One of my former college classmates started a new job last week. Effective July 1, Dr. Steve Martin assumed the role as head of Mississippi State University’s Delta Research and Extension Center in Stoneville. Before being named head of the center, Martin worked as an agricultural economist at Stoneville for about 20 years. Down through the years, Martin and I have worked together on several projects involving the economics of various agricultural practices. I found one of Martin’s most recent publications very interesting and guessed that some of this column’s readers may find some useful information in Martin’s findings, as well.

His publication was the results of a survey he conducted late last winter regarding land ownership, land values, and rental rates. Martin’s report summarizes the findings from that survey. The title of his publication, which was published last month, is Mississippi Agricultural Land Values and Rental Rates. Personally, I believe this information is good reference material for anyone who rents or leases a farm, owns farm land, or who may be considering investing in agricultural property.

Agricultural landowners and farmers surveyed were asked questions about land values and rental rates. In addition, the survey also gathered responses about the types of agricultural practices, conservation programs, length and type of rental arrangements, and demographics concerning residence and age.

The results are actually reported in two ways – first as state totals and by specific geographic regions of Mississippi, which are the same as the National Agricultural Statistics Service reporting districts.

Across the state, 98 percent of the respondents were landowners. The average age of the respondents was 60 years, slightly older than the average of 57.2 years reported in the 2002 Census of Agriculture. Of those who owned land, 24 percent reported leasing a portion of that land to others.

Martin showed some variation in the data based on whether the survey’s respondents received a cash rental rate for their land versus paying rent for agricultural land. Statewide, the average cash rental rate received for row crop land was $62 per acre and for grass land $23. Obviously, cash rental is more common today than crop share arrangements. In Martin’s survey, 4.75 percent of the respondents reported renting row crop land on a share rental arrangement with an average share rental agreement of 24 percent. The average length of row crop leases reported was 2.5 years.

Respondents who said they rented land from others – well over half of the farmers surveyed – paid slightly higher rates than those received, according to Martin’s data. The statewide rental rate for row crop land was $70 and for grass land $30.

Perhaps some of the details potential land investors might find useful are the statewide average land sale prices. The average price for row crop land was $1,938 and grass land was $2405. Timber land was also reported with an average sale price of $1954.

While the information I’ve included in today’s column focuses on statewide averages, the results from the individual geographic regions reflect more of that region’s values based on land use and capabilities. I will gladly share further details of Martin’s study or a copy of his report upon request.

John C. Coccaro is county Extension director. Write to him at 1100-C Grove St., Vicksburg, MS 39180 or call 601-636-5442. E-mail him at jcoccaro@ext.msstate.edu