Annual Associate Training February 4, 2004 Information Updates Annual Associate Training February 4, 2004

Soybeans

Source: NASS

Source: NASS

Source: ISU Extension COP

Source: ISU Extension COP

Source: ISU Extension COP

Source: ISU Extension COP

Corn

Source: NASS

Source: NASS

Source: ISU Extension COP

Source: ISU Extension COP

Source: ISU Extension COP

Source: ISU Extension COP

Land Value Survey

Statewide Average

2003 Average Values

Percentage Changes

Average Value - All Grades (Nominal Dollars)

Average Value - All Grades (1982-84 Dollars)

Land Buyers - 1989 - 2003

Positive Factors

Negative Factors

Land Information

Figure 1: Capitalization Rate for Rental Income, 2002 Jasper Wright Worth Woodbury Winneshiek Winnebago Webster Wayne Washington Warren Wapello Van Buren Union Taylor Tama Story Sioux Shelby Scott Sac Ringgold Poweshiek Pottawattamie Polk Pocahontas Plymouth Palo Alto Page Osceola OBrien Muscatine Montgomery Monroe Monona Mitchell Mills Marshall Marion Mahaska Madison Lyon Lucas Louisa Linn Lee Kossuth Keokuk Jones Johnson Jefferson Jackson Iowa Ida Humboldt Howard Henry Harrison Hardin Hancock Hamilton Guthrie Grundy Greene Fremont Franklin Floyd Fayette Emmet Dubuque Dickinson Des Moines Delaware Decatur Davis Dallas Crawford Clinton Clayton Clay Clarke Chickasaw Cherokee Cerro Gordo Cedar Cass Carroll Calhoun Butler Buena Vista Buchanan Bremer Boone Black Hawk Benton Audubon Appanoose Allamakee Adams Adair 5.33% 3.78% 3.90% 5.28% 5.51% 3.81% 3.88% 7.10% 4.18% 4.54% 5.74% 6.04% 6.61% 5.90% 4.62% 3.77% 3.70% 4.48% 3.59% 4.26% 7.80% 5.39% 4.71% 4.09% 3.74% 3.94% 4.65% 3.82% 3.63% 4.19% 4.53% 7.34% 5.76% 3.83% 3.89% 5.46% 4.50% 5.58% 3.19% 3.56% 3.79% 4.75% 4.15% 3.99% 5.44% 5.54% 4.84% 3.91% 4.27% 4.14% 5.20% 4.47% 4.32% 5.34% 3.95% 4.20% 4.17% 4.11% 4.57% 3.37% 4.29% 3.80% 4.89% 7.89% 6.46% 3.31% 5.26% 4.58% 3.46% 8.52% 4.03% 4.59% 3.58% 3.57% 5.63% 4.10% 4.43% 4.04% 4.28% 4.06% 5.48% 7.97% 5.67% 7.32% Percentage 3% - 4% 4% - 4.5% 4.5% - 5.5% 5.5% - 9% Figure 1: Capitalization Rate for Rental Income, 2002

