News

U of I Economist: Farmers Who Rent May Need To Re-Negotiate

U of I Economist: Farmers Who Rent May Need To Re-Negotiate

Photo: Associated Press, Newsradio WTAX

A University of Illinois economist says farmers who rent land will probably need to renegotiate what they pay after watching corn and soybean prices fall.

Economist Gary Schnitkey says that farmers’ profits this year and next will be “considerably below” the levels of the past few years.

Soybeans have fallen well below $11 a bushel and corn to about $3.70 a bushel. Those prices are the lowest since 2010.

Prices have fallen as the expected size of each crop has grown. Farmers across the Midwest are expecting strong production thanks to a season of good weather.

Schnitkey said renegotiating rents can be difficult. He said land owners need to be aware that the economic situation has changed for farmers after several very profitable years.

Recent Headlines

in Entertainment

TLC cancels ‘Honey Boo Boo’

honeybooboo

The hit reality TV show is off the air after allegations family matriarch Mama June is dating a convicted sex offender.

in Entertainment

Christian Bale to play Steve Jobs in new biopic

bale

The "Dark Knight" star will portray the late Apple Computer co-founder.

in Entertainment, Viral Videos

Zack Galifianakis interviews Brad Pitt on ‘Between Two Ferns’

twoferns

The comic gets in some good digs at the "Fury" star in this hilariously awkward interview that's crashed by Louis C.K.