North Dakota
North Dakota Pastureland Values and Rental Rates Continue Upward Trend
From 2023 to 2024, statewide average pastureland values increased 6.63% from $1,273 per acre to $1,355 per acre. This marks the fourth consecutive year that pastureland values have increased since 2021 averaging an annual increase of 6.9% per year during that span. (Photo: USFWS Midwest Region, Public Domain)
FARGO, N.D. — 2024 marks the fourth year in a row that pastureland values in North Dakota have increased, says Bryon Parman, North Dakota State University (NDSU) Extension agricultural finance specialist.
From 2023 to 2024, statewide average pastureland values increased 6.63% from $1,273 per acre to $1,355 per acre. This marks the fourth consecutive year that pastureland values have increased since 2021 averaging an annual increase of 6.9% per year during that span.
Pastureland cash rental rates edged up in 2024 as well increasing just over 4% to a statewide average of just over $23 per acre. This is according to the North Dakota Department of Trust Lands Annual Land Survey data which has been weighted for this article by county acreage count and put into NDSU Extension regions. The original survey data can be found at: https://www.land.nd.gov/
Much like cropland prices in North Dakota, pastureland values have grown significantly faster than cash rental rates for pastureland. From 2014 through 2024, statewide pastureland prices increased at an annual rate of approximately 5%. However, during that same time pastureland interest rates increased at around 2.2% per year or less than half that of pastureland values.
“As of 2024, the rent-to-value rate for pastureland, where the cash rental rate is divided by the land value to estimate a rate of return, was down to 1.7%,” says Parman. “That is essentially saying that, before accounting for management fees or property taxes, the return to pastureland in North Dakota is 1.7%. When those factors are also considered, the return is significantly lower. To put that into historical perspective, as of 1990, the rent-to-value for pastureland was approximately 7% showing that over the last 35 years, pastureland values have greatly outpaced rental rates.”
Parman adds, “Like cropland prices responding to crop commodity prices, pastureland prices, and rental rates do respond to cattle prices as well. However, there are nuances and variables that impact pastureland prices differently. For one thing, with crops, a multi-year drought can be overcome more quickly than pasture, as it can take years of additional rainfall to repair damaged rangeland, especially if it was overgrazed during the drought period. Also, following years of drought, cattle may be sold off such that when pastureland has recovered, there are fewer beef cattle inventories and therefore less grazing land needed in the short run. Pastureland can also be highly regionalized such that in areas there are more cattle, those areas command relatively higher rents than areas with fewer cattle, even if areas with fewer cattle would be more productive. Pastureland is also tied to cropland prices in that, even if livestock prices aren’t all that favorable, rising cropland prices can pull pastureland prices up with them.”
“Moving forward, with this spring looking favorable for forage production on range land in North Dakota, and strong beef cattle prices, it is reasonable to expect pastureland values to continue the trend of increasing in value into next year,” Parman says. “Additionally, if strong beef cattle prices continue and inventories increase from their historical low to start 2024, pastureland rental rate increases could pick up over the next few years.”
— NDSU Extension
North Dakota
QB Caden Gutzmer cites championship culture in choosing North Dakota
Minnetonka (Minn.) quarterback Caden Gutzmer committed to North Dakota earlier this month.
Gutzmer, a higher three-star on Rivals and the Rivals Industry Ranking, is a significant addition for the Fighting Hawks and chose them over the presence of several other offers. Head coach Eric Schmidt and his staff had much to do with that.
“There are many reasons,” he said. “First being the entire coaching staff is very welcoming, and experienced. And with Coach Schmidt leading the way, the culture there is awesome. I have been to a lot of schools, but based on what I saw with UND, they are building a championship winning team in a strong Missouri Valley Conference. And lastly, the most important thing for me is having an opportunity to play. They really believe in developing players from high school. Could I possibly go to a bigger program, yes. But I don’t want to chase a logo to sit behind kids coming from the portal, you need to opportunity to prove it.”
Gutzmer knows that based on how UND recruits and develops though, that he will have healthy competition within his position group when he gets there.
“We went into depth about the quarterback room and plan,” he said. “Obviously I need to prove myself — everything is earned, and they have a strong quarterback room.”
With his recruitment now behind him, Gutzmer is working towards the ultimate goal for his senior season.
“The biggest focus for me this offseason is to continue to work on my speed and agility, and of course working with my QB coach on everything both physical and mental,” he said. “And get reps with my teammates. Two big goals for the season: stay healthy and win a 6A state championship.”
Gutzmer is ranked by Rivals as the No. 8 junior in Minnesota.
As a junior, he passed for 1,147 yards on 65-of-103 passing for ten touchdowns and zero interceptions.
North Dakota
Value of North Dakota oil rises as Iran war upends markets – KVRR Local News
BISMARCK, N.D. (North Dakota Monitor) — North Dakota oil shipped on the Dakota Access Pipeline is fetching nearly $7 more per barrel than a U.S. benchmark price amid volatility caused by the Iran war.
