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As we continue to track the volume of water behind the dams in the upper Snake River system it’s apparent that this season we are coming out of lower-than-average water inventories (water stored behind the dams) and a below average snowpack with which to refill the system. How concerned should we be about water availability this season?
US row crop land values finished the year +0.5% over 2024 with incremental increases in each quarter in 2025. This continues a record of no decreases in year over year values going back to the start of NCREIF farmland values tracking in 1992. While there have been small individual quarter-over-quarter value decreases, most recently in 2020, year-over-year NCREIF row crop farmland has never shown a loss of value vs the prior year.
The NCREIF California Row Crop Farmland portfolio has had a difficult time over the last two years, with losses in value in each consecutive quarter since Q2 2023. Meanwhile, the Pacific Northwest, the region least correlated to the others, continues to shine.