AgLetter: November 2003
Nonfarm investors again paced an increase in the demand to purchase farmland in the third quarter, leading to a rise in the value of “good” agricultural land for the Seventh Federal Reserve District. Based on a survey of almost 300 agricultural bankers as of October 1, 2003, the quarterly increase in farmland values was 1 percent, on average, for the entire District. For the 12 months ending September 30, the increase was 7 percent. The year-over-year increase matched that of last year. Even more bankers than last year expected farmland values to go up and fewer expected farmland values to decline in the next three months.
