George A. Shumaker, Center for Agribusiness
And Economic Development, CAES, UGA
Agribusiness Economy Georgia’s Largest Sector
65 products with significant farm value production$12.0B farm value, $68.9B direct and indirect value 380,000 jobs
Ag Forecast 2012 Authors – Humphreys, Escalante, Fonsah,
Shumaker, Smith, Smith, Shurley, Stegelin, McKissick, Lacy,
Morgan, Shepherd, Wolfe, Kane, Gaskins, Molpus
Catoosa
Towns
Fannin
2009 Total Farm Gate Value
GA = $11.3 B
Rabun
Union
Murray
Whitfield
Walker
Gilmer
m
ha
White
rs
be
Lumpkin
Ha
Gordon
Chattooga
Stephens
Pickens
Dawson
Cherokee
Bartow
Franklin
Banks
Hall
Floyd
Jackson
Polk
Paulding
Barrow
Gwinnett
Cobb
Madison
Oglethorpe
Ro
c
kd
ale
Fulton
Lincoln
Wilkes
Walton
DeKalb
Douglas
Elbert
Clarke
Oconee
Haralson
Hart
Forsyth
Clayton
Carroll
Morgan
Newton
Taliaferro
Columbia
McDuffie
Warren
Coweta
Heard
Pike
Hancock
Lamar
Meriwether
Richmond
Putnam
Jasper
Butts
Spalding
Troup
Greene
Henry
Fayette
Glascock
Baldwin
Burke
Jefferson
Jones
Monroe
Washington
Upson
Bibb
Harris
Wilkinson
Jenkins
Crawford
Talbot
ch
ee
Muscogee
Emanuel
Peach
Taylor
oo
Candler
Treutlen
Bulloch
Effingham
Macon
Ch
att
ah
Laurens
Bleckley
Houston
Marion
Screven
Johnson
Twiggs
Pulaski
Schley
Dodge
Dooly
Wheeler
Stewart
Webster
Sumter
Montgom
ery
Dade
Evans
Toombs
Bryan
Tattnall
Chatham
Wilcox
Telfair
Crisp
Quitman
Liberty
Randolph
Terrell
Lee
Jeff Davis
Ben Hill
Long
Appling
Turner
Irwin
Clay
Dougherty
Calhoun
Worth
Coffee
Wayne
Bacon
McIntosh
Tift
Early
Pierce
Baker
Berrien
Mitchell
Miller
Atkinson
Brantley
Colquitt
Cook
Glynn
Ware
Lanier
Seminole
Decatur
Grady
Clinch
Thomas
Brooks
Camden
Charlton
Lowndes
Echols
$652,321 - $20,000,000
$20,000,000 - $45,000,000
$45,000,000 - $80,000,000
$80,000,000 - $200,000,000
$200,000,000 - $475,048,630
2010 – Up significantly to
$12.1 B
2011 – Likely higher yet!
Catoosa
Towns
Fannin
Rabun
Union
Murray
Whitfield
Walker
Gilmer
What About 2012?
m
ha
White
rs
be
Lumpkin
Ha
Gordon
Chattooga
Stephens
Pickens
Dawson
Cherokee
Bartow
Franklin
Banks
Hall
Floyd
Jackson
Polk
Barrow
Gwinnett
Cobb
Paulding
Madison
Lincoln
Wilkes
Ro
c
kd
ale
Fulton
• Slow Rate of Growth for US and GA.
Oglethorpe
Walton
DeKalb
Douglas
Elbert
Clarke
Oconee
Haralson
Hart
Forsyth
Clayton
Carroll
Morgan
Newton
Taliaferro
Columbia
McDuffie
Henry
Fayette
Warren
Coweta
Heard
Pike
Hancock
Lamar
Meriwether
Richmond
Glascock
Baldwin
Burke
Jefferson
Jones
Monroe
• Commodity Prices Peaked in 2011,
Remain Relatively High/Variable.
