectively.  East Central Iowa Soil Productivity and Yield Graph showing the relationship between ILPI and land price. Each point is a 2022 season sale, and the line shows the trend.  In this district, we could not determine a clear relationship between CSR2 and farmland value. The R2 is 0.04, which is low and shows that there is too much noise to establish a relationship. Other factors may be affecting farmland values that are not captured by soil quality.  East Central Iowa Yield Trends Average yield for 2015-2021 compared to 2008-2014 for East Central Iowa. Crop yields in 2012 were anomalously low due to severe drought and were excluded from calculations. Trends by Region: North Central Iowa The North Central region is 81.4% cropland and 7.7% grassland/pasture. The primary crops grown are corn and soybeans.  In total, 10,857 ac were sold in North Central IA in the last twelve months. This compares to an average of 6,210 ac per year sold between 2010-2022. Most sales occurred in the fourth quarter of the year — a total of 3,641 ac (33.5% of total annual sales).  North Central Iowa Productivity and Economic Indicators One interesting metric is the price per bushel of grain. In this district, the soils with the highest CSR2 show a price of farmland per bushel of corn of 72 $/bu. On the other end, the soils with the lowest CSR2 show a price of farmland per bushel of corn of 46 $/bu. For soybeans, those values were 235 $/bu and 148 $/bu, respectively.  North Central Iowa Soil Productivity and Yield Graph showing the relationship between ILPI and land price. Each point is a 2022 season sale, and the line shows the trend.  In this district, we could not determine a clear relationship between CSR2 and farmland value. The R2 is 0.1, which is low and shows that there is too much noise to establish a relationship. Other factors may be affecting farmland values that are not captured by soil quality.  North Central Iowa Yield Trends Average yield for 2015-2021 compared to 2008-2014 for North Central Iowa. Crop yields in 2012 were anomalously low due to severe drought and were excluded from calculations.  Trends by Region: Northeast Iowa The Northeast region is 60.4% cropland and 15.5% grassland/pasture. The primary crops grown are corn and soybeans.  In total, 8,301 ac were sold in Northeast IA in the last twelve months. This compares to an average of 4,356 ac per year sold between 2010-2022. Most sales occurred in the second quarter of the year — a total of 2,879 ac (34.7% of total annual sales).  Northeast Iowa Productivity and Economic Indicators One interesting metric is the price per bushel of grain. In this district, the soils with the highest CSR2 show a price of farmland per bushel of corn of 57 $/bu. On the other end, the soils with the lowest CSR2 show a price of farmland per bushel of corn of 42 $/bu. For soybeans, those values were 197 $/bu and 143 $/bu, respectively.  Northeast Iowa Soil Productivity and Yield Graph showing the relationship between ILPI and land price. Each point is a 2022 season sale, and the line shows the trend.  In this district, we could not determine a clear relationship between CSR2 and farmland value. The R2 is 0.05, which is low and shows that there is too much noise to establish a relationship. Other factors may be affecting farmland values that are not captured by soil quality. Northeast Iowa Yield Trends Average yield for 2015-2021 compared to 2008-2014 for Northeast Iowa. Crop yields in 2012 were anomalously low due to severe drought and were excluded from calculations. Trends by Region: Northwest Iowa The Northwest region is 81.0% cropland and 8.0% grassland/pasture. The primary crops grown are corn and soybeans.  In total, 9,310 ac were sold in Northwest IA in the last twelve months. This compares to an average of 2,998 ac per year sold between 2010-2022. Most sales occurred in the first quarter of the year — a total of 3,622 ac (38.9% of total annual sales).  Northwest Iowa Productivity and Economic Indicators One interesting metric is the price per bushel of grain. In this district, the soils with the highest CSR2 show a price of farmland per bushel of corn of 79 $/bu. On the other end, the soils with the lowest CSR2 show a price of farmland per bushel of corn of 58 $/bu. For soybeans, those values were 268 $/bu and 196 $/bu, respectively.  Northwest Iowa Soil Productivity and Yield Graph showing the relationship between ILPI and land price. Each point is a 2022 season sale, and the line shows the trend.  In this district, we could not determine a clear relationship between CSR2 and farmland value. The R2 is 0.07, which is low and shows that there is too much noise to stablish a relationship. Other factors may be affecting farmland values that are not captured by soil quality. Northwest Iowa Yield Trends Average yield for 2015-2021 compared to 2008-2014 for Northwest Iowa. Crop yields in 2012 were anomalously low due to severe drought and were excluded from calculations. Trends by Region: South Central Iowa The South Central region is 33.0% cropland and 38.2% grassland/pasture. The primary crops grown are soybeans and corn.  