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Farm Events: |
Farm News: WI Farmland Values SkyrocketcommentsPosted: 05.19.2011
While home sales and prices may continue to be sluggish across the United States – farmland values are escalating at an incredible rate!
The latest survey from the Seventh Federal Reserve District – including Wisconsin, Michigan, Iowa, Illinois and Indiana, witnessed a 16 percent increase in year-over-year farmland values in the first quarter of 2011. That’s the largest increase since 2007 and was last surpassed in 1979. David Oppedahl, business economist for the Federal Reserve District, said Wisconsin’s “good” farmland values went up 11%. 220 surveys submitted by District bankers showed district cash rental rates for
agricultural land in 2011 jumped 16 percent higher compared to last year with tremendous demand. Over half the reporting bankers expected farmland values
to continue rising during the second quarter of 2011.
Although there was weaker demand for non-real estate farm loans compared with the first quarter of 2010, the credit conditions for farmers strengthened overall. The availability of funds for lending was higher than a year earlier. Loan repayment rates increased, while renewals and extensions of agricultural loans decreased.
Interest rates did start moving higher for agricultural borrowers however. Another interesting trend noted by lenders is that language in many cash rental contracts are now allowing land owners to benefit in escalating commodity prices, as well as getting their cash rent. With 16 percent of farmland on crop shares, 1 percent on a bushel basis, and 3 percent on other arrangements – it looks like owners want to get more involved in farming operations and get higher returns in 2011. |