Farmland prices in the Seventh Federal Reserve District increased a little more rapidly in the first quarter of 2002 than has been the case since mid-1998. Based on the Chicago Fed’s end-of-first quarter Land Value and Credit Conditions Survey, prices for “good” farmland rose, on average, a little less than 3 percent between January 1, 2002, and April 1, 2002. In addition, data from 381 agricultural bankers indicated that farmland prices rose nearly 6 percent, on average, relative to a year ago. By comparison, the end-of-first-quarter 2001 Survey reported farmland prices were up about 4 percent from a year earlier.