The value of Iowa farmland dropped 1 percent in the year that ended Jan. 1, the Federal Reserve Bank of Chicago said, with credit conditions worsening in its five-state district. The report is based on 183 survey responses from representatives of agricultural banks in Iowa, Illinois, Indiana, Michigan and Wisconsin. Adjusting for inflation, the value of “good” farmland in those states dropped 2 percent. Repayment rates on non-real-estate farm loans decreased in the October-December quarter compared with the same period of 2017, and rates of loan renewals and extensions increased. Read the report here.