Surveys Find Midwest Farmland Values Continue to Rise
Nov 15, 2012
Farmland values from Oklahoma to Indiana continued to rise during the third quarter of 2012, reports the Federal Reserve Banks of Chicago and Kansas City. The banks quarterly surveys found the value of Kansas City district cropland rose 3% and ranchland rose 2% compared to the previous quarter. On an annual basis, dryland cropland rose 24%, irrigated cropland gained 22% and ranchland rose 14%. Nebraska reported the strongest annual increase in the value of dryland cropland, up 30%. Kansas listed the strongest annual gain on the value of irrigated cropland, up 25%, and the value of ranchland, up 17%. The Federal Reserve Bank of Kansas City serves Kansas, northwest Missouri, Nebraska, Oklahoma and the Mountain States of Colorado, northern New Mexico and Wyoming.
The Federal Reserve Bank of Chicago's survey found good agricultural land rose 13% on an annual basis and 5% when compared to the second quarter of 2012. Iowa continues to lead the pace with an 18% annual rise and a 6% boost in the quarter compared to the second quarter of 2012. Illinois reports a 15% annual increase and a 1% rise versus the previous quarter. Indiana bankers list an 11% annual gain while Michigan and Wisconsin reports increases of 7% and 8%, respectively. The Chicago district covers the northern two-thirds of Illinois and Indiana, all of Iowa, the Lower Peninsula of Michigan and southeastern Wisconsin.
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