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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 Returns

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montana Farmland Returns

Over the last 20 years, montana farmland has offered average returns of 8%. At this rate, $10,000 invested in farmland in 1999 would now be worth over $90,400.00. Farmland returns are made up of two values, land appreciation, and capitalization rates of the property. Total farmland returns have been positive every year since 1990.

8%

Average Annual Returns

Cumulative Returns of Farmland

Source: NCREIF

Created with Highcharts 7.2.0199920002001200220032004200520062007200820092010201120122013201420152016201720182019$0$12000$24000$36000$48000$60000Highcharts.com

8%

Standard Deviation of Returns

Year Over Year Change (%)

Source: NCREIF

Created with Highcharts 7.2.01999200020012002200320042005200620072008200920102011201220132014201520162017201820190 %8 %16 %24 %32 %40 %Highcharts.com

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