DES MOINES, Iowa (AP) — The value of farmland in Iowa is up again this year reaching a new high at a time when many observers expect values to drop due to falling commodity prices. The U.S. Department of Agriculture says in a new report released Friday the average value of an acre of cropland in Iowa rose 9.4 percent from a year ago to a new record $8,750.

The value of farm real estate — a measurement of the value of all land and buildings on farms — climbed 10.4 percent to $8,500 an acre. Iowa leads the nation in the value of farmland and buildings with a total value of $235.6 billion. That’s up nearly 18 percent.

The annual report is based on producer surveys completed in the first two weeks of June.