Iowa farmland rose in value by 13 percent in the year ending Oct. 1, stimulated by rising corn and soybean prices, according to a survey of bankers by the Federal Reserve Bank of Chicago.
Iowa farm values rose by 6 percent in the period from July to October, as corn prices shot up from $3.50 to more than $5 per bushel and soybeans climbed from $9 to $13 per bushel.
The Chicago Fed doesn’t put a dollar amount on land values. In September, the Iowa Realtors Land Institute said values of Iowa farms had risen 8.5 percent from the previous September to a statewide average of $4,518 per acre.