Continued low interest rates, robust price increases for row-crop land and strong cattle prices are nudging up pasture values. The average value of pastureland rose nearly 2% through the start of this year to $l,100/acre, according to USDA. That's double last year's pace of 1%, and $10/acre above the 2008 nominal market peak. Interestingly, pasture values advanced despite fewer cattle competing for grass: The number of beef cows is down another 1% this year, and ranchers are also holding 5% fewer beef replacement heifers.
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