The survey also assessed expectations for where farmland values and cash rents are headed in the future. Dobbins said the consensus is that increases will slow and, in some regions, values might stall or decline slightly.
Forty-three percent of the survey participants said they thought farmland values would increase by an average 11.7 percent over the next five years. That means they expect an average annual increase of 2.2 percent.
Thirty-five percent of the respondents thought farmland values would decline by an average of 12.3 percent over the next five years - an annual decline of 2.3 percent.
The remaining 22 percent expected no change.
To read the full Indiana farmland values report compiled by Dobbins and research associate Kim Cook, download the August 2013 issue of Purdue Agricultural Economics Report at https://www.agecon.purdue.edu/extension/pubs/paer/.