DES MOINES (AP) – The value of farmland in Iowa is up again this year, reaching a new high at a time when many observers expect values to drop due to falling commodity prices.

In a new report released on Aug. 1, the U.S. Department of Agriculture said the average value of an acre of cropland in Iowa rose 9.4 percent from a year ago to a record $8,750.

The value of farm real estate – a measurement of the value of all land and buildings on farms – increased 10.4 percent to $8,500 an acre.

Iowa leads the nation in the value of farmland and buildings with a total value of $235.6 billion.

That’s up nearly 18 percent.

The annual report is based on producer surveys completed in the first two weeks of June.