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Farmland Values Feel the Heat in the Midwest

Several surprising storylines emerge from the Seventh Federal Reserve District, home of bumper crops and bellwether land values. — The Editors NATIONAL — TREND In addition to a downturn in corn and soybean prices – corn fell 12 percent and

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Several surprising storylines emerge from the Seventh Federal Reserve District, home of bumper crops and bellwether land values. — The Editors

NATIONAL — TREND

In addition to a downturn in corn and soybean prices – corn fell 12 percent and beans were off nearly 4 percent in the most recent quarter – the EPA proposed to cut next year’s renewable fuels mandate by 3 billion gallons.

MIDWEST — FOCUS

According to the Chicago Fed, in 3Q 2013, “After leading the District in terms of year-over-year gains in farmland values from the first quarter of 2010 until earlier this year, Iowa felt the impact of renewed drought conditions and had the lowest year-over-year increase in agricultural land values among District states, as well as the only quarterly decrease.”

“Even with the reoccurrence of drought in parts of the District, the third-largest corn harvest and a soybean harvest just outside the top ten filled storage bins across the Midwest.”

Meanwhile farmland values in Michigan continued to trend north: up 5 percent in the last quarter and a stout 17 percent over the last year.

For a copy of the Seventh Federal Reserve District’s AgLetter, go to www.ChicagoFed.org.

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Posted in Feature, Illinois, Indiana, Iowa, Michigan, Midwest, News Desk, Wisconsin

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