Nearly 40% of South Dakota agricultural land is operated under a leasing agreement. Presented in this report are recent and longer term trends in land tenure, ownership, and leasing, based on Census of Agriculture data and related materials. Also presented are findings from the 1996 farmland leasing survey completed by 513 South Dakota farm operators: (1) characteristics of rental market participants and of the farmland leasing market, (2) detailed provisions of cash leases and share leases for cropland, and (3) economic evaluation of farmland leasing arrangements. Information from the 1996 survey provides a comprehensive and statistically valid benchmark of agricultural land leasing in South Dakota, with primary emphasis on cropland leasing arrangements. This is the most comprehensive statewide study of South Dakota farmland rental markets since 1986. In many respects this publication updates and extends findings from the 1986 study reported in B 704, Farmland leasing in South Dakota, published by the South Dakota Agricultural Experiment Station (Peterson and Janssen, 1988). This report should be of particular interest to renters and landlords, loan officers, realtors and appraisers, agricultural researchers, and others interested in farmland rental market developments.