By David Bau
Farmland rental rates are slow to go up in good times and slow to go down in poor times.
Based on corn and soybean prices the farm economy is in a poor time. Extension is hosting a set of workshops to help farmer and landlord determine a fair farmland rental agreement for 2019.
Landlords, farmers, and agri-business professionals should make plans to attend one of the informative meetings in January and February across Central and Southern Minnesota. These free meetings are being provided by University of Minnesota Extension. The workshops will be held weekly on Wednesdays starting January 16th in Rochester followed by Waseca, Worthington, Willmar, Morris, Farmington and finishing in Lamberton, February 27, 2019.
There will be two workshops each day at each location. The first session will start at 9:30 am followed by an afternoon session starting at 1:30 pm. In case of bad weather, the following Thursday is the snow date for each location. Call the farm information line 1-800-232-9077 or 507-372-3900 the day of workshop to see if the weather has caused a change in date from Wednesday to Thursday for any of the locations.
Negotiating a fair rental agreement that satisfies the land owner and the farmer is a challenge with the current farm economy. David Bau, Extension Educator in Ag Business Management, will provide several ways to determine a fair farm land rental rate for both parties by using examples, factsheets and worksheets.
Topics covered at the meetings will include local historic and projected farmland rental rate trends, current farm land values and sales, and worksheets that will help determine a fair rental agreement. Input costs for 2019 will be presented along with current 2019 corn and soybean prices. Attendees will receive several informative worksheets and factsheets that will help to determine what is a fair 2019 farm land rental rate.