Farmland values and rental rates in Illinois have been increasing, causing concerns about potential declines in the future. Data on land values, rental rates, crop revenues, and interest rates were analyzed to understand the relationships among these factors. The data show that current land values are supported by commodity and interest rate market fundamentals. However, uncertainty about future commodity prices and interest rates means that land values could vary widely in the short- and long-terms. Farm operators, landowners, farm managers, and investors should consider these factors when valuing farmland and setting rental rates.