Great Plains Farmland Jumps 19% - 21.5%, Ranchland up 14%
May 15, 2013
The value of farm and ranchland across the Great Plains rose by double-digits on an annual basis through the first quarter of 2013, according to the Federal Reserve Bank of Kansas City. The bank says the value of dryland cropland rose 19.3%, led by a 28.1% increase in northwest Missouri. The value of irrigated cropland gained 21.5%, paced by a 24% rise in the Mountain States of Colorado, Wyoming and northern New Mexico. The Fed bank notes the pace of the increase in farmland values declined during the first quarter of 2013. After rising 7.7% and 9% in the first quarter of 2012, the value of non-irrigated and irrigated cropland rose 3.4% and 2.9%, respectively, during the first quarter of 2013. "Cropland value gains slowed compared with last year due to falling crop prices and rising input costs," the bank says. Ranchland values strengthened the most in the bank district, rising 4% versus the fourth quarter of 2012. "Ranchland value gains were driven by a lack of adequate pastures and the prospects of improving profits in the livestock sector," the bank notes.
The Federal Reserve Bank of Kansas City serves Kansas, northwestern Missouri, Nebraska, Oklahoma and the Mountain States of Colorado, Wyoming and northern New Mexico.
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