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Fed AgLetter: Midwest Farmland Values Rose in 1Q
USAgNet - 05/14/2021

The Chicago Fed's AgLetter reports farmland values for the Seventh Federal Reserve District strengthened in the first quarter of 2021, rising 7 percent from a year ago.

Moreover, "good" farmland values moved up 3 percent from the fourth quarter of 2020 to the first quarter of 2021, according to the survey responses of 143 District agricultural bankers.

With the remarkable change in the District's agricultural situation from a year ago, 74 percent of survey respondents anticipated farmland values to rise in the second quarter of 2021 and 26 percent anticipated them to be stable (none anticipated them to fall).

Annual cash rental rates for District farmland increased 4 percent in 2021, bucking the downward trend of the previous seven years.

There was a lower amount of farmland for sale in the three- to six-month period ending with March 2021 than in the same period ending with March 2020.

The number of farms and the amount of acreage sold were also lower during the winter and early spring of 2021 compared with a year earlier, yet there seemed to be surging demand to purchase agricultural land.


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