Both irrigated cropland and ranchland values in Texas rose during the first quarter of 2010, according to a survey conducted by the Federal Reseve Bank of Texas. The bank serves all of Texas plus northern Lousiana and southern New Mexico. The survey indicated the value of dryland cropland slipped, however.
The survey found the value of dryland cropland slipped 0.7% during the first quarter of 2010 compared to the previous quarter and fell 4.3% versus a year earlier. On a district basis, dryland cropland slipped 0.4% on a quarterly basis and 4.2% on an annual basis. The value of irrigated cropland across Texas rose 1.9% during the first quarter versus the fourth quarter of 2009 and rose 1.5% on an annual basis. On a district basis, irrigated cropland gained 1.7% during the quarter and 0.6% for the year. Texas ranchland rose 3.3% on a quarterly basis and 9.2% on an annual basis, according to the survey. For the district, ranchland gained 4.7% for the quarter compared to the previous quarter and increased 8.9% for the year.
The Fed bank stated: "The first-quarter survey indicates growing optimism in the Eleventh District agricultural community. A wet fall and winter has provided much needed soil moisture, ending one of the worst droughts on record for the district. It has also boosted pasture conditions, alleviating high supplemental feeding costs, which, along with rising cattle prices, has improved the outlook for the district’s livestock industry."
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