LANDOWNER RESOURCES_Farmland Investment Research

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Farmland Investment Research

This section includes an assortment of agricultural real estate-related research that we consider relevant for landowners. We regularly include new reports and papers as we identify them.

Most reports at these links are provided in PDF-format, so you will need a current version of Adobe Reader software installed on your computer in order to view or print the files. To download a free copy of the software from Adobe's Web site, click here. If you have problems with Adobe Reader, visit Help and Support. All reports are free, unless tagged with a "$" symbol.

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Natural Resources Conservation Service Web Soil Survey

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  • Web access

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USDA Economic Research Service

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  • Index of Research Reports sorted by publication date

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FDIC Quarterly State and Regional Profiles

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  • Quarterly state and regional profiles

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Land Valuation Research

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  • Peak Farmland and the Prospect for Land Sparing - Jesse H. Ausubel,Iddo K. Wernick,Paul E. Waggoner; 2/19/2013; Population and Development Review
  • 2012/07 - 7/16-17/12 Federal Reserve Bank of Kansas City Symposium "Is This Farm Boom different?"
    • Keynote Address Transcript: Reflections of the Past - Clayton Yeutter
    • Session 1 Transcript: When Do Farm Booms Become Bubbles?
      • Paper: When to Farm Booms Become Bubbles?, Brent Gloy, Dir., Center for Commercial Agriculture, Purdue Univ.
    • Session 2 Transcript: What Lies Beyond the Horizon for Farm Income?
      • Wm. Hudson, Principal and Founding Partner, The Pro-Exporter Network
      • Sterling Liddell, V.P., Rabobank
    • Transcript: Macroeconomics and Farmland Values - Ester George, Pres. & CEO, Federal Reserve Bank of Kansas City
    • Session 3 Transcript: Who Leveraged the Farm?
      • Paper: Who Leveraged the Farm, Allen Featherstone, Prof., Kansas State Univ.
      • PowerPoint Slides by Allen Featherstone
      • Edward Cooper, Sr. V.P, Wells Fargo Bank
      • Don Reynolds, CEO, Regional Missouri Bank
      • Daryl Oldvader, CEO, FCS Financial
    • Session 4 Transcript: Who Bought the Farm?
      • PowerPoint Slides by Jim Farrell, Pres. & CEO, Farmers National Co.
      • Chris Erickson, Mg. Dir., HighQuest Partners
      • Tim Hopper, Mg. Dir., Global Private Markets, TIAA-CREF
    • Closing Session Transcript: Is This Farm Boom Different?
      • PowerPoint Slides by Michael Boehlje, Distinguished Prof., Purdue Univ.
  • 2012/03 - Comparing the Stock Market and Iowa Land Values Iowa State Univ.
  • 2011/08 - Farmland Values Overview Choices Magazine
  • 2011/08 - Current Situation on Farmland Values  Ownership Choices Magazine
  • 2011/08 - Pasture Land Values: A "Green Acres" Effect? Choices Magazine
  • 2011/08 - Are Economic Fundamentals Driving Farmland Values? Choices Magazine
  • 2011/08 - The Role of Debt in Farmland Ownership Choices Magazine
  • 2011/08 - The Influence of Urban Areas on Farmland Values Choices Magazine
  • 2011/08 - Income & Capitalization Rate Risk in Agricultural Real Estate Markets Choices Magazine
  • 2001/07 - 7/19-20/11 Federal Reserve Bank of Kansas City Symposium "Recognizing Risk in Global Agriculture"
    • Session 1 Transcript: Balancing Global Food Production and Consumption
      • Alan Barkema, Sr.V.P./Dir. of Research, Kansas City Fed
      • Joseph Glauber, Chief Economist, U.S. Department of Agriculture
      • Mike Baroni, V.P., Economic Policy, Archer Daniels Midland Co.
      • David Fischhoff, V.P., Technology Strategy & Development, Monsanto Co.
      • Panel Discussion Moderator: Jason Henderson, V.P., Kansas City Fed
    • Session 2 Transcript: Overhauling Renewable Energy Markets
      • Bruce Babcock, Dir., Center for Agricultural and Rural Development, Iowa State Univ.
      • Bob McNally,President, The Rapidan Group LLC
      • Panel Discussion Moderator: Mark Snead, V.P., Kansas City Fed
    • Session 3 Transcript: Weathering Unexpected Downturns
      • Paul Ellinger, Department Head, Agricultural and Consumer Economics Department, Univ. of Illinois
      • Ejnar Knudsen, Portfolio Manager, Passport Capital
      • Douglas Hofbauer, President and Chief Executive Officer, Frontier Farm Credit, Manhattan, Kansas
      • Jeffrey Gerhart, President and Chief Executive Officer, Bank of Newman Grove and Chairman-Elect ICBA
      • Panel Discussion Moderator: Jason Henderson, V.P., Kansas City Fed
    • Session 4 Transcript: Managing Agricultural Risks
      • Michael Swanson, Chief Agricultural Economist, Wells Fargo
      • Curt Covington, Senior Vice President, Ag and Rural Banking Division, Bank of the West, Fresno, California
