Supply and demand has long been a term used to describe the ups and downs of the commodity markets. Now it's being used to describe the market for the land where those commodities are raised.
In the last year, farmland values have escalated to new heights.
The Minneapolis Federal Reserve Bank District reports farmland values as of second quarter 2011 up 17 percent from the same period a year ago, while the Kansas City District reports farmland prices up 20 percent.
Nebraska has seen one of the largest increases, with nonirrigated land up 30 percent. Oklahoma ranchland, suffering from a prolonged drought, saw values up just 6.4 percent, with what increase there was driven by oil and gas exploration.
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