Putnam
Jasper
Butts
Spalding
Troup
Greene
Washington
Upson
Bibb
Harris
Wilkinson
Jenkins
Crawford
Talbot
Emanuel
Peach
Taylor
ch
ee
Muscogee
oo
Candler
Treutlen
Bulloch
Effingham
Macon
Ch
att
ah
Laurens
Bleckley
Houston
Marion
Screven
Johnson
Twiggs
Pulaski
Schley
Dodge
Dooly
Wheeler
Stewart
Webster
Sumter
Montgom
ery
Dade
Evans
Toombs
Bryan
Tattnall
Chatham
Wilcox
Telfair
Crisp
Quitman
Liberty
Randolph
Terrell
Lee
Jeff Davis
Ben Hill
Long
Appling
Turner
Irwin
Clay
Dougherty
Calhoun
Worth
Coffee
Wayne
Bacon
McIntosh
Tift
Early
Pierce
Baker
Berrien
Mitchell
Miller
Atkinson
Brantley
Colquitt
Cook
• Input Prices/Cost Continue to Rise.
Glynn
Ware
Lanier
• Weak Dollar Helps GA and Ag Exports,
But Growth Limited. Europe Crisis is
Strong Headwind to Growth.
Seminole
Decatur
Grady
Clinch
Thomas
Brooks
Camden
Charlton
Lowndes
Echols
$652,321 - $20,000,000
$20,000,000 - $45,000,000
$45,000,000 - $80,000,000
$80,000,000 - $200,000,000
$200,000,000 - $475,048,630
• More Policy Uncertainties, Election
Year Politics vs. Needed Fiscal Policy
• Another Dry Spring? Greater Potential
to Impact Production.
KEY MACRO FACTORS
•
•
•
•
•
Economic growth
Energy cost
Employment
Interest rates
Housing market
Gross Domestic Product
Household
Business
Government
16,000
14,000
2,674
2,878
2,295
2,097
9,323
9,806
10,105
2006
2007
2008
2,518
2,233
2,113
10,000
1,731
Billion
3,045
1,828
1,855
10,001
10,349
10,500
2009
2010
2011
2,370
12,000
8,000
3,000
2,915
1,772
1,846
2,327
1,983
1,589
2,172
1,969
1,662
1,647
1,730
6,000
7,804
6,830
7,439
8,285
7,149
2000
2001
2002
2003
2004
4,000
8,819
2,000
0
2005
Quarterly Gross Domestic Product
1.9
-- 2010 --
-- 2011
2012
Federal Surplus or Deficit
U.S. Dollar Index
Energy Cost
Data through Dec 31, 2011
Labor Statistics
Population
Labor Force
Employed
Unemployed
250
215
213
229
226
223
221
218
241
240
237
236
234
232
Not in LF
Millions
200
150
136
137
137
138
154
153
151
149
147
147
145
144
143
154
154
153
154
139
142
144
146
145
140
139
139
141
83
76
80
82
87
77
79
86
77
100
75
73
71
70
50
6
7
8
2000
2001
2002
9
8
8
7
7
9
2003
2004
2005
2006
2007
2008
14
15
15
2009
2010
2011
13
0
11-Dec
Figure 2. Quarterly National and Regional Loan-Deposit Ratios (LDR) and Average Lending
Rates (INT) of Agricultural Banks, 2005-2011
90%
14.00%
85%
12.00%
Loan-Deposit Ratio (%)
80%
10.00%
75%
8.00%
70%
6.00%
65%
4.00%
60%
55%
2.00%
50%
0.00%
Year-Quarter
LDR-US
LDR-Southeast
INT-US
INT-Southeast
Average Interest Rate (%)
Source: Agricultural Finance Databook, Federal Reserve Board
Ag Inputs and Production
Expenditures
Variable costs of producing crops will
climb another 15-20% in 2012, with
volatile fertilizer and seed prices being
primary drivers of increases.
Fertilizer price follows the oil price;
increasing use of complex genetic traits
have increased seed prices.
Pesticide prices will vary by product.
Farm equipment prices anticipated to
rise nearly 10% as well, as
manufacturers realize high commodity
prices at harvest mean more money in
farmers’ pockets who may still have pent
up demand for new or nearly new farm
equipment and machinery.
Land prices and rents also expected to
increase with low interest rates and
farmers with cash.
