Both irrigated and non-irrigated farmland values continue to rise even with a less-than-optimal winter wheat crop forecast and low grain prices. Irrigated farmland values increased 6.4% in the region and non-irrigated farmland values increased 4.4% from the first quarter of 2013. Kansas irrigated farmland values increased 15.8% – the largest increase for irrigated land, and Oklahoma non-irrigated farmland increased 13.5%. Non-irrigated farmland in Missouri and Nebraska saw the lowest results at 5.5% and negative 1.2% respectively. Non-irrigated farmland did see a decline from the fourth quarter of 2013 of 1.4% on the expectations of falling farm income. Despite a fall in grain prices the outlook for the Great Plains region is generally positive for the rest of 2014. Interest rates are expected to remain steady, there is ample capital for loans, and land values are expected to remain consistent.
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