Source: Bruce Blythe, Vance Publishing, Business Editor

Midwest farmland values rose for the third consecutive quarter as a rally in cattle and hog prices and the prospect of record corn and soybean harvests boosted the agricultural economy, the Federal Reserve Bank of Chicago said.

Farmland values increased 6 percent during the three months ending June compared with the same period a year earlier, the Chicago Fed said in a report Thursday, citing a recent survey of the region's agricultural bankers. The survey didn't provide dollar values.

Stronger land values in part reflect renewed profits in the beef and pork industries, said David Oppedahl, an economist at the Chicago Fed. Additionally, much of a projected record corn and soybean harvest will be absorbed by robust export markets and by the ethanol industry. Midwest farmland values fell in three of four quarters in 2009.

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