Crop Agriculture – Does it get any
better – which side of “gnat line”
Catoosa
Towns
Fannin
Rabun
Union
Murray
Whitfield
Walker
Gilmer
rs
be
Lumpkin
Ha
Gordon
Chattooga
Row & Forage
Crops
m
ha
White
Stephens
Pickens
Dawson
Hall
Floyd
Cherokee
Bartow
Franklin
Banks
Forsyth
Jackson
Polk
Barrow
Gwinnett
Cobb
Paulding
Madison
Lincoln
Wilkes
Ro
ck
da
le
Fulton
$2.4 B 2010
Oglethorpe
Walton
DeKalb
Douglas
Elbert
Clarke
Oconee
Haralson
Hart
Clayton
Carroll
Morgan
Newton
Taliaferro
Columbia
McDuffie
Henry
Fayette
Warren
Coweta
Heard
Pike
Hancock
Lamar
Meriwether
Richmond
Putnam
Jasper
Butts
Spalding
Troup
Greene
Glascock
Baldwin
Burke
Jefferson
Jones
Monroe
Washington
Upson
Bibb
Harris
Wilkinson
Jenkins
Crawford
Talbot
Emanuel
ee
ch
Bulloch
Effingham
Ch
ery
oo
Candler
Treutlen
Macon
att
ah
Laurens
Bleckley
Houston
Marion
Screven
Johnson
Twiggs
Peach
Taylor
Muscogee
Pulaski
Schley
Dodge
Dooly
Wheeler
Stewart
Webster
Sumter
Montgom
Dade
Evans
Toombs
Bryan
Tattnall
Chatham
Wilcox
Telfair
Crisp
Quitman
Liberty
Randolph
Terrell
Lee
Jeff Davis
Ben Hill
Long
Appling
Turner
• Record High Prices in
Almost all Georgia
Row Crops on Tight
Supply and Growing
Demand
Irwin
Clay
Dougherty
Calhoun
Worth
Coffee
Wayne
Bacon
McIntosh
Tift
Early
Pierce
Baker
Berrien
Mitchell
Miller
Atkinson
Brantley
Colquitt
Cook
Glynn
Ware
Lanier
Seminole
Decatur
Grady
Clinch
Thomas
Brooks
Camden
Charlton
Lowndes
Echols
$30,000,000 - $100,616,482
$15,000,000 - $30,000,000
$5,000,000 - $15,000,000
$1,000,000 - $5,000,000
$0 - $1,000,000
• Record High Feed
Prices for Animal
Agriculture!
Selected Georgia Row Crop Acreage,
2006-2011
and Change from 2010 to 2011 - 10
3,000
+ 80
- 100
2,700
Thousand Acres
2,400
+ 70
2,100
- 85
1,800
1,500
1,200
900
+ 270
600
300
0
2006
Cotton
Peanuts
2007
Corn
2008
Soybeans
2009
Wheat
2010
2011
Grain Sorghum
Non-irrigated Returns Above Variable Costs Comparison
for Georgia’s Major Row Crops, 2011 and 2012
(Does not include land rent, custom work, hand weeding, or fixed costs)
$/acre
Returns Above Variable Costs, '11
Returns Above Variable Costs, '12
$800
$700
$600
$500
$358
$400
$248
$300
$200
$157
$182
$205
$155
$108
$103
$100
$189
$169
$107 $77
$93
$81
$0
Corn
Cotton
Gr.
