Cropland values boomed in fourth quarter 2007, easily surpassing the previous highs posted in the last quarter, according to the Federal Reserve Bank of Kansas City's fourth quarter Survey of Agricultural Credit Conditions.
In the survey of 268 banks in the seven-state Tenth Federal Reserve District, both nonirrigated and irrigated cropland values surged at a record pace, rising 21% and 18% above year ago levels. Bankers also cited more farmland sales in 2007 than in the previous year....MORE
Or, as the K.C. Fed put it:
Survey of Tenth District Agricultural Credit Conditions
Booming Farmland Values
Meanwhile, back at the ranch, Federal Direct Payments to Farmers are forecast at $13.382 Bil. up 12%.