undefined Agriculture Overview

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Washington is a powerhouse in our nation's agricultural economy, ranking 7th overall in crop sales. Thanks to an abundance of rich soils and diverse climates, farmers in Washington are able to produce over 300 unique commodities. Overall, the top 5 commodities produced in Washington are: Apples, Milk, Wheat, Cattle, and Potatoes. Notably, Washington is the number 1 producer of Apples in the United States, producing over 70% of our entire supply. The state also number one in the nation for the production of Hops, Spearmint Oil, Concord Grapes, Pears, Blueberries, and Aquaculture products. Just over 34% of Washington's land area is used as farmland, amounting to a total of 14.7 million acres.

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Farmland Rental Rates

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washington Farmland Rental Rates

Over the last 20 years, farmland rental rates per acre in the washington have risen from an average of $215 per acre in 2008 to $201 per acre in 2019. This represents an increase of -$14 over this time period with an average implied capitalization rate of 8.3%.

$201

Current Rental Rate Per Acre

Cash Rent per Acre

Source: USDA

Created with Highcharts 7.2.0200820092010201120122013201420152016201720182019$ 0$ 50$ 100$ 150$ 200$ 250Highcharts.com

8.3%

Average Annual Cap Rate

Implied Annual Capitalization Rate

Source: USDA

Created with Highcharts 7.2.02008200920102011201220132014201520162017201820190 %2.5 %5 %7.5 %10 %12.5 %Highcharts.com

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