Bloomberg reports farmland values in the U.S. are at a record despite the worst housing crisis since the Great Depression. The Department of Agriculture said today in an annual report that the value of all land and buildings on farms averaged $2,350 an acre at the start of this year. It marked a 9% increase from the year before.

The farmland boom is a reflection of surging commodity prices. In the last year wheat futures soared 77% on the Chicago Board of Trade while soybeans and corn rose 78% and 17% respectively. This increase is expected to push net farm income to $92.3 billion this year, up 4% from $88.7 billion the prior year.

For context on the commodity space, read Professor Ryan Krueger’s Commodity Bull Run Not Over.

From the Bull Pen: For those bullish, one option can be to fade (read: buy) Potash (POT) as the stock falls to its 200 DMA. Sell-stops can be set below $165.

From the Bear Cave: Ag bears can play the downside using the Ag ETF (DBA). It’s mostly bears that live below the 200 DMA ($36.25). Buy-stops can be set above that level.