AgLetter: August 2003
Last Updated: 08/13/03
Slightly higher rates of increase in the value of “good” agricultural land for the Seventh Federal Reserve District were supported by continued pressure from development and interest from nonfarm investors. Based on a survey of 282 agricultural bankers as of July 1, 2003, the quarterly increase in farmland values rose to 2 percent, on average, for the entire District. For the twelve months ending June 31, the increase was 7 percent, exceeding the year-over-year increase posted for the quarter last year. More respondents expected farmland values to go up and less expected farmland values to decline in the next three months.