Figure 2: Average Government Payments 1995-2002 $48.15 $48.04 $37.59 $41.86 $52.71 $43.35 $29.50 $48.88 $28.11 $33.22 $24.16 $28.39 $32.46 $47.39 $43.29 $44.02 $42.80 $51.51 $40.04 $30.82 $42.31 $37.99 $38.71 $44.79 $37.07 $46.68 $32.12 $45.35 $43.36 $45.74 $36.25 $20.63 $38.81 $47.07 $36.68 $48.01 $30.48 $42.41 $22.81 $39.50 $23.46 $42.44 $32.25 $48.66 $48.86 $45.60 $42.68 $39.52 $36.91 $43.10 $43.80 $48.03 $44.46 $43.70 $35.25 $46.63 $47.59 $44.99 $38.20 $47.61 $42.02 $32.93 $49.59 $46.37 $47.94 $51.85 $37.35 $43.27 $41.47 $53.05 $23.14 $26.61 $37.81 $36.16 $53.98 $36.36 $51.15 $26.59 $47.91 $41.28 $55.03 $52.95 $36.33 $40.36 $45.87 $42.60 $46.21 $49.56 $40.05 $47.51 $44.45 $40.85 $20.69 $33.24 $31.60 $31.47 Wright Worth Woodbury Winneshiek Winnebago Webster Wayne Washington Warren Wapello Van Buren Union Taylor Tama Story Sioux Shelby Scott Sac Ringgold Poweshiek Pottawattamie Polk Pocahontas Plymouth Palo Alto Page Osceola OBrien Muscatine Montgomery Monroe Monona Mitchell Mills Marshall Marion Mahaska Madison Lyon Lucas Louisa Linn Lee Kossuth Keokuk Jones Johnson Jefferson Jasper Jackson Iowa Ida Humboldt Howard Henry Harrison Hardin Hancock Hamilton Guthrie Grundy Greene Fremont Franklin Floyd Fayette Emmet Dubuque Dickinson Des Moines Delaware Decatur Davis Dallas Crawford Clinton Clayton Clay Clarke Chickasaw Cherokee Cerro Gordo Cedar Cass Carroll Calhoun Butler Buena Vista Buchanan Bremer Boone Black Hawk Benton Audubon Appanoose Allamakee Adams Adair AVG Payment $20 - $33 $33 - $40 $40 - $46 $46 - $56

Figure 3: Government Payments as Percentage of Land Values Wright Worth Woodbury Winneshiek Winnebago Webster Wayne Washington Warren Wapello Van Buren Union Taylor Tama Story Sioux Shelby Scott Sac Ringgold Poweshiek Pottawattamie Polk Pocahontas Plymouth Palo Alto Page Osceola OBrien Muscatine Montgomery Monroe Monona Mitchell Mills Marshall Marion Mahaska Madison Lyon Lucas Louisa Linn Lee Kossuth Keokuk Jones Johnson Jefferson Jasper Jackson Iowa Ida Humboldt Howard Henry Harrison Hardin Hancock Hamilton Guthrie Grundy Greene Fremont Franklin Floyd Fayette Emmet Dubuque Dickinson Des Moines Delaware Decatur Davis Dallas Crawford Clinton Clayton Clay Clarke Chickasaw Cherokee Cerro Gordo Cedar Cass Carroll Calhoun Butler Buena Vista Buchanan Bremer Boone Black Hawk Benton Audubon Appanoose Allamakee Adams Adair 53.1% 65.2% 40.5% 46.2% 64.7% 48.4% 38.4% 51.6% 33.8% 36.9% 34.3% 32.6% 41.9% 50.6% 47.2% 44.6% 51.3% 45.4% 40.3% 45.8% 46.1% 41.8% 45.2% 50.8% 55.3% 43.1% 52.6% 48.1% 49.3% 49.5% 26.8% 41.4% 56.2% 50.7% 37.5% 44.5% 33.6% 44.1% 39.2% 57.9% 47.3% 42.7% 54.0% 56.6% 44.4% 39.1% 34.4% 40.7% 53.7% 60.4% 49.6% 38.0% 50.4% 53.0% 50.3% 43.3% 47.5% 43.2% 53.3% 56.4% 54.2% 65.1% 55.4% 49.4% 36.1% 37.1% 50.2% 38.1% 48.7% 32.1% 64.4% 32.8% 58.6% 46.0% 62.9% 53.6% 40.2% 41.7% 43.9% 43.6% 26.7% 38.2% 36.0% 44.3% Percentage 26% - 40% 40% - 45% 45% - 50% 50% - 55% 55% - 76% Figure 3: Government Payments as Percentage of Land Values

