Using a farmland value survey that separated the value of farmland enrolled in the Conservation Reserve Program from all farmland, this article measures gains in producer welfare from program participation. The results distinguish program participant welfare gains from the general income effects that benefit all producers through reduced crop supply. Although program participants received substantial gains, all producers received additional income. Producers have collectively benefited from a rise in the value of US farmland of $11 to $22 per acre due to current and expected future benefits throughout the life of the program.