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Last Updated: 11/10/16


The Seventh Federal Reserve District states of Illinois, Indiana, Iowa, Michigan and Wisconsin continue to play a key role in the agricultural economy of the United States, as well as the world. Although agriculture's share of the total Seventh District economy is decreasing, it remains a very important part of the larger economy.

Land Values and Credit Conditions Survey

The fourth quarter 2016 survey is now available.

Year-over-Year Changes in Farmland Values

graph land value change

Index of Demand for Non-real-estate Agricultural Loans


Index of Repayment Rates for Non-real-estate Agricultural Loans

graph loan repayment index

Interest Rates Charged on New Farm Loans in the Seventh District


Notes: For charts of indices, bankers responded to each item by indicating whether conditions during the current quarter were higher, lower, or the same as in the year-earlier period. The index numbers are computed by subtracting the percent of bankers that responded "lower" from the percent that responded "higher" and adding 100. These indices exclude real estate loans.
The chart of interest rates is based on data from the Chicago Fed's Land Value and Credit Conditions Survey. The black line indicates farm operating loans and the red line indicates farm real estate loans. This chart shows the average interest rates charged on farm loans. Since farming is a very capital-intensive industry, many farmers make extensive use of borrowed funds. High interest rates mean larger expenses and less profit.
Source for All Charts: Land Value and Credit Conditions Survey, Federal Reserve Bank of Chicago

AgLetter Data

Data on credit conditions at Seventh District agricultural banks and on farmland values in the Seventh District are available for download as spreadsheets. Recent data for credit conditions are also available on the third page of the AgLetter.


Seventh District Credit Conditions
Seventh District Land Values

2016 Agriculture Conference

On November 29, 2016, the Federal Reserve Bank of Chicago held a conference to examine the agricultural downturn in the Midwest and discuss future directions for farming. With prices for key agricultural products falling from their peaks in recent years, many farm operations are having to deal with lower revenues. Read more...

Agriculture Conference Series

Visit the Agriculture Conference Series to learn about past issues discussed and our speakers.

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

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