Despite Drought, Region's Farmland Value is Up 25 Percent
OMAHA, Neb. (AP) - 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 this new survey of 243 banks showed the largest annual increase in land values in the survey's history.
The 10th Federal Reserve District covers Kansas, Nebraska, Oklahoma, Wyoming, Colorado, northern New Mexico and western Missouri.
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.