The July survey of agricultural banks in the Seventh District,
conducted by the Chicago Fed, indicated that average farmland
values increased just over 1 percent from the end of
March 2002 to the end of June. Data provided by more than
340 bankers showed that the year-over-year increase in the
value of “good” farmland was close to 6 percent, on average.
As is typical, the District average obscured substantial
differences in the reported changes in farmland values across
the five states of the District (see map and table below).