PIERRE, S.D. (AP) — The average value of farm and ranch land in South Dakota has dropped for the first time in at least a quarter century.

A new report from South Dakota State University says the average per-acre value of land dropped 2.4 percent after averaging a 10 percent increase annually since at least 1991, when the university began its survey of experts across the state.

The Capital Journal reports that the land's worth reflects the sharp declines in crop and beef cattle prices.

Ranchers and other livestock market experts say prices for calves coming off pasture in the fall are down at least 40 percent from two years ago. Farmers say prices for corn, soybeans and wheat are down at least 30 percent historic highs seen three and four years ago.

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