First yearly decline in Midwest farmland value since 1986
"Good" farmland declined in value by 3 percent in the central Corn Belt during 2014, "marking the first yearly decline since 1986," said the Chicago Federal Reserve Bank, based on a survey of bankers. The largest decline was 7 percent in Iowa. "Half of the respondents expected farmland values to fall during the January through March period of 2015," said the Chicago Fed in its quarterly Ag Letter. Only 1 percent of lenders "remained hopeful that farmland values would rise in the areas surrounding their respective banks."