Note that the Seventh District is made up of the northern portions of Illinois and Indiana, southern Wisconsin, the Lower Peninsula of Michigan, and the state of Iowa.
● On a year-over-year basis, farmland values in the Seventh Federal Reserve District gained 14 percent in the third quarter of 2013.
● On a quarterly basis, the District’s agricultural land values saw a gain of 1 percent in the third quarter of 2013 after recording no increase in the previous quarter.
● The USDA predicted that the five District states’ harvest of corn for grain would be 38 percent greater than the drought-reduced harvest of 2012.
● For the five District states, soybean production was projected by the USDA to rise 8.5 percent in 2013 from its 2012 level.
● Even with the reoccurrence of drought in parts of the District, the third-largest corn harvest and soybean harvest just outside the top ten filled storage bins across the Midwest.
Exports of Corn, Soybeans and Wheat from the District
I excerpted the export portion of this chart (above) to show the dramatic change in numbers for corn, soybeans and wheat from this district over one and two years ago. Though the dollar amount values for the combined three commodities haven’t changed dramatically, the bushel amounts sure have – with corn and soybeans falling and wheat rising. (The USDA and BLS like to report dollar amounts, and the bushel amounts are less frequently seen.)