There was a dramatic improvement in farm credit conditions for the Upper Midwest region in the final three months of 2020. More than three-quarters of the agricultural lenders surveyed in the fourth quarter by the Federal Reserve Bank of Minneapolis reported an increase in farm incomes. Just under half of the lenders said loan repayment rates have increased. The value of non-irrigated cropland increased 3.6 percent from one year ago. Cash rents for that ground rose more than six percent. Lenders in North Dakota reported the largest increase in land values, up 8.5 percent.
