US Midwest Farmland Values and Farm Credit
US Midwest agricultural land values and farm credit conditions quarterly from the Chicago Fed since 1963.
| Indicator | Q2-2026 | Q1-2026 | Q4-2025 | Q3-2025 | Q2-2025 | Q1-2025 | Q4-2024 | Q3-2024 | Q2-2024 | Q1-2024 | Q4-2023 | Q3-2023 | Q2-2023 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Agricultural Land Values2 | ||||||||||||||
| Total Region 7, year-on-year | 0 | 3 | 6 | 3 | 3 | 1 | -1 | 0 | 2 | 4 | 6 | 5 | 9 | |
| By State, year-on-year4 | ||||||||||||||
| Illinois | 1 | -2 | 3 | 4 | 0 | 0 | -3 | -1 | 3 | 5 | 4 | 6 | 9 | |
| Indiana | -3 | 8 | 9 | 6 | 3 | -6 | -3 | -2 | 2 | 7 | 16 | 23 | ||
| Iowa | 4 | 2 | 7 | -1 | 4 | 0 | -2 | -1 | -3 | 0 | -1 | 0 | 2 | |
| Wisconsin | -2 | 7 | 9 | 4 | 11 | 11 | 8 | 4 | 12 | 10 | 14 | 9 | 8 | |
| Agricultural Credit3 | ||||||||||||||
| AGRICULTURAL BANK SURVEY (100 = reporting banks increased equals reporting decreased)3 | ||||||||||||||
| Loan demand index | 111 | 141 | 135 | 127 | 121 | 143 | 129 | 120 | 104 | 136 | 106 | 81 | 77 | |
| Fund availability index | 90 | 90 | 83 | 90 | 90 | 94 | 90 | 92 | 74 | 78 | 69 | 72 | 83 | |
| Repayment capacity index | 73 | 63 | 69 | 64 | 71 | 61 | 64 | 76 | 85 | 78 | 92 | 100 | 105 | |
| Average loan-to-deposit ratio | 80.7 | 79.8 | 79.6 | 76.9 | 78.1 | 76.9 | 76.7 | 75.7 | 76.9 | 76.1 | 74 | 74.3 | 72.8 | |
| FARM LENDING INTEREST RATE (quarter-beginning)3 | ||||||||||||||
| Working capital loans | 7.12 | 7.08 | 7.11 | 7.47 | 7.63 | 7.73 | 7.78 | 8.12 | 8.47 | 8.44 | 8.51 | 8.5 | 8.24 | |
| Feeder cattle loans | 7.14 | 7.12 | 7.25 | 7.57 | 7.69 | 7.76 | 7.88 | 8.09 | 8.44 | 8.45 | 8.49 | 8.47 | 8.19 | |
| Farmland loans | 6.79 | 6.74 | 6.63 | 6.82 | 7.02 | 7.09 | 7.19 | 7.19 | 7.55 | 7.57 | 7.6 | 7.7 | 7.33 |
Latest reading
Illinois stood at 1% in Q2 2026. That is +3.0 pp from Q1 2026 and +1.0 pp from a year earlier. The series on this page is quarterly and runs from Q4 1993 to Q2 2026. Source: Chicago FED (AgLetter — Seventh District agricultural land values and credit conditions).
- Latest
- 1%
- Q2 2026
- vs previous period
- +3.0 pp
- Q1 2026
- vs a year earlier
- +1.0 pp
About this data
US Midwest agricultural land values and farm credit conditions quarterly from the Chicago Fed since 1963. This table presents regional farmland price changes and credit indices for the Seventh Federal Reserve District. Data includes agricultural land values by state and loan repayment metrics.
Frequently asked questions
- What does the US Midwest Agricultural Land Values and Farm Credit table measure?
- This table measures quarterly changes in agricultural land prices and credit conditions across the Seventh Federal Reserve District of the United States, compiled from a survey of agricultural banks by the Chicago Fed.
- How often is this agricultural credit and land values data published and how far back does it go?
- The series is published quarterly by the Chicago Fed and historical data runs continuously from 1963, representing one of the longest surviving land price series updated in the United States.
- What specific breakdowns and indices are available in this table?
- The table includes aggregate regional year-on-year agricultural land values, disaggregated state-level data for the Midwest, and financial credit indicators such as loan demand, fund availability, and repayment capacity indices.
- How does farmland value relate to agricultural credit distress in the United States?
- Farmland serves as the agricultural sector's primary collateral asset. Changes in land values directly impair or enhance farms' borrowing capacity, typically providing an early indicator of future agricultural credit conditions.
