Midwest farmland values hold steady
Midwest farmland values held steady in the first quarter of this year for the first time since mid-2015.
In the Federal Reserve Bank of Chicago’s quarterly survey, ag bankers said farmland values were unchanged from the same period last year.
Iowa bankers reported their first year-over-year increase since the third quarter of 2013, while Indiana had the largest year-over-year decline in the current downturn. Farmland values in Wisconsin increased five percent, Illinois remained steady and Michigan values declined.
Nearly 70 percent of bankers surveyed said they expect land values to remain steady into the second quarter of this year, and anticipate more operating loans and FSA-guaranteed loans for the district.
Cash rental rates slipped nine percent in the district when adjusted for inflation, the longest consecutive decline since the early 90s.
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