EL NINO/SOUTHERN OSCILLATION EFFECTS ON FARMLAND VALUES IN THE UNITED STATES

This paper evaluates the impact of the El Nino/Southern Oscillation (ENSO) on U.S. farmland values. Fourier series analysis decomposes climatological variation into ENSO and non-ENSO components. Farmland values, regressed against ENSO variation and other variables, are negatively affected by ENSO related weather variability in about 90% of U.S. climatological regions.