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Free farmland rental rate classes to be held this fall

The USDA Minnesota statewide average farmland rents increased by 4.5% from 2021 to 2022.

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Negotiating a fair rental agreement that satisfies the landowner and the farmer can be a challenge.
Perham Focus file photo
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PERHAM — The University of Minnesota Extension will host several free fall meetings across the state regarding farmland rental information. Determining a fair farm rent agreement is a challenge in today’s economy with current high corn and soybeans prices in 2022.

Negotiating a fair rental agreement that satisfies the landowner and the farmer can be a challenge. David Bau and Nathan Hulinsky, Extension educators in agriculture business management, will provide several ways, including examples, factsheets and worksheets, to determine a fair farmland rental rate for both parties.

Topics covered at the meetings will include local historic and projected farmland rental rate trends, current farmland values and sales and a worksheet that will help determine a fair rental agreement. Input costs for 2022 will be presented along with current 2022 corn and soybean prices. Worksheets will examine 2023 costs, affordable rent rates for farmers, the rate of return to the landlord at current market values and examine flexible rental agreements.

The schedule for workshops can be found in October at extension.umn.edu . After the in-person farmland rental rate workshops, there will be several online sessions. Starting in January 2023, there will be several sessions virtual across the state.

The majority of the materials presented at the workshops can be found at extension.umn.edu/business/farmland-rent-and-economics .

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Trends from the FINBIN database show Minnesota rent costs increased by 4.6 percent from 2020 to 2021. The USDA Minnesota statewide average farmland rents increased by 4.5% from 2021 to 2022. This data could be one way to plot a trend for 2023 rents.

Related Topics: EVENTSAGRICULTUREAGRICULTURE EDUCATION
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