In total, 16,911 ac were sold in South Central IA in the last twelve months. This compares to an average of 3,186 ac per year sold between 2010-2022. Most sales occurred in the first quarter of the year — a total of 6,539 ac (38.7% of total annual sales).  South Central Iowa Productivity and Economic Indicators One interesting metric is the price per bushel of grain. In this district, the soils with the highest CSR2 show a price of farmland per bushel of corn of 69 $/bu. On the other end, the soils with the lowest CSR2 show a price of farmland per bushel of corn of 32 $/bu. For soybeans, those values were 219 $/bu and 96 $/bu, respectively.  South Central Iowa Soil Productivity and Yield Graph showing the relationship between ILPI and land price. Each point is a 2022 season sale, and the line shows the trend.  In this district, we could not determine a clear relationship between CSR2 and farmland value. The R2 is 0.14, which is low and shows that there is too much noise to establish a relationship. Other factors may be affecting farmland values that are not captured by soil quality.  South Central Iowa Yield Trends Average yield for 2015-2021 compared to 2008-2014 for South Central Iowa. Crop yields in 2012 were anomalously low due to severe drought and were excluded from calculations. Trends by Region: Southeast Iowa The Southeast region is 49.9% cropland and 20.9% grassland/pasture. The primary crops grown are corn and soybeans.  In total, 9,064 ac were sold in Southeast IA in the last twelve months. This compares to an average of 2,404 ac per year sold between 2010-2022. Most sales occurred in the first quarter of the year — a total of 3,499 ac (38.6% of total annual sales).  Southeast Iowa Productivity and Economic Indicators  One interesting metric is the price per bushel of grain. In this district, the soils with the highest CSR2 show a price of farmland per bushel of corn of 58 $/bu. On the other end, the soils with the lowest CSR2 show a price of farmland per bushel of corn of 37 $/bu. For soybeans, those values were 188 $/bu and 113 $/bu, respectively.  Southeast Iowa Soil Productivity and Yield Graph showing the relationship between ILPI and land price. Each point is a 2022 season sale, and the line shows the trend.  In this district, we could not determine a clear relationship between CSR2 and farmland value. The R2 is 0.14, which is low and shows that there is too much noise to establish a relationship. Other factors may be affecting farmland values that are not captured by soil quality.  Southeast Iowa Yield Trends Average yield for 2015-2021 compared to 2008-2014 for Southeast Iowa. Crop yields in 2012 were anomalously low due to severe drought and were excluded from calculations. Trends by Region: Southwest Iowa The Southwest region is 67.0% cropland and 18.6% grassland/pasture. The primary crops grown are corn and soybeans.  In total, 7,612 ac were sold in Southwest IA in the last twelve months. This compares to an average of 2,604 ac per year sold between 2010-2022. Most sales occurred in the first quarter of the year — a total of 3,914 ac (51.4% of total annual sales).  Southwest Iowa Productivity and Economic Indicators One interesting metric is the price per bushel of grain. In this district, the soils with the highest CSR2 show a price of farmland per bushel of corn of 58 $/bu. On the other end, the soils with the lowest CSR2 show a price of farmland per bushel of corn of 31 $/bu. For soybeans, those values were 189 $/bu and 94 $/bu, respectively.  Southwest Iowa Soil Productivity and Yield Graph showing the relationship between ILPI and land price. Each point is a 2022 season sale, and the line shows the trend. In this district, we could not determine a clear relationship between CSR2 and farmland value. The R2 is 0.17, which is low and shows that there is too much noise to establish a relationship. Other factors may be affecting farmland values that are not captured by soil quality.   Southwest Iowa Yield Trends Average yield for 2015-2021 compared to 2008-2014 for Southwest Iowa. Crop yields in 2012 were anomalously low due to severe drought and were excluded from calculations.  Trends by Region: West Central Iowa The West Central region is 76.5% cropland and 11.3% grassland/pasture. The primary crops grown are corn and soybeans.  In total, 14,392 ac were sold in West Central IA in the last twelve months. This compares to an average of 2,514 ac per year sold between 2010-2022. Most sales occurred in the first quarter of the year — a total of 4,598 ac (31.9% of total annual sales).  