Farmers Valley is at the intersection of Farm roads 925 and 392, nine miles west of Vernon and one mile east of the Hardeman county line in west central Wilbarger County.

A small community had been established in the area when a school was built in 1887. By the early 1900s it had grown to include a Methodist congregation established in 1881, a cotton gin, and a combination grocery store and service station. The Methodists built their church building about 1922. The school was renamed Wells Chapel in 1924 and served the area until it was consolidated with the Chillicothe school in 1946. Farmers Valley population was reported at twenty-five during the 1930s and 1940s and fifty in later records. The Methodist church dissolved in the late 1970s, and the gin closed in 1982.

The reported population was fifty in 1990 and again in 2000.

Source: Wilbarger County Historical Commission, Wilbarger County (Lubbock, 1986).