The value of "good" central Corn Belt farmland slipped 3% on an annual basis in 2014 and held steady in the Central Plains, according to the Federal Reserve Banks of Chicago and Kansas City. The survey of ag bankers ranging from Iowa to Indiana indicated the value of "good" farmland declined 3% for the year but held steady in the fourth quarter of 2014 when compared to the third quarter. The annual decrease is the first since 1986. In the Central Plains, the average value of dryland and irrigated cropland rose less than 1% on an annual basis while value of ranchland rose 10.5%.
On a state-by-state basis, the value of Kansas dryland and irrigated cropland rose 0.8% and 2.6%, respectively, for the year ending Dec. 31. Kansas ranchland values rose 10.7%. Cropland values slipped 1% on an annual basis in western Missouri while pasture land rose 4.5%. Nebraska dryland and irrigated cropland slipped 3.4% and 3.1%, respectively, while pastureland rose 12%. Oklahoma dryland and irrigated cropland surged 19% and 18.9%, respectively, while ranchland increased 12%. The mountain states of Colorado, northern New Mexico and Wyoming saw dryland and irrigated cropland rise 3.9% and 11.8%, respectively, while ranchland rose 13.9%.
In the central Corn Belt, the value of Illinois farmland slipped 3% on an annual basis; Indiana dipped 2% and Iowa fell 7% while values were steady in Michigan and 2% higher in Wisconsin. On an quarterly basis, Illinois values are up 1% compared to the third quarter; Indiana is down 3%; Iowa down 1%; Michigan down 1% and Wisconsin up 2%.
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