Farmland Value Report will Show Significant Retreat

The survey says farmland values are down about 9% from where they were last year. That number may change a bit as we wrap things up, but in order to get that thing to not be negative would be a real surprise, so I think the direction is pretty clear that we’re adjusting to the lower income environment, the lower price environment, the lowered expectations about what prices are going to be in the future.