Figure 4: Capitalization Rate for Income Earned in 2002 Grain priced at $2.20 Corn and $5.25 Soybeans Wright Worth Woodbury Winneshiek Winnebago Webster Wayne Washington Warren Wapello Van Buren Union Taylor Tama Story Sioux Shelby Scott Sac Ringgold Poweshiek Pottawattamie Polk Pocahontas Plymouth Palo Alto Page Osceola OBrien Muscatine Montgomery Monroe Monona Mitchell Mills Marshall Marion Mahaska Madison Lyon Lucas Louisa Linn Lee Kossuth Keokuk Jones Johnson Jefferson Jasper Jackson Iowa Ida Humboldt Howard Henry Harrison Hardin Hancock Hamilton Guthrie Grundy Greene Fremont Franklin Floyd Fayette Emmet Dubuque Dickinson Des Moines Delaware Decatur Davis Dallas Crawford Clinton Clayton Clay Clarke Chickasaw Cherokee Cerro Gordo Cedar Cass Carroll Buena Vista Calhoun Butler Buchanan Bremer Boone Black Hawk Benton Audubon Appanoose Allamakee Adams Adair 4.41% 5.67% 5.87% 6.68% 5.30% 4.34% 9.56% 5.37% 5.51% 7.05% 9.00% 8.14% 8.48% 5.57% 4.18% 3.88% 5.44% 4.05% 4.14% 12.47% 6.00% 5.68% 4.57% 4.47% 4.88% 7.23% 4.58% 4.08% 5.48% 6.36% 10.81% 5.01% 6.95% 4.23% 7.08% 7.88% 6.19% 4.03% 10.61% 5.14% 7.44% 4.69% 7.17% 4.93% 7.74% 5.26% 5.43% 6.35% 4.70% 6.30% 6.01% 5.75% 5.21% 5.20% 4.20% 6.67% 4.01% 4.25% 6.08% 4.95% 5.49% 6.15% 4.53% 4.60% 6.07% 5.53% 5.61% 12.21% 9.65% 5.46% 5.12% 5.59% 4.87% 10.95% 5.62% 4.78% 4.71% 4.42% 6.79% 4.22% 4.52% 5.05% 4.96% 3.75% 4.54% 6.63% 10.00% 7.00% 8.78% 8.13% Rate 3.50% - 4.50% 4.50% - 5.50% 5.50% - 6.50% 6.50% - 12.50% Figure 4: Capitalization Rate for Income Earned in 2002

Figure 4: Capitalization Rate for Income Earned 2002 Grain priced at $2.40 Corn and $5.50 Soybeans Wright Worth Woodbury Winneshiek Winnebago Webster Wayne Washington Warren Wapello Van Buren Union Taylor Tama Story Sioux Shelby Scott Sac Ringgold Poweshiek Pottawattamie Polk Pocahontas Plymouth Palo Alto Page Osceola OBrien Muscatine Montgomery Monroe Monona Mitchell Mills Marshall Marion Mahaska Madison Lyon Lucas Louisa Linn Lee Kossuth Keokuk Jones Johnson Jefferson Jasper Jackson Iowa Ida Humboldt Howard Henry Harrison Hardin Hancock Hamilton Guthrie Grundy Greene Fremont Franklin Floyd Fayette Emmet Dubuque Dickinson Des Moines Delaware Decatur Davis Dallas Crawford Clinton Clayton Clay Clarke Chickasaw Cherokee Cerro Gordo Cedar Cass Carroll Calhoun Butler Buena Vista Buchanan Bremer Boone Black Hawk Benton Audubon Appanoose Allamakee Adams Adair 5.20% 6.68% 6.85% 7.92% 6.20% 5.18% 11.09% 6.27% 6.55% 8.21% 10.46% 9.56% 9.76% 6.60% 4.99% 4.65% 6.38% 4.78% 4.95% 14.54% 7.19% 6.63% 5.51% 5.27% 5.45% 5.77% 8.30% 4.89% 6.42% 7.47% 12.59% 7.38% 5.92% 7.96% 5.06% 8.37% 9.12% 7.44% 4.88% 12.33% 5.91% 5.32% 8.60% 8.24% 5.84% 5.80% 8.89% 6.35% 6.52% 7.53% 5.41% 5.53% 6.95% 6.73% 6.17% 6.12% 5.03% 7.75% 4.76% 5.08% 7.05% 5.82% 6.50% 7.27% 5.50% 7.07% 6.43% 6.61% 14.29% 11.32% 4.90% 6.47% 6.03% 5.71% 12.74% 6.59% 5.76% 5.49% 5.23% 7.90% 5.19% 5.13% 5.39% 5.02% 6.01% 5.89% 4.51% 7.69% 11.87% 8.43% 10.26% 9.57% Percentage 4.50% - 5.50% 5.50% - 6.50% 6.50% - 7.50% 7.50% - 14.75% Figure 4: Capitalization Rate for Income Earned 2002