      • Richard Bowman, Head of Agribusiness, Bank of New Zealand
      • Panel Discussion Moderator: Alison Felix, Sr. Economist, Kansas City Fed
  • Session 5 Transcript: Closing Panel
    • Moderator: Alan Barkema
    • Panelists: Bruce Babcock, Paul Ellinger, Michael Swanson (Chief Agricultural Economist, Wells Fargo)
  • 2011/07 - Agricultural Finance Databook: Agricultural Finance Conditions Turn (Federal Reserve Bank of Kansas City)
  • 2011/06 - The role of farmland in an investment portfolio: analysis of Illinois endowment farms 6/2011 ( Journal of the ASFMRA)
  • 2011/06 - Blowing the Farmland Bubble: How sustainable are U.S. land values? (Rabobank)
  • 2011/06 - Farm Balance Sheets: The Hidden Risk of Non-Real Estate Debt (Federal Reserve Bank of Kansas City)
  • 2011/04 - Comparing the stock market and Iowa land values: a question of timing (Iowa State Univ.)
  • 2011/03 - 3/10/11 FDIC Symposium "Don't Bet the Farm: Assessing the Boom in U.S. Farmland Prices
    • Symposium Transcript
    • Video archive recording
    • Farm Real Estate Values - Joseph Glauber, USDA Chief Economist
    • Understanding Current Farmland Values & Risks- Brent Gloy, Dir., Center for Commercial Agriculture, Purdue Univ.
    • How Concerned Should We Be About Farmland Prices? - Shonda Warner, Chess Ag Full Harvest Partners
    • Interest Rates & Farmland Values - Brian Briggeman, Economist, Federal Reserve Bank of Kansas City
  • 2011/02 - Farm Credit Administration Regulator's Roundtable on Farm Real Estate Collateral Risk:
      • Tiny Bubbles or The New Land Paradigm - James Farrell, CEO, Farmers National Co.
      • Land Values: Current and Future Prospects- Brent Gloy, Dir., Center for Commercial Agriculture, Purdue Univ.
      • Trends in Farm Real Estate Debt, Leverage, and Prospects for Future Farm Income Growth- Mitch Morehart, USDA Economic Research Service
  • 2011/01 - Farmland Values and Interest Rate Risk (Federal Reserve Bank of Kansas City)
  • 2010/12 - Farmland Values & Collateral Risk Guidance (Robert Coleman, Dir./Chief Examiner Office of Examination; John Moore, Chief Economist Office of Regulatory Policy, Farm Credit Admin.)
  • 2010/09 - 2010 Government Program Payments and Non-agricultural Returns Affect Land Values (Kansas State Univ.)
  • 2010/08 - Valuing and Buying U.S. Farmland, with Consideration of Non-Ag Features (Kansas State Univ.)
  • 2010/06 - Effect of IRC Code 1031 on Texas Agricultural Land Price, Journal of the ASFMRA
  • 2006/12 - The Capitalization of Wildlife Recreation Income into Farmland Values Jason Henderson & Sean Moore, Federal Reserve Bank of Kansas City
  • 2006/10 - An overview of U.S. farm real estate markets (Ohio State Univ.)
  • 2005/12 - The Impact of Wildlife Recreation on Farmland Values (Federal Reserve Bank of Kansas City)
  • 2005/06 - Rising Farmland Values: Implications for Rural America (Federal Reserve Bank of Kansas City)
  • 2005/03 - A Resurgent Rural Economy Spurs Farmland Values (Federal Reserve Bank of Kansas City)
  • 2005/08 - Farmland in a Mixed Asset Portfolio: A Mean Semi-Variance Approach (J. of Real Estate Portfolio Management)
  • 2005/01 - LandBidEvaluator Excel spreadsheet to be used to estimate a bid price for farm land. (Bruce Jones, Univ. of Wisc.)
  • 2004/11 - Government Program Payments and Non-Agricultural Returns Affect Land Values (Kansas State Univ.)
  • 2004/11 - The Incidence of U.S. Agricultural Subsidies on Farmland Rental Rates (Kirwan, MIT, Cornell)
  • 2004 - Farmland Price Discounts and Farm Capital Structure(Ciappa, Univ. of Ill.)
  • 2004 - A Spatial Analysis of a Rural Land Market Using Alternative Spatial Weight Matrices-PDF(Soto, Vandeveer, Henning & Niu, Louisiana State University, Southwestern Economic Review, Spring 2004)
  • 2004 - Estimated Returns to Iowa Farmland 2004 (Iowa State Univ.)
  • 2004/10 - Valuing and Buying U.S. Farmland With a Consideration of Non-Ag Features (Kansas State Univ.)
  • 2004/02 - Conservation Reserve Program: Economic and Social Impacts on Rural Counties (USDA Economic Research Service)
  • 2003 - Development of Land Markets in Selected EU Countries and Land Ownership Strategies on the Farm Level(Clemens Fuchs, 2003 Intl. Farm Management Congress)
  • 2003 - Compensating Landowners for Conserving Agricultural Land (Univ. of California, Davis)
  • 2002/07 - Differentiated Policy Impacts on Agricultural Land Values(Goodwin, Mishra, Ortalo-Magne, Ohio State Univ.)
  • 2000 - Impact of Ranch and Market Factors on an Index of Agricultural Holding Period Returns (J. of Real Estate Research)
  • 2000 - Farmland Exchanges: Selection of Trading Partners, Terms of Trade, and Social Capital(Siles, Robison, Johnson, Lynne, Beveridge, J. of the ASFMRA)
  • 2000/05 - Why Farm Property Values Fluctuate (Ohio State Univ.)
  • 2004/02 - The Relationship Between the Common Agricultural Policy and Irish Farmland Prices: 1970 to the Present Time (The Property Valuer)
  • 1995/02 - Credit as a Factor Influencing Farmland Values: What Does the Evidence Show?(Stam, Economic Research Service)

