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AgLetter, No. 1918, November 2002
AgLetter: November 2002
Demand to purchase farmland grew last quarter, especially among nonfarm investors, contributing to the increase in the value of “good” agricultural land for the Seventh Federal Reserve District. Based on a survey of more than 360 agricultural bankers as of October 1, 2002, the quarterly increase in farmland values rose to 2 percent, on average, for the District as a whole. For the twelve months ending September 30 the increase was 7 percent. The year-over-year increase exceeded that of last year. Looking ahead, more bankers expected farmland values to go up and fewer expected farmland values to decline in the next three months.

Federal Reserve Bank of Chicago, 230 South LaSalle Street, Chicago, Illinois 60604-1413, USA. Tel. (312) 322-5322

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