undefined Agriculture Overview

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Michigan is an agriculturally diverse state, and ranks in the top 5 in the nation for the number of unique commodities produced. Facilitating this diverse production mix are the large variations in climate, soil compositions, and markets across the state that can encourage growers to follow best practices for their area, which often vary widely as well. While Dairy products, Corn, Soybeans, and Cattle make up over 50% of the state’s total production, there is much more depth to this agricultural economy. For example, Michigan produces 26% of the Asparagus, 17% of the Cucumbers, and 10% of Sugar Beets grown and sold in the United States.

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Farmland Rental Rates

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michigan Farmland Rental Rates

Over the last 20 years, farmland rental rates per acre in the michigan have risen from an average of $60 per acre in 1999 to $127 per acre in 2019. This represents an increase of $67 over this time period with an average implied capitalization rate of 2.6%.

$127

Current Rental Rate Per Acre

Cash Rent per Acre

Source: USDA

Created with Highcharts 7.2.019941995199619971998199920002001200220032004200520062007200820092010201120122013201420152016201720182019$ 0$ 30$ 60$ 90$ 120$ 150Highcharts.com

2.6%

Average Annual Cap Rate

Implied Annual Capitalization Rate

Source: USDA

Created with Highcharts 7.2.0199719981999200020012002200320042005200620072008200920102011201220132014201520162017201820190 %1 %2 %3 %4 %5 %Highcharts.com

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