From an article in FarmWeek:
Farmers facing higher cash rents this year likely can expect more of the same in 2008.
A survey conducted by the Illinois Society of Professional Farm Managers and Rural Appraisers (ISPFMRA) projected the average rate for cash rents for Illinois farmland will increase next year between $20 and $35 per acre.
This estimate comes on the heels of an 8-11 percent increase in cash rent rates in 2006-07.
The projected average cash rents next year are $218 per acre for excellent ground, $191 per acre for good ground, $167 per acre for average ground, and $140 per acre for fair ground.
"There is a bullish outlook to the ag economy, and this is leading to (landowners) looking at methods to increase their return," said Gary Schnitkey, University of Illinois farm financial management specialist who led the ISPFMRA survey.
The survey found the majority of farm managers and rural appraisers believe corn prices will remain above $3 per bushel for at least the next three years.
Dan Grant will have more from the ISPFMRA Land Values Survey in Monday's FarmWeek. We have links to related stories and the ISPFMRA website.
Thanks for reading!
3 years ago