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The products of Montana’s varied farming operations make it the largest industry in the state. Nearly 65% of this production comes from Cattle and Wheat, for which Montana ranks number three in exports in the entire country. Aside from these major commodities, Barley, Sugar Beets, Cherries, Lambs and Hay have been produced widely throughout history and still today. As of 2017, there were a total of 27,048 farms covering 58.1 million acres of land in Montana, 62% of the state’s total land area. The average size of each farm was roughly 2,149 acres, which puts it in the top 5 states in terms of average farm size.

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Farmland Rental Rates

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montana Farmland Rental Rates

Over the last 20 years, farmland rental rates per acre in the montana have risen from an average of $24 per acre in 1999 to $32 per acre in 2019. This represents an increase of $9 over this time period with an average implied capitalization rate of 3.7%.

$32

Current Rental Rate Per Acre

Cash Rent per Acre

Source: USDA

Created with Highcharts 7.2.01998199920002001200220032004200520062007200820092010201120122013201420152016201720182019$ 0$ 8$ 16$ 24$ 32$ 40Highcharts.com

3.7%

Average Annual Cap Rate

Implied Annual Capitalization Rate

Source: USDA

Created with Highcharts 7.2.019981999200020012002200320042005200620072008200920102011201220132014201520162017201820190 %1.2 %2.4 %3.6 %4.8 %6 %Highcharts.com

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