Wisconsin Agricultural Land Prices 2017  Low commodity prices did not dampen average agricultural land prices in  2017. The WI Department of Revenue transfer return data finds average  agricultural land values were nearly steady in 2017.  Ag land values steady in 2017. Wisconsin Agricultural Land Prices 2012-2017 A.J. Brannstrom12 University of Wisconsin Center for Dairy Profitability February 2018 The weighted average price of agricultural land sold in Wisconsin in 2017 was $4,025 per acre. This is a 3.5% increase from 2015 and nearly identical to the average from 2016. There were 11% more acres sold in 2017 and 13% more reported transactions. Declining farm incomes helped to dampen demand. With low commodity prices expected and increased borrowing costs again in 2018, producer competition for land will likely soften again. Farmland is the most valuable asset on most farmer’s balance sheet. However, estimating land values is always difficult. There is nothing more unique than an individual parcel of land. While many thousand homes are sold each year, only a small fraction of the state’s agricultural land changes hands on the open market in any given year. Surveys of farmers, bankers, realtors and appraisers are sometimes used to estimate changes in land values. While easy to conduct, these opinion surveys are subjective and can be hard to interpret. News of high priced sales travels quickly – but these sales are often the exceptions and not reflective of the market. The Wisconsin Department of Revenue (DOR) collects an alternative source of agricultural land sales data. A transfer return tax is collected when a property is sold, and a transfer return form is collected with the tax payment. Information from these transfer return forms is the source for this paper. Wisconsin’s agricultural land values are low compared to some of our highly productive neighboring states – but a larger portion of our land is not suitable for continuous row crop farming and more of our land is used for forage production, woodlots and pasture. The shorter growing season in northern Wisconsin also limits the potential agricultural value of the land. Figure 1. State-wide Ag Land Value Trends 2012-2017 1 Arlin Brannstrom is a Faculty Associate Emeritus at the UW-Madison Center for Dairy Profitability and Secretary/Treasurer for the Wisconsin Chapter of the American Society of Farm Managers and Rural Appraisers. 2 Mr. Tom Kriegl, UWEX Professor Emeritus. 2 While the state average increased slightly in 2017, there were wide variations in sale price per acre. 20% of the sales were less than $2000/acre and only 17% of sales had prices above $6,000/acre. High priced sales make good headlines; however there were very few sales above $10,000/acre. 2017 Sales Price / Acre Distribution 180 159 160 126 115 120 Frequency 90.00% 80.00% 140 104 88 91 100 70.00% 100 60.00% 50.00% 80 60 100.00% 40.00% 60 45 40 47 49 40 39 30.00% 31 19 18 20 20.00% 8 7 11 3 4 5 5 2 5 4 3 3 3 0 10.00% $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 $5,000 $5,500 $6,000 $6,500 $7,000 $7,500 $8,000 $8,500 $9,000 $9,500 $10,000 $10,500 $11,000 $11,500 $12,000 $12,500 $13,000 $13,500 $14,000 $14,500 More 0.00% Frequency Cumulative % Figure 2. 2017 Distribution of weighted average $/acre – statewide Another way to emphasize the large range in the prices paid for bare land is illustrated in Appendix II. It reports the minimum and maximum sales price/acre for each county and NASS district between 2012-2017. Methodology This report is based upon sales of bare land between non-related parties in Wisconsin townships. All parcels were between 35 acres and 2,000 acres and assessed for agricultural use at the time of the sale. Properties with water frontage or managed forest acreage were filtered out. The Department of Revenue’s transfer return data is an objective and relatively timely data source for measuring changes in agricultural land values over time. Later each year the Wisconsin Agricultural Statistics Service posts a summary of agricultural land sales – both bare land and improved properties. The NASS information uses the same transfer return data as this study, with one exception. The delay allows county assessors to collect and verify each parcel’s intended future use. There are a few other differences in our approaches. The NASS summary is not limited to parcels 35 acres and above and includes properties in cities and villages. Land markets can change quickly. Using only the transfer return data enables us to make an earlier assessment of the direction of land values. The NASS reports (which typically are updated in late summer) are another good alternative with more information about tillable land and land diverted from agriculture. The link to obtain the most current land summary is: http://www.nass.usda.gov/Statistics_by_State/Wisconsin/Publications/Land_Sales/. 