are we setting ourselves up for another fall

Are we setting ourselves up Are we setting ourselves up for another fallfor another fall

Different Financial SituationDifferent Financial Situation

More land without debtMore land without debt

Less land held under contractLess land held under contract

Different reasons why we are hereDifferent reasons why we are here

Distribution of Iowa Farmland by Age of Owner and Year

0%

5%

10%

15%

20%

25%

< 25 25-34 35-44 45-54 55-64 65-74 > 75

1982 1992 2002

Distribution of Iowa Farmland by Financing Method and Year

0%

10%

20%

30%

40%

50%

60%

70%

80%

Free of debt Under contract Mortgaged

1982 1992 2002

Percent of Iowa Farmland by Residence of Owner

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Iowa Resident Non-Iowa Resident

1982 1992 2002

Percent Change in CPI from Previous Year

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%19

51

1953

1955

1957

1959

1961

1963

1965

1967

1969

1971

1973

1975

1977

1979

1981

1983

1985

1987

1989

1991

1993

1995

1997

1999

2001

2003

US Agricultural Balance of Trade

($5,000)

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

1935

1938

1941

1944

1947

1950

1953

1956

1959

1962

1965

1968

1971

1974

1977

1980

1983

1986

1989

1992

1995

1998

2001

2004

Mill

ion

Ag Trade Balance and Iowa Land Values

($5,000)

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

1950

1953

1956

1959

1962

1965

1968

1971

1974

1977

1980

1983

1986

1989

1992

1995

1998

2001

2004

Ag

. Bal

ance

, Mill

ion

Do

llars

$0

$500

$1,000

$1,500

$2,000

$2,500

Lan

d V

alu

es

Trade Balance Land Values

US Ag Exports and Iowa Land Values

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

1950

1953

1956

1959

1962

1965

1968

1971

1974

1977

1980

1983

1986

1989

1992

1995

1998

2001

2004

Va

lue

of

US

Ex

po

rts

, Mill

ion

Do

llars

$0

$500

$1,000

$1,500

$2,000

$2,500

Iow

a L

an

d V

alu

es

exports land values

Real Japanese Yen per Dollar

0

50

100

150

200

250

300

1970

1972

1974

1976

1978

1980

1982

1984

1986

1988

1990

1992

1994

1996

1998

2000

2002

2004

Real Euros per Dollar

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1970

1972

1974

1976

1978

1980

1982

1984

1986

1988

1990

1992

1994

1996

1998

2000

2002

2004

Real Canadian Dollar per US Dollar

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

1970

1972

1974

1976

1978

1980

1982

1984

1986

1988

1990

1992

1994

1996

1998

2000

2002

2004

Real Mexican Peso per US Dollar

0

2

4

6

8

10

12

14

16

18

1970

1972

1974

1976

1978

1980

1982

1984

1986

1988

1990

1992

1994

1996

1998

2000

2002

2004

Real UK Pound per US Dollar

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

1970

1972

1974

1976

1978

1980

1982

1984

1986

1988

1990

1992

1994

1996

1998

2000

2002

2004

Real Deutche Mark per US Dollar

0.0

0.5

1.0

1.5

2.0

2.5

3.0

1970

1972

1974

1976

1978

1980

1982

1984

1986

1988

1990

1992

1994

1996

1998

2000

2002

2004

Real Brazilian Reals per US Dollar

0.0

0.5

1.0

1.5

2.0

2.5

3.0

1970

1972

1974

1976

1978

1980

1982

1984

1986

1988

1990

1992

1994

1996

1998

2000

2002

2004

Real Argentina Pesos per US Dollar

0

2

4

6

8

10

12

1970

1972

1974

1976

1978

1980

1982

1984

1986

1988

1990

1992

1994

1996

1998

2000

2002

2004

Real Corn and Soybean Gross Revenue per Acre

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

$50019

50

1952

1954

1956

1958

1960

1962

1964

1966

1968

1970

1972

1974

1976

1978

1980

1982

1984

1986

1988

1990

1992

1994

1996

1998

2000

2002

2004

Corn Soybeans

Real Corn and Soybean Gross Revenue and Land Values

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

$500

1950

1953

1956

1959

1962

1965

1968

1971

1974

1977

1980

1983

1986

1989

1992

1995

1998

2001

2004

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

Corn Soybeans Land

Inflation Adjusted Land Values for Different Time Periods

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19

1982

- 1

984

Do

llar

s p

er A

cre

1955 to 1973 1986 to 2004

Total Debt in Millions

$0

$1,000,000

$2,000,000

$3,000,000

$4,000,000

$5,000,000

$6,000,000

$7,000,000

$8,000,000

Jun

-50

Jun

-53

Jun

-56

Jun

-59

Jun

-62

Jun

-65

Jun

-68

Jun

-71

Jun

-74

Jun

-77

Jun

-80

Jun

-83

Jun

-86

Jun

-89

Jun

-92

Jun

-95

Jun

-98

Jun

-01

Jun

-04

Real US Debt in Millions

$0

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000

$3,500,000

$4,000,000

$4,500,000

Jun

-50

Jun

-53

Jun

-56

Jun

-59

Jun

-62

Jun

-65

Jun

-68

Jun

-71

Jun

-74

Jun

-77

Jun

-80

Jun

-83

Jun

-86

Jun

-89

Jun

-92

Jun

-95

Jun

-98

Jun

-01

Jun

-04