A new Fed Reserve Bank of Kansas City report is stating that the despite the economic downturn, farm prices have increased 25% in  the wet and mid-west areas. This is the largest jump in farm prices in nearly 30 years.

The Fed report can be found here.

The money quote:

Corn prices hit a record high of $7.99 a bushel in June because thin supplies prompted fears of a shortage. Wheat prices also have been high, and some farmers have used the extra income to buy land.