CHICAGO, Aug 14 (Reuters) - The price of quality farmland in the southern U.S. Midwest and Delta region were steady to softer during the second quarter compared to the previous quarter, reflecting lower farm income, the Federal Reserve Bank of St. Louis said on Thursday.
The average farmland value was $5,473 per acre in the second quarter of 2014, down less than 1 percent from an average $5,496 in the first quarter of 2014, and down 3.5 percent from this time last year, the bank said in its quarterly survey of 45 farm lenders in the district.
Ranch and pastureland values averaged $2,313 per acre, down 7.4 percent from the first quarter and 2.5 percent lower than a year earlier.
However, cash rents rose to their highest levels since the St. Louis Fed began its survey in 2012, with the average rent $191 per acre, up 4.9 percent from the first quarter.
The St. Louis survey covers Arkansas, eastern Missouri, southern Illinois and Indiana, and parts of Kentucky, Tennessee and Mississippi. The region produces corn, soybeans, wheat, other food commodities, cotton, hogs and cattle.
(Reporting by Christine Stebbins; Editing by Chizu Nomiyama)