Farmland prices in the U.S. central Plains held steady during the second quarter with the prior three months despite lower farm income, the Federal Reserve Bank of Kansas City said on Thursday.
Non-irrigated and irrigated cropland values rose by less than 1 percent from the first quarter and were up some 6 percent from a year earlier, the Kansas City Fed said in its quarterly survey of 218 farm bankers.
However, demand for high-quality pastures from livestock producers kept ranchland values rising. They were up more than 2 percent from the first quarter and 9 percent higher than a year earlier.
The bank's district, which includes Nebraska, Kansas, Oklahoma, Colorado and parts of Missouri, is the leading production area for bread wheat and a major producer of corn, beef, oilseeds and other farm commodities.
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