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US farmland values rise the most in nearly a decade on crop prices
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US farmland values rise the most in nearly a decade on crop prices

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Soybeans are harvested in 2019, in Manteno, Ill. Farmland values jumped over the last year thanks to high crop prices. 

High crop prices are trickling down to agriculture real estate, which have risen by the most in nearly a decade.

Farmland values jumped 18% from a year ago during the third quarter of 2021 in the Seventh Federal Reserve District, a five-state region including all of Iowa and most of Illinois, Indiana, Michigan and Wisconsin, according to the Chicago Fed.

The gains come as farmers were bolstered by high incomes and low interest rates, and after corn and soybean futures climbed to multiyear peaks in Chicago amid adverse weather for crops.

Now, the high farmland prices are adding to concerns about inflation, with rising costs for raw materials and transportation leading to increases in food prices.

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