Chicago — The Chicago Fed February AgLetter reports farmland values in the Seventh Federal Reserve District had an annual gain of 6 percent for 2020.
Values for “good” agricultural land in the fourth quarter of 2020 were 4 percent higher than in the third quarter.
For the first time since the first quarter of 2011, a majority of responding bankers (58 percent) predicted farmland values to go up in the next quarter (in this case, the first quarter of 2021).
Notably, none of the survey respondents predicted farmland values to go down. The rest of the respondents (42 percent) predicted them to be stable.
According to the survey results, the agricultural outlook seemed to be the rosiest in years.
For the complete February 2021 AgLetter, click here
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