DES MOINES, Iowa (AP) – A new report says Iowa’s average farmland values fell 11 percent over the past year after a drop of 4.6 percent a year earlier. The Des Moines Register reports  that the Realtors Land Institute says the new average per-acre figure is $7,372, compared with $8,286 a year earlier.

Kyle Hansen with the Realtors Land Institute says farmland values could drop up to 20 percent more over the next three years, depending on the direction of commodity prices. Corn and soybean prices have declined 40 to 50 percent since their high in 2012.

Nationally, farm income is projected to drop 32 percent this year on top of a 16 percent decline in 2014.