The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
Mike Walsten has covered major business trends in agriculture for more than 40 years.
The value of Texas irrigated cropland rose nearly 11% versus a year earlier, according to a survey of ag bankers conducted by the Federal Reserve Bank of Dallas. The quarterly survey pegged the average value of an acre of irrigated Texas cropland at $1,966 an acre, up 10.7% versus a year ago and up 3.4% from the third quarter of 2012. The survey also found the value of of Texas dryland cropland rose 3.4% an annual basis and 0.8% for the fourth quarter of 2012. The lighter increase for dryland cropland versus irrigated cropland is due to the continuing drought that has enveloped most of Texas for more than a year. Texas ranchland, meanwhile, finished 2012 unchanged from a year earlier and up 0.8% versus the third quarter of 2011.
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