3 Between 2012 and 2017, nearly eight thousand bare agricultural land transfer returns were used to compute weighted average sale prices per acre. All reported sale prices are weighted averages. Weighted averages reduce the influence of sales with unusually high or low sale prices. Weighted averages are computed by summing the dollars paid for all sales and the total acres sold in the county or NASS unit and then dividing the totals. For example, if four 100-acre tracts sold for $2000/acre and a 5th sold for $4000, but was only 50 acres - the weighted average would be (400*$2,000) + (50*$4,000)) /450 or $2,222/acre as opposed to the simple average of $2,400. Location is an important determinant of value. In addition to the state-wide averages, land prices are reported using National Agricultural Statistics Service districts. The adjacent map displays the borders of the various National Agricultural Statistics Service (NASS) NASS District Boundaries Table 1. Weighted Average Wisconsin Bare Ag Land Sales 2012-2017. 2012 2013 NASS District Sales Acres Wt $/Acre Sales Acres Wt $/Acre 1 NW District 171 15,726 $1,953 134 10,649 $2,427 2 NC District 161 21,478 $1,458 128 8,906 $2,277 3 NE District 86 8,995 $2,163 56 3,628 $3,011 4 WC District 326 25,280 $3,163 236 18,328 $3,599 5 C District 150 12,706 $2,964 125 9,473 $2,815 6 EC District 266 18,102 $5,112 170 12,817 $5,061 7 SW District 270 22,016 $3,897 180 13,757 $3,532 8 SC District 244 18,115 $5,096 173 13,181 $5,141 9 SE District 65 5,205 $5,194 65 5,125 $6,338 Grand Total 1739 147,623 $3,365 1267 95,864 $3,790 2015 2016 NASS District Sales Acres Wt $/Acre Sales Acres Wt $/Acre 1 NW District 117 10,625 $2,429 114 9,349 $2,561 2 NC District 118 7,384 $2,616 101 7,777 $2,888 3 NE District 70 4,566 $2,807 92 6,753 $3,206 4 WC District 218 17,218 $3,165 216 16,737 $3,460 5 C District 116 8,840 $3,297 89 6,529 $3,118 6 EC District 158 10,463 $6,577 126 9,778 $6,248 7 SW District 165 14,020 $3,510 149 11,823 $3,817 8 SC District 165 13,254 $5,200 125 9,491 $5,567 9 SE District 57 3,907 $5,668 39 2,797 $6,777 Grand Total 1184 90,277 $3,884 1051 81,034 $4,003 2014 Sales 109 137 85 201 124 157 159 170 41 1183 2017 Sales 148 89 67 231 114 156 167 159 53 1184 Acres Wt $/Acre 9,269 $2,402 9,785 $2,673 5,899 $2,799 16,890 $3,647 10,047 $3,073 11,060 $5,715 12,917 $3,833 13,345 $5,684 3,544 $5,795 92,756 $3,952 Acres Wt $/Acre 10,560 $2,307 6,368 $2,596 4,272 $2,995 17,372 $3,786 8,242 $2,924 11,368 $5,493 15,047 $3,625 13,231 $5,907 3,706 $6,525 90,166 $4,025 Table 1 lists the number of sales, the number of acres sold and the average price ($/acre) in each of the nine NASS reporting districts. (Complete county details are included in Appendix I.) In 2017, there were fewer acres transferred in Northeast and the North Central districts. There are often wide variations in the value of individual parcels even within the same township or county. 4 Percent of Total Acres Sold by District 2012‐2017 25.00% % of acres sold 20.00% 2012 2013 15.00% 2014 10.00% 2015 2016 5.00% 2017 0.00% 1 NW District 2 NC District 3 NE District 4 WC District 5 C District 6 EC District 7 SW District 8 SC 9 SE District District Figure 3. Relative % of Land Sold by District Figure 3 displays the percentage of total land area sales by NASS District. Southeast and Northeast districts have had the least agricultural land sold over recent years. Southeast WI is influenced by urban pressures of Milwaukee, Racine and Kenosha. The small acreage in Northeast Wisconsin reflects the large amount of forest and recreation land in that district. The three districts with the largest percent of farm land sales have been the West Central, Southwest and South Central. The total acres sold in 2017 increased over 2016. Figure 4. Weighted average price/acre by NASS district. Figure 4 represents the changes in the weighted average sale price/acre within each of the nine statistical reporting