(AP) -- Nebraska farmland values soared 23% last year as crop prices remained strong, according to a report released Thursday. It's the biggest one-year gain in average land values since the UNL survey began 30 years ago. The latest survey showed that Nebraska farmland was worth $1,425 per acre on Feb. 1 -- 88% higher than in 2003. Ag economist Bruce Johnson said land values reached an all-time high in 2007 even after the figures are adjusted for inflation. Strong demand for corn from the growing ethanol industry and from other countries has helped push crop prices higher, and Johnson said that has fueled the rise in land prices. The biggest land value increases were recorded in the eastern third of the state, where farm ground averaged $3,478 per acre, up 24%. Rental rates for ag land increased between 17% and 23% across the state last year.
