Farmland values in the upper Midwest increased 100 basis points during the first quarter of 2015, after declining over the past six months. Farmland values from the first quarter of 2014 were unchanged due to the large decline in grain prices over the past year. Credit conditions continued to send mixed signals at a time when farmers are recovering from a decline in farm income.
Farmland Values
The Seventh Federal Reserve District, which is made up of portions of Illinois Indiana, Iowa, Michigan, and Wisconsin, reported a 1% increase in farmland values during the first quarter 2015. The quarterly increases in Indiana 1%, Iowa 2%, and Wisconsin 1%, were able to offset the 1% decrease reported in Illinois.
Respondents suggested the settling of grain markets over the first quarter of 2015, in relation to the last two quarters of 2014, allowed farmland values to increase. The dramatic decline in grain prices during the second half of 2014 erased any potential for quarterly increases during those two quarters.
Annual farmland values were unchanged. The increases in Michigan and Wisconsin farmland values, of 5% and 8% respectively, offset the declines reported in Illinois, Indiana and Iowa. The report eluded that the annual decline in Illinois, Indiana, and Iowa was due to the decline in corn and soybean prices over the past year. Over 90% of crop revenues in Illinois, Indiana, and Iowa come from corn and soybean sales, opposed to Michigan and Wisconsin where only 54% and 63% of their crop revenues are tied to those two crops.
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)
Credit Conditions
Farmers continued to show a need for financing as the index for non-real-estate loan demand increased for the third consecutive quarter. In contrast, the loan repayment rate index declined for the fourth consecutive quarter showing a growing divide between the two indices. Respondents have suggested for the past six months that banks would tighten lending and increase collateral requirements if the trend of increasing loan demand and falling repayment rates were to continue. Though the trend has continued, bankers reported that fund availability remains high and interest rates on operating loans were reported at all-time survey lows.
Outlook
Respondents were relatively positive about the coming quarter. The majority of bankers surveyed believe farmland values would remain stable or increase in the second quarter of 2015, an improvement from the past two quarters. Credit conditions over the next six months are expected to remain stable. Respondents believed that non-real-estate loan demand would continue to grow as farm income expectations remain low.
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