Farmland prices in the U.S. Midwest Corn Belt states rose 15 percent in the first quarter from the year before as demand for land remained strong though the frantic pace of recent gains slowed, the Federal Reserve Bank of Chicago said on Thursday.

The Chicago Fed's quarterly survey of 219 bankers also showed prices of good farmland rose 4 percent in the first quarter from the fourth quarter of 2012. That compares to a 5 percent gain over the same period a year ago.

(Reporting by Christine Stebbins)