Strong farm incomes and timely rains combined to lifted the value of Texas farmland 3% to 10%, according to the Federal Reserve Bank of Dallas. In addition to all of Texas, the bank also serves southern New Mexico and northern Louisiana. It's survey of bankers found the value of irrigated cropland in Texas rose 10% by the end of September versus a year earlier. Texas dryland cropland rose 3% and ranchland increased 8.9%. When including southern New Mexico and northern Louisiana, the bank said district dryland cropland rose 4%, district irrigated cropland increased 8.5% and district ranchland jumped 11.3%..
The bank survey also found 13% of respondents expected farmland values to rise during the final quarter of 2010, the highest percentage in two years. .
View the full report here.
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