districts over the six-year span. Average land values increased in two of the nine reported areas. The two exceptions were the West Central, and South Central. The highest average prices paid for ag land were in Southeastern Wisconsin. There have been very few bare land sales in Southeastern Wisconsin in recent years - which makes it difficult to gauge market value trends. East Central sales saw the largest weighted average price increase in 2015 as a strong dairy industry and land auctions in this case helped to drive up sales prices. East Central average prices declined again in 2017. The average price per acre for bare land in the northern districts decreased slightly in 2017. East Central Wisconsin contains the largest concentration of large dairy farm. This is also the fastest 5 growing milk production region in the state. The Southwest districts experienced a small decrease in average sale prices in 2017. The large increase in Southeast average value/acre was on a relatively small number of sales. Land Values vs Rental Rates State-wide land rental rates are reported annually by NASS. Figure 5 on page seven combines the state average land values with reported average rental rates. Even within a county, rental rates are highly variable. Some of the factors which affect rental rates are soil quality, field size, social contracts and demand for nutrient management. The 2016 NASS average rental rate was $131/acre which is about 3.2% of the state-wide average sale price. There has been a high demand for additional rented land, especially in the years 2012-2014 and tenants bid up rental rates as a result. Rental rates have remained relatively stable in recent years. The following Wisconsin corn budget for 2018 illustrates the tight profit margins that are likely to exist this year if yields and harvest time prices are typical. Table 2 illustrates anticipated input costs associated with producing an acre of corn in 2018. Note that some of these costs are cash inputs and others non-cash such as repairs and depreciation. In the short run these fixed costs (non-cash) can be ignored – but they must be covered in the longer run. Table 2 2018 Corn Budget    Variable Costs    Input  Units  Cost  Cost/ Unit  Cost/Acre  NH3  140  $600  0.30  AMS  125  $285  0.14  $17.81  K2O  100  $300  0.15  $15.00  Starter  100  $465  0.23  $23.25  Lime  0.5  $15  15.00  $7.50  Seed  30000  $280  0.00350  $105.00  Chemicals  $35    Insurance    Testing & Scouting  $35.00  $28  $28.00  $10  $10.00  Subtotal  Field Operations  $42.00  $283.56    Nitrogen Application  Spreading Fertilizer  $16  $16.00  $6  $6.00  Primary Tillage  $16  $16.00  Secondary Tillage  $16  $16.00  Planting    $24  $24.00  Spraying    $15  $15.00    $32  $32.00  Combining  Subtotal  Trucking, Drying and Storage Costs  Trucking  $125.00  $30  $30.00  Drying    $35  $35.00  Storage    $30  $30.00  Subtotal      19.70%      Rent  44.69%  Total Costs  $95.00  14.97%  $131.00  20.64%  $634.56  6 The returns to labor and management with different yield and corn price assumptions are in table 3. As an example, with these revenue and cost projections (including the state average $131/acre for rent) an operator would lose $147/acre with a yield of 150 bu. and average corn price of $3.25/bu. In this case renters are not able to cover their full cost of production and must hope for above average yields or improved commodity prices or both. The outlook for higher commodity prices in 2018 is not encouraging. Net Return to Labor & Mgt Corn Yield/Acre 100 125 150 175 200 225 Price $2.75 $       (360) $       (291) $       (222) $       (153) $         (85) $         (16) $3.00 $       (335) $       (260) $       (185) $       (110) $         (35) $           40 $3.25 $       (310) $       (228) $       (147) $         (66) $           15 $           97 $3.50 $       (285) $       (197) $       (110) $         (22) $           65 $         153 $3.75 $       (260) $       (166) $         (72) $           22 $         115 $         209 Table 3. Projected returns to unpaid labor and management with various yield and price assumptions. In recent years, NASS rental rates have averaged between 2.4 and 3.4% of the average statewide ag land sales prices. Many more acres are rented than sold each year. With narrowing profitability going forward, there has been an increased use of flex lease contracts in the Midwest. Flex leases allow the owner and tenant to share the risks and rewards in good years and bad. (Examples of several types of agricultural leases are found at http://www.aglease101.org.) Figure 5 Land Values & NASS Reported Rental Rates When the average cash rents are combined with land value appreciation, the returns to owning land have performed better than many other investment alternatives. Rents tend to be “sticky” when commodity prices soften – as we’ve seen in 2016 and 2017. With lower commodity prices anticipated again in 2018, competition for rental land – especially poor quality rental acres - may soften in 2019. 