AgLetter: November 2004
Last Updated: 11/01/04
With bumper crops supporting farm income, stronger demand for farmland once again was expected to follow higher gains in the value of “good” agricultural land for the Seventh Federal Reserve District. Based on a survey of around 290 agricultural bankers as of October 1, 2004, the quarterly rise in farmland values was 3 percent, on average, for the entire District. An average increase of 12 percent for the twelve months ending September 30 topped all annual results in the last decade and a half. Almost half of the responding bankers expected land values to continue to rise and nearly half expected them to be stable.