Iowa farmland values dropped 1 percent in the year ended July 1, and the escalation in prices could be balancing out, the Federal Reserve Bank of Chicago said in a release. For the five-state district covered by the report, which is based on a survey of lenders, prices increased 2 percent over the year. In the second quarter, land prices rose 1 percent in Iowa and 2 percent in the district. Click here to read the report.