Farmland Values Up 4% to 10% Across Central/Southern Plains
Strong farm incomes and rising demand lifted the value of farmland 4% to 10% across the central and southern plains, according to the Federal Reserve Bank of Kansas City. The bank serves Colorado, Kansas, northwest Missouri, Montana, Nebraska, northern New Mexico, Oklahoma, and Wyoming. It's survey of bankers found the value of irrigated cropland rose 9.6% by the end of September versus a year earlier. Dryland cropland rose gained 6.4% and ranchland rose 4.3%. Strong gains were noted in Kansas and Nebraska. Irrigated cropland in Kansas and Nebraska rose 12.2% and 11.8%. respectively, while non-irrigated cropland gained 11.8% in Kansas and 9.4% in Nebraska.
Annual farmland cash rental rates were also sup, the survey found, the the gains were not quite as dramatic. Compared to last year, cash rental rates were about 5% higher for cropland and about 2% higher for ranchland.
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