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      Personal Investment Research

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      • 2006/07 - Farm Land Ownership as a Source of Retirement Income (Kansas State Univ.)

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      Farmland Investment Funds

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      Registration documents of farmland investment funds that are seeking initial public stock offerings. Inclusion in this list is strictly for informational purposes. It is not an endorsement and should not be considered investment advice.  

      • 2011/09 - Assiniboia Farmland Limited Partnership, Regina, Saskatchewan - Financial Statements
      • 2012/01 - Bonnefield Canadian Farmland Corp. - Preliminary Prospectus
      • 2010/10 - Gladstone Land Corp. - Amended Registration of Securities

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      Registration documents of farmland investment funds that are seeking initial public stock offerings. Inclusion in this list is strictly for informational purposes. It is not an endorsement and should not be considered investment advice.

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      Cash Rent/Leasing Research

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      • Farm management software: Flexible cash lease calculator, crop share calculator, custom farming rate calculator, machinery rental rate calculator (Ohio State Univ.)
      • 2008/01 - Kansas cropland leasing principals & legal issues PowerPoint (Kansas State Univ.)
      • 2010/06 - A Partial Budget Approach to Estimating Cash Rents, Journal of the ASFMRA
      • 2010/06 - Examining Share Lease Arrangements for Grain Operations in the Texas Panhandle Under Changing Market Conditions, Journal of the ASFMRA
      • 2004/10 - Cropland Cash Rental Rates in the Upper Mississippi River Basin (Kurkalova, Burkart,Secchi, Center for Agricultural and Rural Development, Iowa State Univ.)
      • 2002 - Management and Pricing of Hunting Leases in Oklahoma (Proceedings, Kerr Center for Sustainable Agriculture)
      • 2001/02 - Land Rental Values and the Agrarian Economy: England and Wales, 1500-1912 (Clark, University of California-Davis)

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      Agricultural Commodities - Supply & Demand Research

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      • 2010/09 - Understanding USDA Crop Production & Supply-Demand Estimates Webinar (Kansas State Univ.)