Peanuts Soybeans
Sorghum
Wheat
Int Mngd
Wheat
Irrigated Returns Above Variable Costs Comparison for Georgia’s
Major Row Crops, 2011 and 2012
(Does not include land rent, custom work, hand weeding, or fixed costs)
$/acre
Returns Above Variable Costs, '11
Returns Above Variable Costs, '12
$800
$711
$700
$600
$500
$486
$536
$532
$507
$452
$374
$400
$290
$300
$169
$200
$183
$100
$0
Corn
Cotton
Gr. Sorghum
Peanuts
Soybeans
2012 Peanut Preliminary Projections
USDA
2010/11
2011/12
2012/13
5% Higher
Yield
5% Lower
Yield
1,000 Tons
Beginning Stocks
915
758
531
531
531
Production
2,079
1,825
2,112
2,218
2,007
Total Supply
3,025
2,622
2,683
2,788
2,577
Total Use
2,268
2,092
2,128
2,128
2,128
758
531
555
661
450
Ending Stocks
Peanut Disappearance by Use
3000
2500
1,000 Tons
2122
2000
1825
1500
1000
500
0
Food Use
Exports
Crush
Seed, Shrink, Resid
Production
Carryover
Source: Oil Crops Outlook, ERS, USDA
US Cotton Acres Planted and Harvested
18
16
Million Acres
14
12
10
8
6
4
2
0
2000 2001 2001 2003 2004 2005 2006 2007 2008 2009 2010 2011
Planted
Harvested
World Cotton Use (Demand)
Ending Stocks and Stocks-to-Use Ratio
55.5% 53.0% 50.3% 49.2% 55.0%
48.4% 49.0%
53.0%
37.1% 39.5%
Weekly Cotton Futures
Dec = $.94
U.S. CORN SITUATION
Production
Use
End Stocks
Ethanol Use
14,000
12,000
Million Bushels
10,000
8,000
6,000
4,000
2,000
0
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Weekly Commodity Futures Price Chart
Corn
TFC Commodity Charts
Weekly Corn Futures
Dec = $5.52
U.S. SOYBEAN SITUATION
Production
Use
End Stocks
4,000
3,500
Million Bushels
3,000
2,500
2,000
1,500
1,000
500
0
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Weekly Commodity Futures Price Chart
Soybeans (Globex)
TFC Commodity Charts
Weekly Soybean Futures
Nov = $11.83
U.S WHEAT SITUATION
Production
Use
End Stocks
3,000
Million Bushels
2,500
2,000
1,500
1,000
500
0
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Weekly Wheat Futures
TFC Commodity Charts
Jul - $6.47
Georgia Animal Industry Outlook
Broilers/Eggs
Beef/Dairy/Pork/Equine
Towns
Fannin
Dade
Rabun
Gilmer
m
ha
White
Stephens
H
Gordon
$1.3B
2010
Dawson
Hall
Forsyth
Jackson
Polk
Madison
Elbert
Clarke
Oglethorpe
Oconee
ck
da
le
Fulton
Lincoln
Wilkes
Walton
DeKalb
Clayton
Morgan
Newton
Greene
Taliaferro
Columbia
Warren
Coweta
Heard
Floyd
Cherokee
Bartow
Hancock
Polk
Lamar
Clayton
Baldwin
Pike
Lamar
Meriwether
Troup
Jenkins
Baldwin
Burke
Jefferson
Jones
Monroe
Bibb
Harris
Emanuel
Bulloch
Effingham
Crawford
Talbot
Emanuel
ch
ee
Wheeler
oo
Evans
Toombs
Bryan
Tattnall
Pulaski
Crisp
Jeff Davis
Ben Hill
Wheeler
Stewart
Liberty
Lee
Dodge
Dooly
Wilcox
Quitman
Webster
Sumter
Bulloch
Toombs
Bryan
Tattnall
Chatham
Telfair
Crisp
Quitman
Irwin
Worth
Coffee
Liberty
Randolph
Wayne
Bacon
Effingham
Evans
Wilcox
Long
Appling
Turner
Candler
Treutlen
Macon
Schley
Chatham
Telfair
Laurens
Bleckley
Houston
Marion
ah
Dodge
Dooly
Sumter
att
Pulaski
Schley
Screven
Johnson
Peach
Taylor
Muscogee
Ch
Ch
att
Jenkins
Twiggs
Candler
Treutlen
Stewart
Dougherty
Wilkinson
Laurens
Bleckley
Houston
ery
ah
oo
ch
ee
Richmond
Glascock
Upson
Screven
Macon
Calhoun
Hancock
Johnson
Twiggs
Clay
Columbia
McDuffie
Warren
Putnam
Jasper
Butts
Burke
Wilkinson
Peach
Taylor
Terrell
Taliaferro
Washington
Marion
Randolph
Greene
Henry
Fayette
Washington
Bibb