State regulators aren’t sure why prices for North Dakota oil at its destination in Illinois are higher than traditional benchmark prices. One possibility is the light, sweet crude can be more easily refined into products like jet fuel and diesel that are experiencing demand surges in Europe and elsewhere.
How much of that higher price benefits North Dakota will be more clear in the coming months, said Justin Kringstad, director of the North Dakota Pipeline Authority.
“Royalty owners, the producers, the state, all share that uplift,” Kringstad said.
North Dakota crude oil typically is discounted compared to benchmark pricing to account for the cost of transportation. Kringstad and Nathan Anderson, director of the North Dakota Department of Mineral Resources, expect to have more information next month about why the prices have been higher in recent weeks and how much of that value is filtering back to North Dakota.
“I would suspect that some portion of it, probably not all of it for sure, does make its way back,” Anderson said.
The new dynamic is a small part of a global oil market that has been thrown into chaos by the Iran war and the closure of the Strait of Hormuz, a maritime bottleneck for a fifth of the world’s oil production.
“Boy, this is largely dominated by the word volatility. That’s the way I would describe pricing over the last 50 days,” Anderson said. “But over the last seven days, I think we’ve had almost a $20 swing in price, depending upon what talks are occurring between the United States and Iran.”
That chaotic market dynamic and the uncertainty of how long the conflict, and subsequently high oil prices, will endure is a big reason why publicly-traded oil companies have not invested in new drilling, Anderson said.
But the number of maintenance rigs has risen from 110 to 125 since last month, suggesting that oil companies are trying to optimize production from existing wells while oil prices remain high, the director said.
There are 26 active drilling rigs in North Dakota, and companies have indicated plans to add one or two more, Anderson said.
Beyond that, Anderson does not expect publicly-traded companies to increase drilling activity until 2027 because their budgets for this year are already set. Privately-owned oil companies have more flexibility and could potentially invest in more drilling than they budgeted for this year if prices remain high enough to warrant it.
There is little data available on what impact the Iran war has had on North Dakota oil production so far because data is not available in real time. February figures, prior to the beginning of the war, were released Tuesday and showed the state produced an average of nearly 1.13 million barrels of oil per day. North Dakota also produced more than 3.32 billion cubic feet of natural gas per day.
The daily oil production is 1.76% below the revenue forecast used to guide North Dakota’s budget-making process. But Anderson expects those numbers to increase when March production is announced next month.
“One of the things that occurred when the Iran conflict happened was that those operators that had curtailed or shut in production during the low price environment started to bring that production online,” Anderson said.
North Dakota Monitor reporter Jacob Orledge can be reached at jorledge@northdakotamonitor.com.
North Dakota
Runners will soon trek across North Dakota to bring awareness for families grieving the loss of a child – KVRR Local News
FARGO, N.D. (KVRR) — For more than 400 miles, 12 runners will trek across North Dakota to carry the stories of love, loss, and resilience from community to community.
“After having run Haven since 2017, the 10.15 Project came, and it just is so exciting because it’s really looking at pregnancy and infant loss and putting it in a new light. And really giving people the opportunity to do something that you can see and it’s meaningful,” said Jen Burgard, Founder and Executive Director of Haven.
The 10.15 Project was co-founded by Haven, an organization that supports grieving families. The relay begins on International Pregnancy and Infant Loss Remembrance Day. And during the four days, the team hopes to bring awareness to families.
“It gives you pieces of solitude, of quiet, of reflection, and also a purpose. It gives you meaning, and I think endurance is one of the biggest pieces of this. It’s the endurance required to navigate pregnancy and infant loss is extreme. And I think this really mirrors that,” said Burgard.
While many of the runners come from different fields, many have also experienced a loss themselves.
“When it happened in my family, it was kind of something we were all struck by. You realize how common it is. And you know, I want to bring light to that,” said Ty Casey, Runner and Learning and Development Specialist at TrueNorth Steel.
Casey has multiple runs planned over the next few months, but with this run in particular, he hopes this will bring awareness.
“If this is one thing that can help bring light to it and help people be more open and help people to talk about it, and take some of the grief away that would be totally ideal for us just to help out a little bit,” said Casey.
The relay begins on October 15 in Medora and will end on October 18th in Fargo.
-
Boston, MA12 seconds agoBoston has one of the best public markets in the country, says USA TODAY
-
Denver, CO6 minutes agoRed flag fatigue? Colorado sees near-record number of critical fire days
-
Seattle, WA12 minutes agoFOLLOWUP: West Seattle pickleball players band together to save court access
-
San Diego, CA18 minutes agoPadres sign Giolito to 1-year deal with option for '27
-
Milwaukee, WI24 minutes agoTempers flare, fans get involved in ugly end to Wave-Sockers Game 1
-
Atlanta, GA30 minutes agoBraves News: JR Ritchie called up, Didier Fuentes starts, more
-
Minneapolis, MN36 minutes agoMinneapolis salon mixes rock and roll with haircuts: Inside HiFi Hair and Records
-
Indianapolis, IN42 minutes agoSouth Bend prepares for ‘The Greatest Spectacle in Racing’ at Indianapolis Motor Speedway