7 Implications for Farmers Rising land values are a mixed blessing for established farmers. The appreciation in land value is only realized when the assets are sold. In most cases, the ongoing business is neither directly responsible for nor directly benefited by changes in land values. High land values provide the retirement cushion for “last generation” farm businesses. However, high land prices make it more difficult for new entrants to get started without significant help from family members or other benefactors. Dairy farming in Southeastern, East Central and South Central Wisconsin is under great pressure from competing land uses. If the trend continues, dairy production will continue to shift away from these parts of Wisconsin. Dairy farming is a capital-intensive business. A typical dairy cow and her replacement consumes approximately 7.5 tons of forage dry matter and 100 bushels of grain each year. Manure management and nutrient balancing are a growing challenge. The typical Wisconsin dairy farm requires 2-3 acres of cropland to grow the forages and grain consumed by each dairy cow. In recent years, the demands for agricultural land have made farmland acquisition very difficult to amortize. Wisconsin’s farmland use value assessment has greatly reduced the costs of holding agricultural real estate. The real estate taxes for ag land base much lower than they once were. Record low interest rates and changing population demographics have also increased demands for open space. Expanding dairy businesses may need to rely on long-term leases or manure trading arrangements to assure compliance with environmental regulations and land use constraints. Although dairy farming is well suited to the climate, topography and infrastructure of Wisconsin, the continued survival of a viable dairy industry depends upon access to affordable land resources. Few things are as illiquid as land. Unlike stocks, bonds and commodities, one can only estimate the value of real estate until a willing buyer and seller consummate a sale. At least in recent years, agricultural land has been a much better investment than many other alternatives. However, past performance is not always a good predictor of the future! Appendix I on the following page contains a more detailed breakdown of real estate sale prices on a county by district basis for 2012 - 2017. The limited numbers of sales in each county can cause wide variations from year to year, and the weighted average prices reported may not truly represent the local market. These figures should not substitute for an independent appraisal by a qualified professional. For this reason, Appendix II reports the maximum and minimum sales price per acre during this same period. 8 2012 1 NW District Barron Bayfield Burnett Chippewa Douglas Polk Rusk Sawyer Washburn 2 NC District Ashland Clark Iron Lincoln Marathon Oneida Price Taylor Vilas 3 NE District Florence Forest Langlade Marinette Oconto Shawano 4 WC District Buffalo Dunn Eau Claire Jackson La Crosse Monroe Pepin Pierce St. Croix Trempealeau 5 C District Adams Green Lake Juneau Portage Waupaca Waushara Wood 6 EC District Brown Calumet Door Fond du Lac Kewaunee Manitowoc Marquette Outagamie Sheboygan Winnebago 7 SW District Crawford Grant Iowa Lafayette Richland Sauk Vernon 8 SC District Columbia Dane Dodge Green Jefferson Rock 9 SE District Kenosha Ozaukee Racine Walworth Washington Waukesha Grand Total Sales Acres 171 15,726 27 1,795 10 1,131 8 1,643 48 3,802 6 1,199 39 2,938 16 1,190 5 465 12 1,563 161 21,478 2 80 49 5,734 2 3,120 5 202 60 3,756 10 2,489 5 446 26 2,087 2 3,564 86 8,995 1 40 4 3,438 16 1,263 14 901 18 1,209 33 2,144 326 25,280 30 2,797 37 2,655 30 3,672 35 2,650 18 1,189 30 2,024 13 784 44 3,018 61 4,079 28 2,412 150 12,706 13 1,039 10 