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      Farm Profitability Research

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      • 2010/08 - 2011 Crop Budgets: Implications for Crop Rotations and Returns (Univ. of Ill.)

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      International Research

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      Bulgaria

      • 2005/04 - Land Market with Fragmented Landownership Rights in Bulgaria: An Institutional Approach (V. Dirimanova, Humboldt University Berlin, Germany)

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      Bulgaria

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      Custom Farming Research

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      • 2010/06 - How to Estimate Custom Machinery Rates, Journal of the ASFMRA

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      Other Notable Agricultural Research

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      • 2011/02 - Farms, Land in Farms, and Livestock Operations 2010 Summary (USDA)
      • 2007 - National Resources Inventory (statistical survey of land use and natural resource conditions and trends on U.S. non-Federal lands)
      • 2006/08 - Economics of Harvesting and Transporting Corn Stover for Conversion to Fuel Ethanol: A Case Study for Minnesota (University of Minnesota)
      • 2007/12 - U.S. Cropland Used For Crops—Cropland harvested, failure, and summer fallow for the 48 states, annual, 1910-2006. ERS series updated 12/07
      • 2006/05 - Major Uses of Land in the United States, 2002—As the latest in the Major Land Use series, which started in 1945, this report summarizes cropland, forest, pasture and range, and miscellaneous and special uses such as urban, recreational, and parkland. The annual cropland portion of the series has been consistently maintained since 1910. (ERS)
      • 2005/06 - Assessing the Distributive Impact of a Revenue-Neutral Shift from a Uniform Property Tax to a Two-Rate Property Tax with a Uniform Credit, National Tax Journal (Richard England, Lincoln Inst. of Land Policy, and Min Qiang Zhao, Ohio State Univ.)
      • 2005/04 - University of California-Davis 2005 Outlook Forum Proceedings
      • 2005/03 - California Agricultural Symposium (Univ. of Calif.)

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      Fruit/Vegetable/Nut Production Research

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      • 2006/3 - An Economic Assessment of the Future Prospects for the Florida Citrus Industry (Univ. of Fla.)
      • 2005/12 - Raw In-Shell Pistachios From Iran (U.S. Intl. Trade Commission)

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      Super High Density Olive Production

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      • US Davis Olive Center
      • Evaluation of Extra-Virgin Olive Oil Sold in California 4/2011 (UC Davis Olive Center)
      • Olive Research and Education - The UC Davis Olive Center website offers a schedule of events such as short courses and symposia, along with recently published research and links to other helpful sites. olivecenter.ucdavis.edu Paul Vossen, farm advisor for Sonoma/Marin Counties and longtime olive oil expert, offers a number of helpful resources on olives.
      • Cost Studies - The UC Davis Department of Agricultural and Resource Economics provides access to all of their published cost-and-return studies on a wide range of crops, including olive studies going back to 1938.
      • Crop Information - The Fruit and Nut Research Information Center, led by extension specialist Dr. Louise Ferguson, offers resources on many crops, including olives. Go to fruitsandnuts.ucdavis.edu and click on "Fruit and Nut Information" on the left side of the screen, then click on "Fruits and Nuts" in the middle of the screen.
      • Olive Production Manual - The key reference work on olive orchard management, distilling decades of research knowledge, primarily through work in the table olive sector. Published by the University of California, Agricultural and Natural Resources, Publication 3353, 2005. $35
      • Mechanical Harvesting Research - Dr. Louise Ferguson has led a multi-year research effort to develop mechanical harvesting of medium-density orchards for table olives. She has an online chronicle documenting the project, including proposals, reports, and photos. groups.ucanr.org/olive_harvest/index.cfm
      • Farm Advisors - UC Cooperative Extension offers farm advisors throughout California who are specialists in the growing conditions for their areas. Several farm advisors have experience with olives, including Lynn Wunderlich (Amador/El Dorado Counties), Janet Caprile (Contra Costa County), Bill Krueger (Glenn/Tehama Counties), Joe Connell (Butte County), Bob Beede (Kings County), Rachel Elkins (Lake/Mendocino Counties), Paul Vossen (Sonoma/Marin Counties), Joe Grant (San Joaquin County), Bill Coates (Monterey/Santa Cruz/Santa Clara/San Benito Counties), Carolyn DeBuse (Solano/Yolo Counties), Franz Niederholzer (Sutter/Yuba Counties), and Elizabeth Fichtner (Tulare County). To find a farm advisor in a specific county, click on the county you want, then click on the “contact us” link on the left side of the screen. ucanr.org

