Iowa’s average farmland values reached historic levels this year, soaring 17% since November 2021 to $11,411 per acre, according to Iowa State University’s (ISU) annual land value survey unveiled last week.

Values are higher this year than at any point since ISU began surveying farmland in 1941, and when adjusted for inflation, the 2022 average value surpasses the previous inflation-adjusted record value set in 2013.

Nominal land...