Across the US agricultural belt, the value of arable land has remained stable for the fifth year of low commodity prices and, as a result, supports the financial performance of farmers.

The value of land in the central Midwest, which is generally stable during 2018, is expected to remain strong in the landing season this year, according to bankers surveyed by the Chicago Federal Reserve. The cost of “good” farmland in the district increased by 1% in the last months of 2018.

The St. Louis Federal Reserve, which includes eastern Missouri, southern Illinois, and southern Indiana, says a survey conducted by its bankers revealed a 3.4% increase in the cost of “quality” farmland in the fourth quarter of 2018. Lenders were less optimistic this year, expecting a decline in the first quarter, as in the first months of 2018.

According to the Fed of Kansas City, the demand for farmland in the plains was high, and buyers were farmers in three out of every four sales. At the end of 2018, the value of land “fell by only 3%,” despite pressure from a weak farming economy. “The value of farmland continued to provide ongoing support to the agricultural sector and remained a key monitoring factor in 2019.”

U.S. Department of Agriculture chief economist Robert Johansson says low interest rates and moderate inflation have helped maintain equity with the high cost of farmland.