Contrary to the firming in farmland values seen in the Midwest, values remain weak in Texas. That's according to the most recent quarterly survey of Texas ag bankers conducted by the Federal Reserve Bank of Dallas. The Dallas Fed bank serves all of Texas plus southern New Mexico and northern Lousiana.
The survey found the value of dryland cropland in Texas slipped 2% during the fourth quarter of 2009 and finished the year down 5%. Irrigated values also edged 2% lower during the quarter and closed the year down 4%. The value of ranchland, however, firmed slightly during the fourth quarter and ended the year up 5%.
The survey also found 21% of respondents thought land values would weaken during the first quarter of 2010 while only 3% thought values would firm.
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