The NCREIF Farmland index has been a model of consistency throughout its 27-year history. The index has posted a quarterly decline only once since 1991, with a 0.01% decline in the fourth quarter of 2001; four years later, the index returned 22.8% during the last quarter of 2005. While still posting positive quarterly gains, returns have been in decline; rolling one-year returns fell below 10% in 2016 and to near 6% a year later.
Regardless of more pedestrian returns lately, it's a record most investors would be pleased with in their portfolios. However, the party could be over for farmland should countertariffs against American agricultural products reduce overseas demand.