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:

Ex-Prison Guard Admits to having Sex with Inmate
UI Frat to Meet with School Officials about Sign
Man Charged in Southwestern Illinois Death
Carp-Processing Plant Wrestling with Ultimatum
New Plant Comes to Tuscola




This Site logo