More strength in farmland market, April RMI survey says

The latest Rural Mainstreet Index shows the Midwestern farmland price index increased in April.

Creighton University economist Ernie Goss says the index rose to a solid 56.5 from 56.0 last month. “Farmland prices continued to expand for the 53rd straight month,” he said. “That’s good news in the sense that I think it’s reflecting the outlook for the farm sector long-term.”

He tells Brownfield the farmland market isn’t showing signs of slowing down despite weaker economic conditions. “We may see one or two (interest) rate cuts this year. Now if the (national) economy should slip into a recession, then we would see some rate cuts. And of course that would be good for the banking sector.”

The Rural Mainstreet Index is a monthly survey of ag bankers in 10 states including Illinois, Iowa, Kansas, Minnesota, Missouri, Nebraska, and South Dakota.

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