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Are farmland prices leveling-off?

| November 19, 2013 | 0 Comments
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By: Bob Meyer

Farmland values in the Seventh Federal Reserve District gained 14 percent in the third quarter of 2013. However the latest numbers from the Federal Reserve Bank of Chicago show only a 1 percent increase in good agricultural land over the second quarter and the bankers surveyed expect the upward trend will not continue. 21 percent of the bankers responding anticipate a decline in land values in the fourth quarter while 75 percent expect them to hold steady.

For the third quarter, good agricultural land values increased 5 percent in Michigan, Wisconsin and Indiana increased 2 percent, Illinois was 1 percent higher and Iowa decreased 1 percent from the previous quarter.

From October 1, 2012 to October 1, 2013, good agricultural farmland in Indiana is up 18percent, Michigan is 17 percent higher, Illinois up 16 percent, Wisconsin increased 14 percent and Iowa is up 9 percent for the year.

The bankers also report agricultural credit conditions improved in the third quarter and compared to a year ago. Repayment rates for non-real estate farm loans were higher and loan renewals and extensions were lower. Fund availability was higher in the quarter compared to a year ago and demand for non-real estate loans was lower. As a result, the loan-to-deposit ratio decreased. The average interest rate for farm operating loans was unchanged for the quarter while average interest on farm real estate loans edged higher.

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