WJBD Radio

Images

Now Playing

Local News

WJBD - Local News - Dropping Crop Prices May Push Rents Down

Dropping Crop Prices May Push Rents Down

URBANA, Ill. (AP) - 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 tells The News-Gazette in Champaign 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.

See other LocalNews news:

Fire Destroys Abandoned Home on Ross Road in Rural Centralia
Champaign Police Officer Waives Jury in Sex Assault Case
Offer to Restore Power at Shuttered State Park Rejected
Jefferson County Canine Tico Helps Make First Arrest
Centralia Clean and Green Volunteers Clean Up in the Rain




This Site logo