West Central Iowa Productivity and Economic Indicators One interesting metric is the price per bushel of grain. In this district, the soils with the highest CSR2 show a price of farmland per bushel of corn of 68 $/bu. On the other end, the soils with the lowest CSR2 show a price of farmland per bushel of corn of 45 $/bu. For soybeans, those values were 230 $/ bu and 151 $/bu, respectively.  West Central Iowa Soil Productivity and Yield Graph showing the relationship between ILPI and land price. Each point is a 2022 season sale, and the line shows the trend.  In this district, we could not determine a clear relationship between CSR2 and farmland value. The R2 is 0.11, which is low and shows that there is too much noise to establish a relationship. Other factors may be affecting farmland values that are not captured by soil quality.  West Central Iowa Yield Trends Average yield for 2015-2021 compared to 2008-2014 for West Central Iowa. Crop yields in 2012 were anomalously low due to severe drought and were excluded from calculations.  Methods The farmland transaction dataset analyzed in the report was drawn from public deed and property transaction records and enhanced with environmental geospatial data by FBN . Only fair market parcel transactions with >=20 ac and at least 70% area in agriculture land uses (cropland or pasture) were included in calculations.  We used the Iowa Corn Suitability Rating to classify soils into three quality tiers, each of them representing an equal total area:  High (CSR2 higher than 82)  Med (CSR2 65 to 82)  Low (CSR2 below 65)  Yield trends across regions and soil quality groups were calculated using FBN field-level yield estimates for corn and soybeans. The FBN yield estimates shown here leverage farmer contributed yield data to help identify patterns between yields and data layers including satellite imagery, weather, soil and more. No farmer contributed yield data was used directly in estimating yields by soil and region.  Direct income ($/ac) was estimated for both corn and soybeans to document how both changes in yield and basis across the state may shape farmland values. To estimate direct income, we simply multiply the estimated per acre yield with the typical grain price received around harvest (September-November) in that year, assuming no storage or drying fees.  More information about grain prices can be found on the FBN Profit Center website .  Land Loans and Farm Financing with FBN® Finance* Whether you’re expanding your Iowa farm with a land purchase, refinancing, or making improvements, FBN Finance can help you secure the capital you need to build a stronger financial future. You could save thousands by financing your farm or ranch at a great rate with a nationwide team that knows ag. Apply in just minutes using our secure and straightforward online loan application . Complete the form below or click here to connect with a member of our team today .  Any charts and graphs provided are for illustrative purposes only. Any performance quoted represents past performance. Past performance does not guarantee future results. Copyright © 2014 - 2023 Farmer's Business Network, Inc. All rights Reserved. The sprout logo, “Farmers Business Network”, “FBN”, "Farmers First" are trademarks, registered trademarks or service marks of Farmer's Business Network, Inc. Information in this report is provided for your individual informational use only, and may not be disclosed, reproduced, summarized, distributed, excerpted, or used for any reason other than for research purposes to aid in your potential purchase, sale, or rental of property. Any unauthorized use of this report or its information is prohibited. Information is reliable but not guaranteed, may be incomplete, and should be independently verified. Farmer's Business Network, Inc. and its subsidiaries are not responsible for the accuracy of this information.  Disclaimer: The material provided is for educational purposes only. It is not intended to be a substitute for specific individualized tax, business, legal, investment or professional advice. Where specific advice is necessary or appropriate, consult with a qualified tax advisor, CPA, financial planner, or investment manager. Neither Farmer's Business Network, Inc. nor any of its affiliates makes any representations or warranties, express or implied, as to the accuracy or completeness of the statements or any information contained in the material and any liability therefore is expressly disclaimed.  *Financing offered by FBN Finance, LLC and its lending partners. Terms and conditions apply. To qualify, a borrower must be a member of Farmer’s Business Network, Inc. and meet all underwriting requirements. Interest rates and fees will vary depending on your individual situation. Not all applicants will qualify.