The Chicago Fed’s July survey of agricultural banks in the Seventh District indicated that, on average, farmland values increased a little over 1 percent from the end of March 2001 to the end of June. Data provided by more than 300 bankers also indicated that the year-over-year increase in the value of “good” farmland was about 5 percent. Both the quarter-to-quarter and year-over-year changes were in line with those reported in the four previous surveys. As is usually the case, the District average masked substantial variation in the reported changes across the five states (see map and table below).