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      • US Davis Olive Center
      • Evaluation of Extra-Virgin Olive Oil Sold in California 4/2011 (UC Davis Olive Center)
      • Olive Research and Education - The UC Davis Olive Center website offers a schedule of events such as short courses and symposia, along with recently published research and links to other helpful sites. olivecenter.ucdavis.edu Paul Vossen, farm advisor for Sonoma/Marin Counties and longtime olive oil expert, offers a number of helpful resources on olives.
      • Cost Studies - The UC Davis Department of Agricultural and Resource Economics provides access to all of their published cost-and-return studies on a wide range of crops, including olive studies going back to 1938.
      • Crop Information - The Fruit and Nut Research Information Center, led by extension specialist Dr. Louise Ferguson, offers resources on many crops, including olives. Click on “Fruit and Nut Information” on the left side of the screen, then click on “Fruits and Nuts” in the middle of the screen.
      • Olive Production Manual - The key reference work on olive orchard management, distilling decades of research knowledge, primarily through work in the table olive sector. Published by the University of California, Agricultural and Natural Resources, Publication 3353, 2005. $35
      • Mechanical Harvesting Research - Dr. Louise Ferguson has led a multi-year research effort to develop mechanical harvesting of medium-density orchards for table olives. She has an online chronicle documenting the project, including proposals, reports, and photos. groups.ucanr.org/olive_harvest/index.cfm
      • Farm Advisors - UC Cooperative Extension offers farm advisors throughout California who are specialists in the growing conditions for their areas. Several farm advisors have experience with olives, including Lynn Wunderlich (Amador/El Dorado Counties), Janet Caprile (Contra Costa County), Bill Krueger (Glenn/Tehama Counties), Joe Connell (Butte County), Bob Beede (Kings County), Rachel Elkins (Lake/Mendocino Counties), Paul Vossen (Sonoma/Marin Counties), Joe Grant (San Joaquin County), Bill Coates (Monterey/Santa Cruz/Santa Clara/San Benito Counties), Carolyn DeBuse (Solano/Yolo Counties), Franz Niederholzer (Sutter/Yuba Counties), and Elizabeth Fichtner (Tulare County). To find a farm advisor in a specific county, click on the county you want, then click on the "contact us" link on the left side of the screen. ucanr.org

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      Vineyard Industry Research

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      • 2011 - Oregon Vineyard Report 4/12 (USDA NASS)
      • 2010/09 - What's Next? Consolidation & Competition, Robert Nicholson. President, International Wine Associates (Wine Industry Financial Symposium)
      • 2010/09 - the Wine Cycle and Where We Are Today, Tony Correia (Wine Industry Financial Symposium)
      • 2010/09 - The Supply/Demand Balance in the Global Market & Calif. Bulk Market, Steve Fredricks, President, Turrentine Wine Brokerage (Wine Industry Financial Symposium)
      • 2010/09 - A Rocky Road for M & A in the Wine Industry, Joe Ciatti (Wine Industry Financial Symposium)
      • 2010/09 - From Survival to Prosperity: Strategies for Transition, Wine Industry Overview (Wine Industry Financial Symposium)
      • 2010/05 - Grape Contract in Crisis: Defaults, Re-Negotiations & Survival Tactics, John Mackie, Partner, Carle, Mackie, Power & Ross LLP (Vineyard Economics Event, Wine Industry Symposium)
      • 2010/05 - Vineyard Economics Survey (David Freed, The Silverado Group)
      • 2010/05 - Grape Contracts in Crisis: Defaults, Re-negotiations & Survival Tactics (John Mackie, Carl, Mackie, Power & Ross)
      • 2010/03 - 2010 Central Coast wine industry overview & survey results (David Freed, The Silverado Group)
      • 2010/03 - Recessionary Times and the Lending Market (Bacchus Capital Management)
      • 2010/03 - On the Road to Recovery (Rob Yraceburu, Wells Fargo Bank)
      • 2010/03 - Recessionary Times and the Lending Market (Hal Forcey, American Ag Appraisal)
      • 2010/03 - Stability in Turbulent Times (Ken Graff, Farm Credit West)
      • 2010/03 - A Lending Roadmap (Patrice Mosby, Pacific Capital Bancorp)

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