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Midwest Farmland Values Climbed 16% Last Year, Chicago Fed Says

Farmland values in the U.S. Midwest jumped 16 percent last year, the third-largest annual gain since the late 1970s, as a prolonged drought drove up crop prices, the Federal Reserve Bank of Chicago said.

Values in Iowa, the top U.S. corn and soybean producer jumped 20 percent, the most among the five Midwest states, the Chicago Fed said today in a report. Illinois, Indiana, Michigan and Wisconsin posted gains of at least 10 percent. The rally picked up at the end of 2012 with farmland climbing 7 percent in the fourth quarter from the third.