According to the Federal Reserve Bank of Chicago, farmland values for the Seventh Federal Reserve District finished 14% above previous year levels throughout the second quarter of 2021, reaching the highest YOY growth rate experienced throughout the past eight years. The Seventh Federal Reserve District serves a five-state region, comprising all of Iowa and most of Illinois, Indiana, Michigan and Wisconsin. Values for “good” agricultural land in the District increased three percent in the second quarter of 2021, finishing higher for the third consecutive quarter.

Additional analysis of farmland values and credit conditions provided from the Federal Reserve Bank of Chicago can be found here: https://www.chicagofed.org/publications/agletter/2020-2024/august-2021