Farmland Values Continue To Slide
Cropland in the Midwest is losing its value as the downturn in the agriculture economy continues.
Record-high crop prices contributed to record-high land values in 2012 and 2013. But now, that party is over.
Iowa State University economist Wendong Zhang says across the Corn Belt, and into the Great Plains, farmers are now suffering from oversupply, despite strong demand.
"Because we had this really high profits, everyone is trying to increase productions," Zhang says.
The result has been a drop in commodity prices, and a bust in the farmland bubble. But Zhang is optimistic most farmers have the capital to ride out the downturn.