CHICAGO Nov 14 Farmland prices in the heart of
the U.S. Corn Belt softened in the July-September quarter from
the prior three months and overall values in the top corn
producing state of Iowa eased 1 percent, tracking grain prices
lower, according to a quarterly survey of agricultural bankers
issued on Thursday by the Federal Reserve Bank of Chicago.
For the district overall - which stretches across Iowa and
northern Illinois and Indiana as well as Wisconsin and Michigan
- farmland prices were up 1 percent from the previous quarter
and up 14 percent year-on-year, the Chicago Fed said.
"While District farmland values increased on the whole in
the third quarter of 2013, this upward trend was not expected to
continue: The respondents' expectations leaned toward a decrease
in farmland values in the fourth quarter of 2013, as only 4
percent anticipated an increase and 21 percent forecasted a
decrease and 75 percent foresaw stable farmland values," Fed