Central Corn Belt farmland values stalled during the second quarter, according to the Federal Reserve Bank of Chicago. But values rose sharply on a year-over-year basis, the bank says. The bank serves the northern two-thirds of Illinois and Indiana, all of Iowa, the Lower Peninsula of Michigan and southeastern Wisconsin.
According to its quarterly survey of ag bankers, the value of "good" farmland rose 17% when compared to a year earlier but remained unchanged compared to the first quarter of 2013. On a quarterly basis, the survey indicates farmland values slipped 1% in Illinois, rose 5% in Indiana, held steady in Iowa, decreased 7% in Michigan and rose 1% in Wisconsin. On an annual basis, farmland values increased 17% in Illinois, 21% in Indiana, 18% in both Iowa and Michigan and 7% in Wisconsin.
Survey respondents also indicated they expect farmland values to remain flat during the third quarter of 2013. Eight-six percent of survey respondents said they looked for farmland values to remain steady during the third quarter while 7% expected values to decrease and 7% looked for values to increase.
Farmland values in the southern Corn Belt and Mid-South, however, rose during the second quarter compared to the first, according to the Federal Reserve Bank of St. Louis. That bank serves the southern thirds of Illinois and Indiana, eastern Missouri, western Kentucky and Tennessee and northern Mississippi. It's quarterly survey found quality farmland values across the district rose 11% compared to the first quarter of the year. It also shows values increased 20.6% compared to a year earlier. The bank also states the value of district ranch or pastureland rose 1% on an annual basis.
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