Report: Iowa farmland values fell 2.7 percent over past year

Tim Daly said and his family utilized a strategy called "contouring," a way of farming with the topography of the land to reduce erosion. (Aaron Scheinblum, KCRG)
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DES MOINES, Iowa (AP) - A new report says Iowa farmland values fell 2.7 percent over the past year, in part because of trade disputes.

The Iowa Chapter of the Realtors Land Institute says the decline occurred despite federal government's trade bailout program, limited land and higher yields in some parts of Iowa.

The Des Moines Register reports the statewide average was nearly $6,800 an acre (0.4 hectare).

The institute says trade wars with Canada, China, Mexico and other countries tugged on farmland values, especially last fall, as did tightening cash for operations and higher interest rates.