734 23 3,557 19 1,235 47 3,266 20 1,569 18 1,306 266 18,102 27 1,714 16 958 15 1,055 51 3,712 22 1,394 24 1,470 6 234 51 3,948 39 2,464 15 1,153 270 22,016 21 1,515 41 4,278 42 3,515 59 5,426 30 2,040 42 2,714 35 2,528 244 18,115 43 2,485 51 3,605 52 4,131 43 3,972 23 1,389 32 2,533 65 5,205 12 1,090 9 867 10 625 22 1,570 9 673 3 380 1739 147,623 2013 Wt  $/Acre $1,953 $2,786 $999 $1,019 $2,471 $864 $2,688 $1,333 $2,028 $1,311 $1,458 $873 $1,648 $571 $1,472 $2,700 $1,209 $802 $1,662 $767 $2,163 $1,505 $843 $1,929 $2,710 $2,915 $3,777 $3,163 $3,332 $2,901 $2,189 $2,851 $4,266 $2,402 $3,058 $3,614 $3,914 $3,374 $2,964 $2,908 $4,906 $1,698 $3,930 $3,735 $3,042 $2,433 $5,112 $6,642 $6,508 $3,361 $5,290 $4,153 $5,355 $2,409 $5,331 $5,123 $3,338 $3,897 $2,547 $3,657 $3,830 $5,826 $2,737 $3,275 $2,670 $5,096 $5,178 $6,628 $5,161 $3,912 $5,142 $4,559 $5,194 $4,485 $5,098 $4,720 $6,012 $4,996 $5,197 $3,365 Sales 134 21 13 7 37 3 26 21 3 3 128 8 32 1 2 52 6 5 22 NA 56 3 2 6 4 19 22 236 28 31 15 19 13 23 7 19 48 33 125 16 4 23 24 28 17 13 170 21 13 11 28 8 23 12 13 22 19 180 14 32 20 18 28 42 26 173 28 25 26 44 25 25 65 6 9 8 26 13 3 1267 2014 Acres 10,649 1,645 1,130 556 2,461 200 1,971 2,179 159 348 8,906 542 2,197 109 127 3,397 372 395 1,767 NA 3,628 122 179 423 191 1,289 1,424 18,328 2,155 2,127 1,233 1,754 958 1,607 802 1,070 3,437 3,185 9,473 1,384 235 1,960 1,722 1,552 1,630 990 12,817 1,894 760 639 2,155 489 2,422 1,035 865 1,148 1,410 13,757 1,108 3,204 1,596 1,192 1,687 2,598 2,372 13,181 1,741 2,211 2,089 3,411 1,545 2,184 5,125 589 712 594 2,162 885 183 95,864 Wt  $/Acre $2,427 $4,160 $1,365 $2,278 $2,334 $1,095 $2,759 $1,876 $987 $1,572 $2,277 $1,191 $2,643 $853 $890 $2,905 $1,614 $1,054 $1,546 NA $3,011 $1,525 $1,359 $1,921 $3,166 $3,639 $3,081 $3,599 $3,734 $2,785 $2,774 $3,147 $3,621 $2,729 $4,147 $3,756 $4,034 $4,389 $2,815 $2,644 $6,123 $2,357 $2,619 $3,339 $2,861 $2,620 $5,061 $7,131 $6,617 $3,974 $4,828 $3,875 $4,762 $3,003 $6,855 $4,879 $3,776 $3,532 $2,323 $4,602 $3,449 $5,052 $2,294 $2,865 $3,554 $5,141 $4,095 $7,637 $5,482 $4,041 $4,563 $5,248 $6,338 $4,260 $5,482 $6,004 $7,948 $5,251 $3,681 $3,790 Sales 109 19 8 4 24 6 27 11 7 3 137 6 41 NA 4 53 1 5 23 4 85 2 3 12 12 27 29 201 25 19 20 11 5 21 16 18 33 33 124 17 10 15 26 24 21 11 157 15 12 8 19 10 12 11 21 27 22 159 17 20 24 21 22 36 19 170 37 32 34 21 17 29 41 7 4 3 16 8 3 1183 2015 Acres 9,269 2,158 577 390 2,482 330 1,678 722 638 294 9,785 325 2,880 NA 204 3,140 41 391 1,445 1,359 5,899 80 194 1,285 1,056 1,662 1,622 16,890 1,821 1,625 1,407 827 463 2,061 1,480 1,952 2,283 2,971 10,047 1,296 600 1,640 2,485 1,304 1,789 933 11,060 1,429 722 413 1,542 653 622 746 1,681 1,824 1,428 12,917 1,100 1,843 1,923 1,936 1,481 3,146 1,488 13,345 2,129 2,357 2,834 2,127 1,158 2,740 3,544 489 218 319 1,659 497 362 92,756 Appendix I. Detailed County Ag Land Sales 2012-2017 9 Wt  $/Acre $2,402 $3,127 $1,306 $2,481 $2,609 $933 $2,968 $1,285 $951 $1,703 $2,673 $1,105 $3,062 NA $2,071 $3,300 $1,415 $1,039 $1,924 $2,167 $2,799 $1,825 $1,588 $1,777 $2,289 $2,944 $3,984 $3,647 $4,128 $2,905 $2,877 $4,195 $4,116 $3,030 $2,945 $4,463 $4,007 $3,864 $3,073 $3,767 $2,430 $2,760 $3,292 $3,306 $2,771 $2,741 $5,715 $7,745 $7,705 $3,234 $5,796 $5,563 $5,461 $2,598 $7,547 $5,410 $3,352 $3,833 $2,564 $4,370 $4,387 $5,311 $2,634 $3,624 $3,106 $5,684 $4,482 $8,000 $5,651 $4,709 $5,578 $5,463 $5,795 $5,613 $5,885 $5,840 $5,629 $5,535 $7,064 $3,952 Sales 117 30 8 2 24 17 17 13 1 5 118 9 30 1 3 46 3 6 19 1 70 1 2 11 15 17 24 218 15 33 18 21 17 29 13 16 28 28 116 16 11 18 19 18 19 15 158 17 13 17 23 12 23 15 10 17 11 165 14 31 21 15 23 27 34 165 34 33 21 26 18 33 57 8 8 5 23 12 1 1184 2016 Acres 10,625 2,693 1,035 100 2,298 1,256 1,076 1,379 193 595 7,384 490 2,014 48 164 2,878 353 227 1,174 36 4,566 55 113 1,001 1,045 912 1,440 17,218 1,519 2,649 1,336 1,308 1,137 1,824 846 1,243 2,596 2,760 8,840 1,765 622 1,550 1,254 1,480 1,378 791 10,463 1,073 1,180 818 1,851 755 1,959 768 458 896 705 14,020 1,200 3,058 1,702 1,409 1,836 2,087 2,728 13,254 2,537 2,250 1,450 2,057 1,403 3,557 3,907 493 606 364 1,682 692 70 90,277 Wt  $/Acre $2,429 $4,070 $743 $2,765 $2,478 $833 $2,980 $1,719 $1,995 $1,846 $2,616 $919 $3,204 $625 $1,864 $2,973 $1,326 $1,139 $2,001 $12,361 $2,807 $1,547 $845 $1,781 $1,826 $3,105 $4,246 $3,165 $3,382 $2,561 $3,285 $3,140 $3,855 $2,966 $3,507 $3,889 $3,377 $2,795 $3,297 $4,099 $5,094 $3,114 $2,646 $3,325 $2,535 $2,765 $6,577 $10,222 $8,719 $3,883 $5,887 $4,981 $7,672 $3,039 $6,498 $5,543 $6,267 $3,510 $2,787 $3,384 $3,916 $5,114 $2,500 $4,006 $3,187 $5,200 $4,251 $7,175 $5,709 $5,076 $4,364 $4,823 $5,668 $6,415 $5,799 $5,680 $5,643 $4,527 $11,071 $3,884 Sales 114 21 11 7 28 4 27 7 5 4 101 3 39 NA 2 38 NA 5 14 NA 92 2 1 18 29 13 29 216 26 38 18 15 9 28 5 24 32 21 89 4 3 8 22 26 21 5 126 12 11 14 19 4 10 9 17 18 12 149 17 18 18 20 20 34 22 125 25 24 22 15 21 18 39 2 3 6 18 8 2 1051 2017 Acres 9,349 1,944 725 345 2,552 415 1,982 418 736 232 7,777 178 3,182 NA 240 2,514 NA 275 1,388 NA 6,753 80 39 1,380 2,236 1,253 1,765 16,737 2,451 3,200 1,012 968 1,103 1,843 472 1,687 2,133 1,868 6,529 372 334 687 1,570 1,399 1,860 307 9,778 942 699 1,168 2,041 165 752 447 1,305 1,358 901 11,823 1,636 1,522 1,940 1,356 1,513 2,360 1,496 9,491 1,543 1,781 2,129 1,105 1,577 1,356 2,797 142 218 417 1,433 440 147 81,034 Wt  $/Acre $2,561 $3,250 $1,447 $1,758 $3,211 $859 $2,693 $1,471 $1,140 $2,721 $2,888 $1,228 $3,585 NA $1,354 $3,174 NA $1,106 $1,601 NA $3,206 $1,350 $1,538 $2,579 $2,129 $4,371 $4,353 $3,460 $3,486 $3,634 $3,486 $2,573 $4,455 $2,644 $2,926 $3,225 $4,277 $3,209 $3,118 $3,289 $5,620 $2,572 $3,220 $3,850 $2,355 $2,170 $6,248 $8,884 $9,715 $3,293 $6,811 $5,945 $7,157 $2,247 $7,033 $5,139 $5,172 $3,817 $3,062 $4,753 $3,966 $5,955 $2,802 $3,564 $2,987 $5,567 $4,812 $6,982 $5,002 $5,221 $6,482 $4,676 $6,777 $3,697 $10,224 $4,617 $7,247 $6,534 $6,915 $4,003 Sales 148 21 11 10 42 7 35 13 4 5 89 4 29 NA 1 40 1 4 10 NA 67 1 NA 11 15 17 23 231 26 43 24 18 18 27 5 19 26 25 114 11 11 20 18 19 19 16 156 23 5 13 35 11 16 20 12 15 6 167 16 24 32 16 15 33 31 159 45 31 18 26 12 27 53 6 10 7 18 9 3 1184 Acres 10,560 1,428 617 942 3,138 593 2,248 955 246 393 6,368 232 2,279 NA 40 2,792 52 280 693 NA 4,272 46 NA 929 999 966 1,332 17,372 2,357 3,230 1,234 1,867 1,416 1,777 296 1,117 1,492 2,586 8,242 806 687 1,897 1,279 967 1,340 1,266 11,368 1,547 300 706 2,814 1,007 1,049 1,957 612 932 444 15,047 1,679 1,885 3,720 1,447 1,342 2,353 2,621 13,231 3,952 2,395 1,431 2,436 565 2,452 3,706 379 685 427 1,203 681 331 90,166 Wt  $/Acre $2,307 $3,454 $1,202 $1,617 $2,393 $993 $2,719 $1,386 $2,566 $2,539 $2,596 $1,207 $2,613 NA $1,250 $2,861 $1,601 $1,356 $2,589 NA $2,995 $1,130 NA $2,145 $1,940 $2,913 $4,503 $3,786 $3,679 $3,034 $4,470 $3,234 $4,019 $4,205 $3,042 $4,051 $4,085 $4,279 $2,924 $2,292 $3,911 $2,727 $3,428 $3,357 $2,675 $2,508 $5,493 $8,838 $9,003 $3,953 $4,909 $6,357 $5,984 $3,108 $5,637 $5,948 $3,844 $3,625 $2,560 $4,040 $3,688 $5,957 $2,946 $3,657 $2,948 $5,907 $4,711 $7,037 $6,184 $5,764 $5,563 $6,791 $6,525 $5,347 $4,899 $6,857 $7,511 $7,459 $5,298 $4,025 1 NW District Barron Bayfield Burnett Chippewa Douglas Polk Rusk Sawyer Washburn 2 NC District Ashland Clark Iron Lincoln Marathon Oneida Price Taylor Vilas 3 NE District Florence Forest Langlade Marinette Oconto Shawano 4 WC District Buffalo Dunn Eau Claire Jackson La Crosse Monroe Pepin Pierce St. Croix Trempealeau 5 C District Adams Green Lake Juneau Portage Waupaca Waushara Wood 6 EC District Brown Calumet Door Fond du Lac Kewaunee Manitowoc Marquette Outagamie Sheboygan Winnebago 7 SW District Crawford Grant Iowa Lafayette Richland Sauk Vernon 8 SC District Columbia Dane Dodge Green Jefferson Rock 9 SE District Kenosha Ozaukee Racine Walworth Washington Waukesha Grand Total 2012 Lowest Wt $/Acre $455 $1,953 $1,463 $2,786 $500 $999 $707 $1,019 $1,070 $2,471 $455 $864 $830 $2,688 $600 $1,333 $1,725 $2,028 $811 $1,311 $474 $1,458 $497 $873 $474 $1,648 $500 $571 $900 $1,472 $1,219 $2,700 $755 $1,209 $563 $802 $526 $1,662 $759 $767 $500 $2,163 $1,505 $1,505 $700 $843 $500 $1,929 $1,250 $2,710 $1,580 $2,915 $1,725 $3,777 $432 $3,163 $1,250 $3,332 $794 $2,901 $901 $2,189 $432 $2,851 $1,000 $4,266 $573 $2,402 $1,200 $3,058 $1,700 $3,614 $649 $3,914 $1,732 $3,374 $800 $2,964 $1,963 $2,908 $1,291 $4,906 $903 $1,698 $1,006 $3,930 $800 $3,735 $1,308 $3,042 $899 $2,433 $620 $5,112 $1,538 $6,642 $3,038 $6,508 $2,034 $3,361 $1,240 $5,290 $1,429 $4,153 $2,388 $5,355 $1,375 $2,409 $620 $5,331 $2,125 $5,123 $1,125 $3,338 $406 $3,897 $1,200 $2,547 $625 $3,657 $406 $3,830 $1,000 $5,826 $1,250 $2,737 $1,000 $3,275 $729 $2,670 $564 $5,096 $1,547 $5,178 $564 $6,628 $1,190 $5,161 $575 $3,912 $1,878 $5,142 $653 $4,559 $700 $5,194 $2,500 $4,485 $3,000 $5,098 $1,154 $4,720 $700 $6,012 $1,136 $4,996 $4,808 $5,197 $406 $3,365 