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

Fashion icon Oscar de la Renta dead at 82

Fresh
oscardelarenta

He dressed American first ladies and Hollywood stars, to become one of the most sought-after designers of the last half-century.

in Sports, Trending, Viral Videos

TODAY’S MUST SEE: College mascots ‘Shake It Off’ parody

Fresh
12-overlay3

Big Ten mascots show off their dance moves to Taylor Swift's "Shake It Off."

in Entertainment

14 photos for Kim K’s 34th birthday

Fresh
AP853057848378_2

Love her or hate her, Kim Kardashian is a household name.