Iowa farmland values continue to rocket higher, according to two new surveys.

The U.S. Department of Agriculture’s (USDA) land values survey Aug. 5 found a 19.7% increase in Iowa cropland values over the past year, the largest increase among Corn Belt states.

The survey pegged Iowa cropland values at $9,350 per acre, up from $7,810 per acre last year. Pasture values in Iowa are estimated at $3,300 per acre, a 9.3% increase from a year...