The value of good agricultural land in Minnesota and the Northern Plains rose 6% to 8% as of July 1, according to a survey of agricultural bankers conducted by the Federal Reserve Bank of Minneapolis. The Minneapolis Fed bank serves bankers in Minnesota, Montana, North Dakota, South Dakota and the Upper Pennisula of Michigan. The bank says average values for irrigated and non-irrigated cropland increased by 6% and 8%, respectively, from a year ago. Ranchland values, however, slipped 2% from a year earlier.
The survey also found average cash rents for irrigated and non-irrigated farmland increased 6% and 10% respectively.
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