When corn prices topped seven dollars a bushel a few years ago, farmland prices shot up and cash rental rates followed.
As a result, many farmers are finding the higher cash rental rates just don’t pencil out. U of I ag economist Gary Schnitkey told attendees at Farm Bureau Farm Income and Innovation Conference Wednesday that cash rental rates came down a bit last year, but we more declines for farmers to stay profitable in a world of three dollar corn.
U of I ag Economist Gary Schnitkey