Farmland prices rose 15 percent year over year and pastureland prices increased 8 percent in the Federal Reserve Bank’s Eighth District, which includes the eastern part of Missouri and all or part of six other states.
This year, the average price of farmland per acre was $6,120, the Federal Reserve Bank of St. Louis reported. Pastureland fetched $2,570 per acre.
Although farmland prices rose, farm income is expected to drop. The negative forecast is the result of a record harvest that led to a drop in crop prices.