source: Federal Reserve Bank of Chicago
Key points from this report were:
- Farmland values for the second quarter of 2011 climbed 17 percent from the level of a year ago in the Seventh Federal Reserve District. This was the largest recorded since the 1970s.
- Agricultural land values in Indiana and Iowa climbed 20 percent or more in a year, and agricultural land values in Illinois climbed almost as much.
- Bankers in the survey commented that there were more summer auctions of farmland than usual, particularly as demand for farmland remained strong from both farmers and investors.
- Volumes for farm machinery and grain storage construction loans were forecasted to rise during the third quarter of 2011 from a year ago.