Webster
Lincoln
Wilkes
Coweta
Heard
Jefferson
Crawford
Talbot
Muscogee
Oglethorpe
Morgan
Newton
Upson
Harris
Elbert
Clarke
Oconee
Richmond
Jones
Monroe
Madison
Walton
DeKalb
Fulton
Spalding
Pike
Meriwether
Troup
Barrow
Gwinnett
Cobb
Paulding
Haralson
Hart
Forsyth
Jackson
Carroll
Glascock
Franklin
Banks
Hall
Putnam
Jasper
Butts
Spalding
$5.4B
2010
Dawson
McDuffie
Henry
Fayette
Stephens
Pickens
Douglas
Ro
Douglas
Carroll
sh
Ha
Gordon
Chattooga
ery
Paulding
Barrow
Gwinnett
Cobb
Haralson
Hart
Montgom
Cherokee
Bartow
Franklin
Banks
r
be
Lumpkin
Pickens
Floyd
am
White
rs
e
ab
Lumpkin
Rabun
Union
Murray
Whitfield
Walker
Gilmer
Chattooga
Towns
Fannin
Union
Murray
Whitfield
Walker
Catoosa
Ro
ck
da
le
Catoosa
Montgom
Dade
Terrell
Lee
Jeff Davis
Ben Hill
Long
Appling
Turner
McIntosh
Tift
Early
Berrien
Mitchell
Miller
Cook
Dougherty
Calhoun
Atkinson
Brantley
Colquitt
Irwin
Clay
Pierce
Baker
Glynn
Early
Ware
Berrien
Clinch
Thomas
Brooks
Camden
Wayne
Bacon
McIntosh
Pierce
Baker
Mitchell
Seminole
Grady
Coffee
Tift
Lanier
Decatur
Worth
Miller
Atkinson
Brantley
Colquitt
Cook
Glynn
Ware
Charlton
Lanier
Lowndes
Seminole
Echols
Decatur
Grady
Clinch
Thomas
Brooks
Camden
Charlton
Lowndes
Echols
$0 - $3,000,000
$3,000,000 - $5,000,000
$5,000,000 - $10,000,000
$10,000,000 - $15,000,000
$15,000,000 - $60,478,017
$0 - $1,000,000
$1,000,000 - $10,000,000
$10,000,000 - $40,000,000
$40,000,000 - $100,000,000
$100,000,000 - $363,791,473
U S RED MEAT & POULTRY CONSUMPTION
Per Capita, Boneless Weight, Annual
Pounds
80
Beef
70
60
Pork
50
40
Total
Chicken
30
20
Turkey
10
0
1988
1991
1994
1997
Livestock Marketing Information Center
Data Source: USDA-NASS, Compiled & Analysis by LMIC
2000
2003
2006
2009
2012
M-C-18
11/17/11
Meat supplies were slightly
larger in 2011 but lower in 2012
Commodity
Beef
Pork
Total Red Meat*
Broilers
Total Poultry**
Total RedMeat & Poultry
2011
2012
2010 Projected Forecast 11 vs 10
12 vs 11
BILLION POUNDS
PERCENT CHANGE
26.30
26.39
25.07
0.34%
-5.27%
22.44
22.67
23.07
1.01%
1.73%
49.04
49.36
48.44
0.65%
-1.90%
36.91
36.92
36.31
0.03%
-1.68%
43.06
43.18
42.59
0.28%
-1.39%
92.10
92.54
91.02
0.48%
-1.67%
Source: USDA-WASDE, December 2011 Report
Continuing drought: keep hay prices
high, limit expansion of beef sector
Projected Beef Prices
2011 and Beyond
Source: USDA, LMIC and UGA
U S POULTRY CONSUMPTION
Per Capita, Retail Weight, Annual
Pounds
100
Turkey
80
60
40
Total
Chicken
20
0
1988
1991
1994
1997
Livestock Marketing Information Center
Data Source: USDA-NASS, Compiled & Analysis by LMIC
2000
2003
2006
2009
2012
M-C-03
11/17/11
2009 Georgia Vegetable Acreage by crop:
Farm Gate Value = $916 million
U.S. Vegetable Industry at
a Glance, 2004-2012
Item
Unit
2004
2005
2006
2007
2008
2009
2010
Th.
ac
6,581
7,128
7,264
6,852
6,648
6,619
6,969
5,716
6,718
Mil.
cwt
1,355
1,281
1,308
1,332
1,278
1,279
1,215
1,209
1,214
Crop Value
$ mil.
15,533
15,906
17,162
17,385
18,591
18,194
18,063
19,215
18,986
Per
Capita
Use
Lbs
448
441
434
435
419
393
395
393
Area
Harvested
Production
2011
Source: Vegetable and Melons Outlook/VGS-327/June26, 2008, ERS, USDA
2012
390
Vegetable Summary
• Continued Local
•
•
•
•
$753B 2010
Demand Growth
Demand Improvement
in some crops
Some Farm Gate
value Growth
Competitive position
improved
Input costs and
availability ?
