The Seventh Federal Reserve District’s farmland values rose 22 percent in Q2 2022. According to survey responses from 137 District banks, “good” agricultural land values were up 2 percent in Q2 over Q1. The District’s Q2 2022 agricultural credit conditions were better than 2021, and the pandemic’s economic impact has gradually lessened in the district’s rural areas. Indiana and Iowa exhibited the largest year-over-year gains in agricultural land values from Q1 to Q2. Agricultural prices have continued to rise from summer 2020 into June 2022, and the USDA forecasts this year’s corn and soybean revenues will surpass that of 2021. Corn prices have already increased 23 percent from 2021, and soybean prices increased 13 percent. This can be attributed to tight supply, the Russian invasion of Ukraine, and concerns about planting delays and yield drought. Although 71 percent of survey respondents expect stable farmland values in Q3, 25 percent expect the increase in value to continue. Read more HERE.
Midwest Farmland Values on the Rise
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