The average value of Iowa farmland increased 1 percent in the first quarter of the year and rose 2 percent over a one-year period that began April 1, 2016, according to a report from the Federal Reserve Bank of Chicago. Overall, prices were flat in the five states that make up the Chicago Fed's district. Cash rents dropped 7 percent across the district and 8 percent in Iowa, according to the report, which is available here.