The value of Texas irrigated cropland rose nearly 11% versus a year earlier, according to a survey of ag bankers conducted by the Federal Reserve Bank of Dallas. The quarterly survey pegged the average value of an acre of irrigated Texas cropland at $1,966 an acre, up 10.7% versus a year ago and up 3.4% from the third quarter of 2012. The survey also found the value of of Texas dryland cropland rose 3.4% an annual basis and 0.8% for the fourth quarter of 2012. The lighter increase for dryland cropland versus irrigated cropland is due to the continuing drought that has enveloped most of Texas for more than a year. Texas ranchland, meanwhile, finished 2012 unchanged from a year earlier and up 0.8% versus the third quarter of 2011.
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