Farmland values in the Midwest dropped during the third quarter-the first decline in a decade-according to a survey released this week by the Federal Reserve Bank of Chicago.

In parts of Iowa, Indiana, and Illinois, land prices fell by as much as 6% from July 1 to Oct. 1., the quarterly survey of 390 agricultural bankers showed. Overall, land values declined 1% in the five-state Chicago Fed region.

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