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THE RITE OF SPRING
Last year’s financials have begun to trickle in. The first reports are from two bellwether sources: the Chicago Fed and the Kansas City Fed. In the Midwest, David Oppedahl and Elizabeth Kepner report that agricultural land values reached "a new peak" in 2023, thanks to a six percent annual increase. On the Great Plains, Nate Kauffman and Ty Kreitman write that agricultural real estate values remained strong "despite a moderation in the farm economy and higher interest rates." Nonirrigated cropland was a key driver in the Tenth District, increasing by as much as 10 percent in some areas.
After the usual spate of fourth-quarter closings, the pace of the first quarter always mellows. No matter the season, however, there’s always demand for legacy landholdings such as California’s Pitchfork Cattle Co., which went to contract 30 days after being listed.
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