Midwest farmland bust possible if RFS gutted

In Illinois, fears of a farmland bust in the Midwest on the back of falling corn prices—in part due to lower ethanol demand from a gutted RFS—could see farmland fall by 30% during the next three years, after rising an average of 72% in the past three years. Mortgage busts are expected if corn prices dip that far, but banks expect to be covered since they no longer go into land purchases without 30% equity following the Midwest farm crash in the 1980s.