1. Oklahoma Agricultural Land Value Update Roger Sahs, Extension Specialist OSU Department of Agricultural Economics

2. OK Land Values by Region, 2013* Panhandle Tracts 23 Size 763 $/Acre $790 % Chg -2.3 West-Northwest Tracts 140 Size 180 $/Acre $1,529 % Chg +16.7 North Central Tracts 177 Size 133 $/Acre $1,952 % Chg +21.4 Northeast Tracts 328 Size 156 $/Acre $1,823 % Chg+11.6 East-Northeast Tracts 43 Size 183 $/Acre $1,925 % Chg +5.3 South Central Tracts 102 Size 209 $/Acre $1,750 % Chg +11.2 Southeast Tracts 252 Size 294 $/Acre $1,696 % Chg +9.7 State Averages Tracts 1,202 Size 205 $/Acre $1,705 % Chg +16.2 Southwest Tracts 137 Size 188 $/Acre $1,354 % Chg +15.5 * Tracts >= 40 Acres and <= $6000/Acre

3. Recent Trends in Oklahoma Land Values Source: www.agecon.okstate.edu/oklandvalues

4. Oklahoma Cropland vs Pastureland Prices* Source: www.agecon.okstate.edu/oklandvalues Upward but not steady climb in values. “Boom to Bust” was only 30 years ago. Major increase in values in recent years especially cropland. * Cropland and pasture tracts defined as having 85%+ cropland and pasture utilization, respectively.

5. Oklahoma Cropland and Pastureland Prices Nominal vs Inflation Adjusted (base year 2013) Cropland Pasture Source: www.agecon.okstate.edu/oklandvalues

6. 1973-1975 Average Value Tracts >= 40 Acres and <= $3000/Acre Source: www.agecon.okstate.edu/oklandvalues

7. 2011-2013 Average Value Tracts >= 40 Acres and <= $6000/Acre Source: www.agecon.okstate.edu/oklandvalues

8. County, Regional, and Oklahoma Comparisons Source: www.agecon.okstate.edu/oklandvalues

9. Key Land drivers looking ahead… Recent commodity prices and farm incomes Interest rate levels Financial health of current buyers

10. Non-irrigated Cropland Value and Wheat Revenue in Oklahoma USDA/NASS data Correlation =.77

11. Source: KC Federal Reserve Bank, August 2014

12. Debt levels are still low….

13. Source: Daily Oklahoman (Newsok.com), June 2014

14. www.agecon.okstate.edu/oklandvalues

15. Other Resources Kansas City Federal Reserve Bank – http://www.kc.frb.org/ http://www.kc.frb.org/ – Choose Ag in Economy section, then Current Survey USDA Ag Land Value Data and Reports – http://www.nass.usda.gov/ http://www.nass.usda.gov/ – Choose Economics and Prices Link, then Agricultural Land Values in Reports section