Fed: Iowa Farmland Values Rose in 2009

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By Becky Ogann

DES MOINES (AP) - A survey by the Federal Reserve Bank of Chicago shows the value of good quality Iowa farmland rose by 3 percent during the last quarter of 2009 and 4 percent during the year.

The report is based on a survey of 214 bankers in its five-state district. It doesn't put a dollar amount on land values.

Chicago Fed economist Richard Oppedahl says despite a 35 percent drop in farm income last year, farmers have financial cushions after a run of several good years.

An annual survey by Iowa State University released in December reported a 2 percent drop in Iowa farm values through November of last year. That survey reported an average value of $4,371 an acre.

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