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Federal Reserve Bank of Chicago releases outlook on farmland values

A report by the Federal Reserve Bank of Chicago says farmland values continued to increase during the first quarter of the year.

Policy advisor David Oppedahl says the rate of growth has slowed. “Farmland values for our district grew from a year ago by just 4%, which was the lowest in 16 quarters,” he said. “We’re seeing things kind of slowing but still not declining.”

The report said values for ‘good’ agricultural land in the first quarter of 2024 were 2% higher than in the fourth quarter of 2023.

Oppedahl tells Brownfield the bank senses some farmer caution with spending on land and machinery. “There’s certainly a lot of pressures you would consider such as rising interest rates and lower commodity prices.”

He says land values are expected to remain steady moving forward.

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