Fed: Iowa farmland up 13 percent
DES MOINES (AP) – A survey by the Federal Reserve Bank of Chicago shows the value of Iowa farmland rose 13 percent from October 2009 to this past October, stimulated by rising corn and soybean prices.
The survey is based on 227 bankers in its five-state district. The Chicago Fed doesn’t put a dollar amount on land values.
From July to October, corn prices rose from $3.50 per bushel to over $5 a bushel and soybeans climbed from $9 per bushel to $13.
Chicago Fed economist David Oppendahl said the surge in farmland values is fueled by projected increases in farm income.
An annual survey by Iowa State University in September showed Iowa farmland values rose 8.5 percent from September 2009 to a statewide average of $4,518.
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