Figure 5: Land Value as a Multiple of Income Value at $2 Figure 5: Land Value as a Multiple of Income Value at $2.40 Corn and $5.50 Soybeans Wright Worth Woodbury Winneshiek Winnebago Webster Wayne Washington Warren Wapello Van Buren Union Taylor Tama Story Sioux Shelby Scott Sac Ringgold Poweshiek Pottawattamie Polk Pocahontas Plymouth Palo Alto Page Osceola OBrien Muscatine Montgomery Monroe Monona Mitchell Mills Marshall Marion Mahaska Madison Lyon Lucas Louisa Linn Lee Kossuth Keokuk Jones Johnson Jefferson Jasper Jackson Iowa Ida Humboldt Howard Henry Harrison Hardin Hancock Hamilton Guthrie Grundy Greene Fremont Franklin Floyd Fayette Emmet Dubuque Dickinson Des Moines Delaware Decatur Davis Dallas Crawford Clinton Clayton Clay Clarke Chickasaw Cherokee Cerro Gordo Cedar Cass Carroll Calhoun Butler Buena Vista Buchanan Bremer Boone Black Hawk Benton Audubon Appanoose Allamakee Adams Adair 0.73 0.58 0.77 0.70 0.61 0.75 0.64 0.67 0.69 0.60 0.76 0.79 0.86 0.54 0.71 0.74 0.72 0.68 0.56 0.65 0.78 0.63 0.80 0.45 0.52 0.84 0.89 0.57 0.87 0.59 0.55 0.81 0.88 0.82 Multiple 0.45 - 0.55 0.55 - 0.65 0.65 - 0.75 0.75 - 0.90

Wright Worth Woodbury Winneshiek Winnebago Webster Wayne Washington Warren Wapello Van Buren Union Taylor Tama Story Sioux Shelby Scott Sac Ringgold Poweshiek Pottawattamie Polk Pocahontas Plymouth Palo Alto Page Osceola OBrien Muscatine Montgomery Monroe Monona Mitchell Mills Marshall Marion Mahaska Madison Lyon Lucas Louisa Linn Lee Kossuth Keokuk Jones Johnson Jefferson Jasper Jackson Iowa Ida Humboldt Howard Henry Harrison Hardin Hancock Hamilton Guthrie Grundy Greene Fremont Franklin Floyd Fayette Emmet Dubuque Dickinson Des Moines Delaware Decatur Davis Dallas Crawford Clinton Clayton Clay Clarke Chickasaw Cherokee Cerro Gordo Cedar Cass Carroll Calhoun Butler Buena Vista Buchanan Bremer Boone Black Hawk Benton Audubon Appanoose Allamakee Adams Adair 0.86 0.69 0.90 0.83 0.72 0.89 0.74 0.78 0.82 0.81 0.67 0.70 0.95 1.03 0.63 0.84 0.80 0.64 0.76 0.71 0.68 0.91 0.92 0.77 0.73 0.97 0.53 0.62 0.60 0.66 1.01 1.00 0.87 1.06 0.93 0.75 0.65 0.96 0.98 0.85 Multiple 0.50 - 0.75 0.75 - 0.85 0.85 - 0.95 0.95 - 1.06 Figure 6: Land Value as a Multiple of Income Value at $2.20 Corn and $5.25 Soybeans