They really should show a plot of value per acre, adjusted for inflation. The cumulative sum of those plotted changes would be staggering.
The Fed obviously has different farmland value data than the USDA. I'd be real interested to know the details of how values are calculated. Since there are so few land transactions I'd worry a little about parcels being comparable over time. It's probably a small issue, though.
Markets obviously expect to see commodity prices staying high for some time to come.
I'd also guess there's a lot of cash out there looking for a place to earn more than 0.1% in a money market account.
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