Strong farm incomes lead to strong gains in farmland values in the Northern Plains and Minnesota during the first quarter of 2012, reports the Federal Reserve Bank of Minneapolis. The bank, which serves Minnesota, Montana, the Dakotas, the Upper Peninsula of Michigan and northwestern Wisconsin, says the value of non-irrigated farmland rose the greatest on an annual basis, up 26%. Ranchland, meanwhile, increased by nearly 17%. The survey also found cash rents on non-irrigated cropland rose 20% while rents on ranchland rose 18%. Moving contrary to trends reported by bankers in the other states surveyed, Montana experienced a decrease of 18% in cash rents for ranchland. South Dakota had the greatest gain in non-irrigated land value, with an increase of 38%, as well as in non-irrigated cash rents, which rose 29%
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