Farmland values in the Seventh Federal Reserve District were unchanged, on average, during the third quarter (July 1–October 1), according to our survey of 346 agricultural bankers. However, the bankers believed that farmland values were up a modest 2 percent for the twelvemonth period ending October 1. The respondents also reported the demand for farm loans softened in the third quarter, but that loan-to-deposit ratios and farm loan interest rates moved higher. Furthermore, the bankers’ anticipate the fall and winter months will bring continued downward pressure on farm earnings, resulting in weak loan repayments, and perhaps an increase in sales of capital assets among financially stressed farmers.