Farmland prices have risen 25 percent over last year, according to the Federal Reserve Bank of Kansas City's quarterly review of land and credit conditions. The value of nonirrigated cropland in the district's seven-state area, which includes Oklahoma, rose 25 percent in the first quarter of 2012, in addition to the more than 20 percent gain in 2011. This was the first time the survey measured cropland value increases of 20 percent for two years in a row. They attributed the rise in the first quarter to a rebound in crop prices and the easing of drought conditions.
Wheat prices jump again
Wheat futures are soaring again as more concerns about dry weather hit the market. Wheat for July delivery rose 37.5 cents, a gain of 5.7 percent, to settle at $6.9525 Friday. Corn also rose, but not as much. In other commodities trading, crude oil fell below $92 a barrel and gold rose 1 percent to $1,591.90. Silver jumped 2.5 percent to $28.694.
FROM WIRE REPORTS