OMAHA, Neb. (AP) – A new survey says farmland prices are expected to continue their decline in parts of 10 Plains and Western states.
The latest Rural Mainstreet survey shows that on average, bank CEOs in the region estimated farmland prices declined by 4 percent over the past 12 months. They expect farmland prices to fall by another 3.2 percent over the next 12 months.
Creighton University economist Ernie Goss says the survey also shows the farm sector is being weakened by negative impacts of tariffs and low agriculture commodity prices.
The overall economic index for the region increased slightly to 54.3 from 51.5 in September. That score still suggests growth because it is above 50, while any score below 50 indicates a shrinking economy.
Bankers from Colorado, Illinois, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota and Wyoming were surveyed.