Farmland values stabilized during the first quarter of 2009, according to recent surveys conducted by the Federal Reserve Banks of Kansas City and Minneapolis. The Kansas City Fed reported farmland values in its district held relatively steady after modest declines at the end of 2008. The survey said non-irrigated farmland values rose 1.4% during the first quarter while there was no change in value for irrigated land. Ranchland values, however, declined slightly by 0.9%.
The Minneapolis Fed's survey indicated ranchland values held steady during the first quarter while the value of non-irrigated farmland rose 1% and irrigated farmland rose 3%. The survey also indicated ranchland values dropped 3% in South Dakota and 4% in dairy-dependent Wisconsin.
We will cover these reports in-depth in the next issue of LandOwner Newsletter. If interested in seeing a copy of LandOwner, just drop me an email at [email protected] or call me at 800-772-0023.