Highest $10,526 $10,526 $1,316 $2,051 $5,750 $1,129 $5,895 $2,304 $2,128 $2,403 $7,875 $1,250 $5,000 $582 $2,000 $7,875 $2,381 $1,264 $2,975 $1,462 $8,611 $1,505 $1,191 $2,597 $5,263 $4,000 $8,611 $14,939 $5,417 $5,000 $10,000 $10,000 $10,079 $5,069 $5,800 $9,000 $9,512 $14,939 $14,688 $4,838 $8,504 $3,742 $14,688 $6,114 $4,445 $5,278 $13,846 $12,189 $8,250 $5,064 $8,500 $6,857 $7,573 $3,000 $13,434 $13,846 $5,584 $14,979 $6,382 $10,000 $13,049 $14,979 $5,526 $5,510 $6,020 $16,253 $12,075 $16,253 $10,720 $7,159 $10,833 $10,750 $10,000 $9,037 $5,808 $7,716 $9,615 $10,000 $5,688 $16,253 2013 Lowest Wt $/Acre $424 $2,427 $1,795 $4,160 $813 $1,365 $1,769 $2,278 $800 $2,334 $1,042 $1,095 $1,200 $2,759 $833 $1,876 $424 $987 $1,523 $1,572 $417 $2,277 $1,000 $1,191 $500 $2,643 $853 $853 $585 $890 $875 $2,905 $417 $1,614 $638 $1,054 $713 $1,546 NA NA $500 $3,011 $1,190 $1,525 $923 $1,359 $1,250 $1,921 $2,250 $3,166 $744 $3,639 $500 $3,081 $530 $3,599 $1,840 $3,734 $1,000 $2,785 $553 $2,774 $1,216 $3,147 $530 $3,621 $625 $2,729 $2,000 $4,147 $750 $3,756 $1,596 $4,034 $1,394 $4,389 $571 $2,815 $1,194 $2,644 $2,439 $6,123 $900 $2,357 $1,561 $2,619 $571 $3,339 $1,000 $2,861 $1,727 $2,620 $820 $5,061 $820 $7,131 $3,947 $6,617 $2,000 $3,974 $900 $4,828 $2,000 $3,875 $994 $4,762 $2,197 $3,003 $2,237 $6,855 $1,857 $4,879 $994 $3,776 $686 $3,532 $1,175 $2,323 $1,160 $4,602 $2,034 $3,449 $1,579 $5,052 $686 $2,294 $769 $2,865 $795 $3,554 $545 $5,141 $545 $4,095 $875 $7,637 $2,627 $5,482 $592 $4,041 $648 $4,563 $938 $5,248 $1,071 $6,338 $1,071 $4,260 $4,208 $5,482 $4,286 $6,004 $5,060 $7,948 $1,642 $5,251 $1,415 $3,681 $417 $3,790 Highest $6,961 $6,961 $1,892 $3,409 $5,172 $1,250 $4,996 $2,551 $1,867 $1,750 $13,872 $1,625 $5,385 $853 $1,577 $13,872 $2,026 $1,575 $3,500 NA $7,170 $1,700 $1,696 $4,040 $4,000 $7,170 $6,273 $12,500 $6,218 $5,756 $4,960 $8,167 $9,821 $5,056 $5,660 $8,253 $8,562 $12,500 $9,180 $4,392 $9,180 $4,068 $4,273 $5,924 $3,947 $5,233 $16,271 $12,359 $10,786 $5,000 $9,376 $5,592 $9,768 $4,413 $10,474 $16,271 $7,468 $11,050 $3,140 $11,050 $5,321 $10,000 $4,286 $5,049 $6,909 $15,320 $9,013 $15,320 $8,900 $8,824 $7,927 $9,768 $12,342 $6,848 $8,571 $7,526 $12,342 $9,651 $7,097 $16,271 2014 Lowest Wt $/Acre $500 $2,402 $500 $3,127 $1,000 $1,306 $1,500 $2,481 $753 $2,609 $500 $933 $1,667 $2,968 $667 $1,285 $595 $951 $1,488 $1,703 $714 $2,673 $1,000 $1,105 $780 $3,062 NA NA $1,500 $2,071 $987 $3,300 $1,415 $1,415 $857 $1,039 $714 $1,924 $1,748 $2,167 $421 $2,799 $1,675 $1,825 $1,553 $1,588 $481 $1,777 $1,277 $2,289 $421 $2,944 $1,125 $3,984 $685 $3,647 $800 $4,128 $1,874 $2,905 $814 $2,877 $685 $4,195 $3,250 $4,116 $1,007 $3,030 $988 $2,945 $1,111 $4,463 $2,125 $4,007 $741 $3,864 $613 $3,073 $645 $3,767 $893 $2,430 $1,338 $2,760 $613 $3,292 $1,495 $3,306 $1,359 $2,771 $1,667 $2,741 $495 $5,715 $2,500 $7,745 $2,744 $7,705 $1,000 $3,234 $2,246 $5,796 $3,730 $5,563 $2,324 $5,461 $863 $2,598 $2,539 $7,547 $1,024 $5,410 $495 $3,352 $407 $3,833 $1,119 $2,564 $1,510 $4,370 $2,158 $4,387 $1,053 $5,311 $1,111 $2,634 $1,093 $3,624 $407 $3,106 $433 $5,684 $914 $4,482 $433 $8,000 $2,513 $5,651 $875 $4,709 $1,971 $5,578 $652 $5,463 $2,000 $5,795 $2,329 $5,613 $5,598 $5,885 $5,021 $5,840 $2,950 $5,629 $2,000 $5,535 $5,887 $7,064 $407 $3,952 Highest $16,162 $5,260 $2,000 $3,405 $16,162 $1,091 $6,667 $2,750 $2,200 $1,850 $7,051 $1,811 $5,825 NA $2,627 $7,051 $1,415 $1,320 $4,000 $3,400 $7,561 $1,975 $1,597 $3,455 $4,287 $4,918 $7,561 $11,963 $8,800 $5,337 $6,032 $11,111 $6,345 $11,963 $4,706 $10,000 $11,730 $11,511 $6,000 $6,000 $5,571 $4,742 $4,836 $5,584 $4,697 $3,231 $12,889 $12,191 $11,840 $7,000 $11,534 $7,075 $8,446 $4,500 $12,889 $7,799 $6,574 $11,738 $4,000 $11,738 $9,833 $8,000 $5,046 $9,000 $6,000 $16,500 $9,941 $16,500 $12,000 $8,980 $11,760 $10,250 $12,278 $10,821 $6,250 $7,714 $8,750 $12,278 $10,616 $16,500 Appendix II – Minimum, Wt Avg & Maximum $/Acre 10 2015 Lowest Wt $/Acre $447 $2,429 $1,778 $4,070 $491 $743 $2,483 $2,765 $701 $2,478 $542 $833 $1,410 $2,980 $447 $1,719 $1,995 $1,995 $1,392 $1,846 $600 $2,616 $625 $919 $800 $3,204 $625 $625 $1,588 $1,864 $600 $2,973 $1,222 $1,326 $975 $1,139 $768 $2,001 $12,361 $12,361 $500 $2,807 $1,547 $1,547 $638 $845 $500 $1,781 $737 $1,826 $1,000 $3,105 $2,031 $4,246 $996 $3,165 $1,169 $3,382 $1,316 $2,561 $1,401 $3,285 $1,229 $3,140 $1,592 $3,855 $1,216 $2,966 $1,500 $3,507 $2,214 $3,889 $996 $3,377 $1,065 $2,795 $690 $3,297 $1,700 $4,099 $2,000 $5,094 $1,039 $3,114 $690 $2,646 $811 $3,325 $1,000 $2,535 $1,200 $2,765 $408 $6,577 $3,333 $10,222 $5,002 $8,719 $2,090 $3,883 $911 $5,887 $1,505 $4,981 $441 $7,672 $408 $3,039 $3,625 $6,498 $2,976 $5,543 $3,989 $6,267 $1,081 $3,510 $1,081 $2,787 $1,500 $3,384 $1,600 $3,916 $2,800 $5,114 $1,714 $2,500 $1,250 $4,006 $2,075 $3,187 $427 $5,200 $427 $4,251 $1,250 $7,175 $1,166 $5,709 $952 $5,076 $1,000 $4,364 $731 $4,823 $1,571 $5,668 $4,274 $6,415 $2,994 $5,799 $4,076 $5,680 $1,631 $5,643 $1,571 $4,527 $11,071 $11,071 $408 $3,884 Highest $10,000 $10,000 $1,538 $3,188 $6,212 $1,238 $7,500 $3,464 $1,995 $2,176 $12,361 $1,184 $7,043 $625 $2,500 $6,184 $1,625 $1,371 $4,350 $12,361 $7,500 $1,547 $959 $3,500 $6,500 $5,130 $7,500 $11,956 $6,731 $6,200 $5,800 $9,250 $11,429 $11,956 $5,650 $6,200 $6,204 $7,718 $9,933 $5,567 $9,933 $4,950 $4,500 $5,474 $5,754 $4,100 $16,919 $16,919 $12,531 $6,430 $9,945 $8,029 $13,948 $5,000 $10,202 $15,239 $16,393 $10,900 $3,842 $10,900 $8,500 $10,766 $4,146 $7,714 $7,000 $16,250 $16,250 $16,064 $9,100 $9,974 $7,619 $10,350 $11,304 $8,929 $7,500 $6,964 $11,304 $8,496 $11,071 $16,919 2016 Lowest Wt $/Acre $500 $2,561 $1,000 $3,250 $796 $1,447 $1,082 $1,758 $993 $3,211 $700 $859 $1,175 $2,693 $500 $1,471 $625 $1,140 $1,500 $2,721 $475 $2,888 $729 $1,228 $1,256 $3,585 NA NA $1,271 $1,354 $475 $3,174 NA NA $703 $1,106 $976 $1,601 NA NA $472 $3,206 $1,175 $1,350 $1,538 $1,538 $1,200 $2,579 $472 $2,129 $875 $4,371 $976 $4,353 $571 $3,460 $1,167 $3,486 $1,125 $3,634 $1,913 $3,486 $571 $2,573 $2,997 $4,455 $1,000 $2,644 $1,563 $2,926 $1,763 $3,225 $1,575 $4,277 $626 $3,209 $597 $3,118 $1,837 $3,289 $1,850 $5,620 $1,366 $2,572 $1,200 $3,220 $1,605 $3,850 $597 $2,355 $952 $2,170 $1,000 $6,248 $7,000 $8,884 $8,485 $9,715 $1,628 $3,293 $3,359 $6,811 $4,721 $5,945 $1,039 $7,157 $1,409 $2,247 $3,238 $7,033 $1,235 $5,139 $1,000 $5,172 $808 $3,817 $1,750 $3,062 $2,500 $4,753 $2,073 $3,966 $2,253 $5,955 $808 $2,802 $1,494 $3,564 $1,270 $2,987 $683 $5,567 $1,283 $4,812 $1,844 $6,982 $1,985 $5,002 $683 $5,221 $3,205 $6,482 $1,180 $4,676 $860 $6,777 $2,976 $3,697 $3,865 $10,224 $860 $4,617 $1,478 $7,247 $2,485 $6,534 $4,690 $6,915 $472 $4,003 Highest $7,133 $5,877 $2,286 $2,400 $7,133 $920 $6,026 $2,133 $1,513 $3,485 $7,763 $1,500 $7,763 NA $1,438 $7,308 NA $1,500 $4,521 NA $13,088 $1,525 $1,538 $4,737 $4,514 $13,088 $7,711 $10,759 $7,756 $8,063 $10,759 $7,568 $6,964 $5,339 $4,250 $5,000 $9,250 $7,164 $9,898 $3,795 $7,096 $4,315 $6,203 $9,898 $4,371 $4,500 $12,659 $12,139 $11,033 $7,382 $10,065 $7,070 $11,072 $3,343 $12,659 $10,551 $8,333 $15,378 $9,730 $15,378 $6,597 $14,000 $4,502 $5,992 $5,484 $16,867 $9,615 $16,867 $10,256 $9,000 $12,637 $9,926 $16,505 $4,000 $16,505 $7,533 $12,500 $13,636 $13,077 $16,867 2017 Lowest Wt $/Acre $556 $2,307 $2,046 $3,454 $575 $1,202 $556 $1,617 $1,000 $2,393 $700 $993 $1,182 $2,719 $825 $1,386 $875 $2,566 $1,316 $2,539 $466 $2,596 $750 $1,207 $1,111 $2,613 NA NA $1,250 $1,250 $526 $2,861 $1,601 $1,601 $1,250 $1,356 $466 $2,589 NA NA $800 $2,995 $1,130 $1,130 NA NA $800 $2,145 $833 $1,940 $1,489 $2,913 $1,013 $4,503 $899 $3,786 $1,686 $3,679 $1,477 $3,034 $1,500 $4,470 $1,111 $3,234 $931 $4,019 $899 $4,205 $1,500 $3,042 $3,000 $4,051 $2,063 $4,085 $1,250 $4,279 $500 $2,924 $1,250 $2,292 $1,250 $3,911 $988 $2,727 $1,038 $3,428 $500 $3,357 $633 $2,675 $1,250 $2,508 $667 $5,493 $2,069 $8,838 $4,373 $9,003 $1,390 $3,953 $667 $4,909 $4,011 $6,357 $1,020 $5,984 $1,099 $3,108 $1,900 $5,637 $816 $5,948 $1,650 $3,844 $882 $3,625 $1,100 $2,560 $1,111 $4,040 $1,585 $3,688 $4,042 $5,957 $2,347 $2,946 $1,346 $3,657 $882 $2,948 $588 $5,907 $1,183 $4,711 $743 $7,037 $1,500 $6,184 $588 $5,764 $2,796 $5,563 $1,842 $6,791 $1,024 $6,525 $1,024 $5,347 $1,968 $4,899 $5,600 $6,857 $5,500 $7,511 $4,247 $7,459 $2,602 $5,298 $466 $4,025 Highest $11,026 $5,956 $2,500 $4,125 $5,556 $1,373 $6,083 $3,192 $11,026 $4,027 $5,654 $1,500 $5,654 NA $1,250 $5,072 $1,601 $1,739 $4,350 NA $9,474 $1,130 NA $4,241 $4,508 $4,450 $9,474 $16,250 $5,652 $6,240 $16,250 $10,000 $7,020 $11,265 $5,357 $6,453 $9,045 $8,113 $5,500 $4,457 $5,488 $5,500 $5,456 $5,305 $5,167 $5,128 $14,425 $14,425 $11,564 $8,925 $8,469 $8,068 $8,242 $12,750 $10,826 $9,054 $5,862 $9,713 $3,964 $9,713 $7,500 $7,998 $5,170 $6,987 $4,780 $14,193 $13,830 $14,193 $9,000 $11,826 $11,600 $13,529 $16,472 $12,500 $7,426 $7,792 $16,472 $10,000 $7,419 $16,472