(UNDATED) - A Purdue University survey shows that Indiana farmland values have continued to increase despite last summer's severe drought, and farm managers and rural appraisers from across the state expect the trend to continue.
The Federal Reserve Bank of Chicago said farmland values in Iowa and parts of Indiana, Michigan, Wisconsin and Illinois were up 16 percent since early 2012 - the third largest increase since the late 1970s.
Numbers indicate that the farmland market is very competitive, with many more potential buyers than sellers. Buyers are expressing optimism about future crop production profits and future farmland values by paying exceptionally high prices - something that could come back to hurt them financially.
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