February 14, 2013 / 9:01 PM / 5 years ago

U.S. farmland prices rise 16 pct in fourth quarter -Chicago Fed

CHICAGO, Feb 14 (Reuters) - Farmland prices in the U.S. Midwest Corn Belt states in the fourth quarter of 2012 rose 16 percent from a year earlier, as demand for farmland remained strong despite the worst drought in 50 years, the Federal Reserve Bank of Chicago said on Thursday.

The Chicago Fed’s quarterly survey of bankers showed prices of good farmland in the October-December period notched the third largest increase since the late 1970s. Farmland values gained an average 7 percent from the prior quarter, according to the survey of 212 agricultural bankers.

In 2012, an index of inflation-adjusted farm land values once again established a record for the District, as it has every year since 2007, the bank said.

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