The Land Report

Summer 2014

The Magazine of the American Landowner is an essential guide for investors, landowners, and those interested in buying or selling land. The award-winning quarterly is known for its annual survey of America's largest landowners, The Land Report 100.

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S U M M E R 20 1 4 | The LandReport 29 LANDREPORT.COM NATIONAL – TREND According to the USDA, corn prices fell 37 percent and soybean prices dropped 8.5 percent in the first quarter of 2014 from a year ago. Meanwhile, milk, hog, and cattle prices "have risen dramatically" over that same period: 31 percent, 48 percent, and 19 percent higher, respectively. MIDWEST – FOCUS One of the many implications of these lower grain prices is that during the first quarter of 2014 agricultural land values in the Seventh District rose by just 1 percent from a year ago. The year-over-year increase was the smallest in five years: since the third quarter of 2009. But falling grain prices also mean lower feed costs, a boon to livestock producers. This in turn buoyed farmland prices in areas where the agricultural mix includes a significant livestock component. P.S. On November 17, 2014, the Federal Reserve Bank of Chicago will hold a conference to examine the role of farm income in the economy of the rural Midwest. Details are forthcoming on and in the next issue of the Seventh Federal Reserve District's AgLetter. GUSTAV SCHMIEGE III 28-29 [2014.2] Investing_Layout 1 5/18/14 7:09 PM Page 29

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