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Abstract
The market for US farmland currently contains little excitement as farm operators no longer focus on making profits via land acquisition and the purchase of land by institutional and off-farm investors draws little opposition. In 1993, land values are expected to increase only modestly, and investors can assume that land values to the year 2000 will show little or no increase in "real" values. While slight decreases in land values may occur, such values have more upside potential than downside risk. Changes in rent multiples magnify the effect on land values of changes in the return to land. On the demand side, determinants apparently are neutral to slightly positive for land values, and no major changes should be expected on the supply side.