The latest national drought snapshot is a bit deceiving at first glance because there appears to be little change from week to week. However, a closer look shows drought conditions worsening in Iowa and Illinois and improvements in Texas, Oklahoma and Kansas.

The Federal Reserve announced its decision to keep interest rates unchanged on Wednesday, while also signaling two more rate hikes are likely yet this year. More hikes or not, increased interest rates are having a heavy impact on operating costs today, says Scott Rueff with Ag Resource Management.

In addition to the majority of Iowa's farmland being owned outright, 66% is owned by someone over 65 years old, 23% is in a trust and 58% is under a lease (primarily fixed cash rent).