Fruits and Nut Produced in
Georgia, 2009
Ornamentals (Green Industry) Summary
Catoosa
Towns
Fannin
Rabun
Union
Murray
Whitfield
Walker
Gilmer
m
ha
White
rs
be
Lumpkin
Ha
Gordon
Chattooga
Stephens
Pickens
Dawson
Cherokee
Bartow
Franklin
Banks
Hall
Floyd
Jackson
Polk
Paulding
Barrow
Gwinnett
Cobb
Madison
Oglethorpe
Ro
c
kd
ale
Fulton
Lincoln
Wilkes
Walton
DeKalb
Douglas
Elbert
Clarke
Oconee
Haralson
Hart
Forsyth
Clayton
Carroll
Morgan
Newton
Taliaferro
Columbia
McDuffie
Henry
Fayette
Warren
Coweta
Heard
Pike
Hancock
Lamar
Meriwether
Richmond
Putnam
Jasper
Butts
Spalding
Troup
Greene
Glascock
Baldwin
Burke
Jefferson
Jones
Monroe
Washington
Upson
Bibb
Harris
Wilkinson
Jenkins
Crawford
Talbot
he
e
Muscogee
Emanuel
Candler
Treutlen
Bulloch
Effingham
Macon
ery
Ch
att
ah
oo
c
Laurens
Bleckley
Houston
Marion
Screven
Johnson
Twiggs
Peach
Taylor
Pulaski
Schley
Dodge
Dooly
Wheeler
Stewart
Webster
Sumter
Montgom
Dade
Evans
Toombs
Bryan
Tattnall
Chatham
Wilcox
Telfair
Crisp
Quitman
Liberty
Randolph
Terrell
Lee
Jeff Davis
Ben Hill
Long
Appling
Turner
Irwin
Clay
Dougherty
Calhoun
Worth
Coffee
Wayne
Bacon
McIntosh
Tift
Early
Pierce
Baker
Berrien
Mitchell
Miller
Atkinson
Brantley
Colquitt
Cook
Glynn
Ware
Lanier
Seminole
Decatur
Grady
Clinch
Thomas
Brooks
Camden
Charlton
Lowndes
Echols
$0 - $1,000,000
$1,000,000 - $3,000,000
$3,000,000 - $6,000,000
$6,000,000 - $10,000,000
$10,000,000 - $61,751,425
• Economy and
Demand Key
• Flexibility in Retail
• New Products
also Key
$586M 2010
Environmental Horticulture
Situation and Outlook Georgia 2012
•
Key industry success factors:
economies of scale, production and
marketing of premium quality plants,
expansion of export markets, use of
appropriate growing structures and
technology, wise water management.
•
Profit margins to suffer in 2012 as price
competition puts squeeze on operating
incomes as input and production costs
continue to climb; lower pre-order quantities
and numbers of orders.
•
Inelastic demand for environmental
horticulture means a price increase is
marketer’s and producer’s primary means of
capturing revenue and re-growing business
after the recession.
What About 2012?
$0 - $20,000,000
$20,000,000 - $45,000,000
$45,000,000 - $80,000,000
$80,000,000 - $200,000,000
$200,000,000 - $316,814,000
• Animal prices remain high, a little
better profit potential.
• Crop prices remain relatively
high due to overall tight supply
demand balance , decent profits
again.
• Vegetable and fruits production
value growth
• Ornamental markets stable
Bottom Line – returns high
enough if can make the crop or
have the animal ? Deal with input
and output variability!
Figure 1. U.S. and Georgia Farmland Values, By Farm Type, 2003-2011
Source: USDA - National Agricultural Statistics Service
350
8,000
300
6,000
250
5,000
200
4,000
150
3,000
100
2,000
50
1,000
0
0
2003
2004
2005
2006
2007
Year
2008
2009
2010
GA - Cropland Value
US Cropland Value
GA Pasture Value
US Pasture Value
GA-Cropland Rent
US-Cropland Rent
GA-Pasture Rent
US-Pasture Rent
2011
Cash Rent $ per Acre
Farmland Value $ per Acre
7,000