Cropland values in Minnesota and Northern Plains are lower versus a year earlier through the end of March, states the Federal Reserve Bank of Minneapolis. In preliminary data, the bank says the value of district dryland crop is 4% lower compared to a year earlier while district irrigated cropland is basically steady. Ranchland values, however, are up 8%, the bank indicates. The bank serves Minnesota, Montana, North Dakota and South Dakota.
The bank's preliminary data indicates some weakness occurred during the first quarter of 2015 compared to the last quarter of 2014. The bank says district dryland cropland slipped 1% during the quarter versus the prior quarter. It states the value of irrigated district cropland edged nearly 2% lower. District ranchland values, however, rose 4% on a quarterly basis.
The Federal Reserve Bank of San Francisco, meanwhile, reports district cropland values rose on an annual basis through the first quarter of 2015. The bank, which serves Arizona, California, Idaho, Oregon, Utah and Washington, says the value of district dryland cropland surged 15% for the year while irrigated cropland rose nearly 7%. The value of district ranchland, however, declined 6% due to lingering drought.
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