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There has been lots of buzz the past several weeks about rising farmland values. Some media coverage came from Farm Credit Canada’s annual report on land prices, released March 23. Lots of talk has been generated by the fact land prices in many parts of Canada have recently been caught up in a similar frenzy to the one gripping the housing market.
Lost in some of the coverage of the FCC report was an important follow-up comment: “Despite low interest rates and high farm revenues in 2020, affordability was at its second-lowest level in the last 20 years.”
We have seen some commentaries and news stories lately about how cheap commodities are, compared with stocks. And with stocks running wild to the upside, that has naturally raised some questions about whether commodities might catch the same wave and fly higher.
Couple this with China’s massive purchases of soybeans and other commodities the past several months, and people are wondering if another macro-economic upswing might be in the cards – just like 2007 through 2008, which was followed by a second surge in 2011–2012 which brought even more markets to new all-time highs.