The value of cropland in the Northern Plains and Minnesota rose 26% for the year ending September 30, reports the Federal Reserve Bank of Minneapolis. The bank indicates the value of non-irrigated cropland in the district grew by that amount on an annual basis while the value of irrigated cropland rose 18% and the value of ranch/pasture land increased 14%. The bank survey also indicates the value of non-irrigated cropland rose 8% during the third quarter compared to the previous quarter while the value of irrigated cropland gained 5.5% versus the second quarter and ranchland rose 3% versus the prior quarter. South Dakota saw the biggest increases in non-irrigated land values, at nearly 30 percent, while Montana’s were the most modest at just under 11 percent.
The bank survey also said cash rents rose 24% on an annual basis across the district.
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