AgLetter: February 2008
The largest annual increase in farmland values, 16 percent, in almost three decades highlighted an amazing year for agriculture in the Seventh Federal Reserve District. The values of both crop and livestock production set records in 2007 for the U.S. and, in all likelihood, the District. Based on 265 surveys returned by District agricultural bankers, the quarterly rise in the value of “good” agricultural land was 6 percent in the fourth quarter of 2007. Over half of the respondents expected farmland values to keep going up in the first quarter of 2008.