Farmland prices stable despite facing pressure and potential risks, says KC Fed survey

At the same time, some states, such as Texas and North Dakota, have shown even stronger farmland values as a result of the oil boom.

"Despite lower farm income, weak credit conditions and higher interest rates, farm real estate values generally remained stable," the KC Fed said in its latestThe survey, which looked at farmland in other Federal Reserve districts in the farm belt, found there were slight decreases in the value of non-irrigated cropland in many states in the fourth quarter of 2018 but also some notable increases.

However, the oil boom helped boost the value of North Dakota's cropland by 10%, and Texas rose by 5%. "You go into southwest Iowa, and through the central and eastern part of Nebraska, there is still pretty significant results of earlier flooding that may not get resolved before this crop season is over," said Doug Hensley, president of Hertz Real Estate Services, a farm management and appraisal firm based in Nevada, Iowa.

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