Farmland Values Hike Despite Drought

By: Associated Press
By: Associated Press

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Tuesday, November 15, 2011

The average value of farmland in several Midwest and Western states soared 25 percent over last year in the third quarter.

The Federal Reserve Bank of Kansas City, Mo., said Tuesday that bumper crops and strong farm income in northern Plains states, like
Nebraska, helped the region overcome drought and flooding.

The Federal Reserve says its third quarter survey of 243 banks
showed the largest annual increase in land values since the survey
started in 1980.

The 10th Federal Reserve District covers Kansas, Nebraska, Oklahoma, Wyoming, Colorado, northern New Mexico and western

Nebraska farmland values increased the most with a roughly 40 percent jump over the previous year.

The gains were more modest in drought-stricken Oklahoma where
nonirrigrated farmland values grew about 11 percent.

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