Farmland values in Illinois, Indiana, Iowa, Michigan and Wisconsin slipped 3% on an annual basis in the second quarter of 2009. That's according to the quarterly survey of ag bankers conducted by the Federal Reserve Bank of Chicago. While values fell versus July 1, 2008, the survey found values held steady when compared to the first quarter of 2009. On an annual basis, farmland values in Iowa and Michigan lost the most ground, down 5% versus a year earlier, while those in Illinois and Wisconsin eased just 2%. Indiana, however, posted a 2% gain compared to July 1, 2008.
Looking ahead to the third quarter of 2009, most survey respondents anticipated farmland values to remain stable, the bank said. Only 1% of respondents forecast an increase in land values while 28% expected a decrease. Click here to read the complete report.
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