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Impacts of U.S. Agricultural and Ethanol Policies on Farmland Values and Rental Rates

  • Kropp, Jaclyn D.
  • Peckham, Janet G.
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    Prices for prime farmland have increased significantly in recent years. But, is the dramatic increase the result of a speculative bubble or is it consistent with market fundamentals with increases driven by growing global demand and recent changes to U.S. agricultural and energy policies? This research investigates the impacts of recent agricultural support policies and ethanol policies on farmland values and rental rates. Using weighted ordinary least squares and two stage least squares, we find that government payments, urban pressure and the proximity of the farm to an ethanol facility have a positive impact on both farmland values and rental rates.

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    File URL: http://purl.umn.edu/124579
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    Paper provided by Agricultural and Applied Economics Association in its series 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington with number 124579.

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    Date of creation: 2012
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    Handle: RePEc:ags:aaea12:124579
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    1. Campbell, John & Shiller, Robert, 1987. "Cointegration and Tests of Present Value Models," Scholarly Articles 3122490, Harvard University Department of Economics.
    2. Kirwan, Barrett E., 2008. "The Incidence of U.S. Agricultural Subsidies on Farmland Rental Rates," Working Papers 42714, University of Maryland, Department of Agricultural and Resource Economics.
    3. Arathi Bhaskar & John C. Beghin, 2010. "Decoupled Farm Payments and the Role of Base Acreage and Yield Updating Under Uncertainty," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 92(3), pages 849-858.
    4. Lence, Sergio H. & Mishra, Ashok K., 2003. "The Impacts of Different Farm Programs on Cash Rents," Staff General Research Papers 11470, Iowa State University, Department of Economics.
    5. Jason Henderson & Brent A. Gloy, 2008. "The impact of ethanol plants on cropland values in the Great Plains," Regional Research Working Paper RRWP 08-01, Federal Reserve Bank of Kansas City.
    6. Barry K. Goodwin & Ashok K. Mishra & Fran�ois N. Ortalo-Magné, 2003. "What's Wrong with Our Models of Agricultural Land Values?," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 85(3), pages 744-752.
    7. Henderson, Jason R. & Gloy, Brent A., 2008. "The Impact of Ethanol Plants on Cropland Values in the Great Plains," Working Papers 51080, Cornell University, Department of Applied Economics and Management.
    8. Patton, Myles & Kostov, Philip & McErlean, Seamus & Moss, Joan, 2008. "Assessing the influence of direct payments on the rental value of agricultural land," Food Policy, Elsevier, vol. 33(5), pages 397-405, October.
    9. Barry K. Goodwin & Ashok K. Mishra, 2006. "Are “Decoupled” Farm Program Payments Really Decoupled? An Empirical Evaluation," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 88(1), pages 73-89.
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