The Federal Reserve Bank of Kansas City's "Survey of Agricultural Credit Conditions" noted that farmland values appeared to stabilize in the first quarter as demand for good land remained solid following a slight decline in farmland values in the fourth quarter of 2008.

The value of irrigated cropland did not change from the fourth to first quarter. Nonirrigated land increased 1.4 percent. Ranchland declined by 0.9 percent due in part to a struggling livestock sector.

The Federal Reserve noted that demand for marginal farmland has decreased dramatically as farm income declined and it became harder to obtain loans.

The report released Friday covers Colorado, Kansas, Nebraska, Oklahoma, Wyoming and parts of New Mexico and Missouri. For more information, please visit the Federal Reserve Bank survey: http://www.kansascityfed.org/Agcrsurv/agcrmain.htm

- Colvin