Landlords, farmers and agribusiness professionals are invited to attend one of the informative land rent meetings from 9:30 to 11:30 a.m. Nov. 22 at the Rice County 4-H Buildings, 1900 Fairgrounds Drive #17, Faribault.
A press release states the free meetings are provided by the University of Minnesota Extension Agriculture Business Management Team. Farm land rental is one of the largest input costs a farmer has and determining a fair and profitable farm rent agreement which satisfies both the landowner and the farmer can be challenging.
The release states farmers have recently been receiving significantly lower corn and soybean prices, which makes determining a fair rental agreement even more difficult.
David Bau, Extension educator in ag business management, will provide guidance for determining a fair rental agreement through examples, factsheets, county and statewide rental averages, and worksheets.
Topics covered at the meetings will include historic and projected farmland rental rate trends, current farm land values and sales, input costs, corn and soybean prices, and personalized worksheets. Input costs for 2019 will be presented along with current 2019 corn and soybean prices. Worksheets will examine 2020 costs, determine affordable rent that farmers will be able to pay in 2020, the rate of return to the landlord at current market values, and examine flexible rental agreements.
RSVPs are appreciated, but walk-ins are welcome. Contact Madison Tebay at firstname.lastname@example.org or 507-444-7686 if you plan to attend.