Iowa’s average farmland values rose again in 2023, although at a slower pace than the last two years, climbing 3.7% since November 2022 to $11,835 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. When adjusted for inflation, the 2023 average value surpassed the previous inflation-adjusted...