Purdue Extension Marshall County is hosting a Lunch and Learn program on Thursday November 17, to discuss farm ground rent and current economic projections for 2023. The meeting will start at noon in room 304 of the Marshall County Building, 112 W. Jefferson Street in Plymouth.
Topic for the Lunch and Learn program is “What is a fair cash rent?” This has been a challenging question in recent years, due to higher value of corn and soybeans, while input costs have dramatically raised as well. What are the projections for profitability for poor, average and excellent farm ground in 2023? Is there an advantage to flexible rents? Robert Yoder, Extension Educator ANR, will share information from the Purdue University Center of Commercial Agriculture on these questions.
There are resources from the Purdue University Department of Agriculture Economics Department that will be reviewed including the annual land value and cash rent survey, and ID-166 Purdue Crop Cost and Return publication. Purdue University Center of Commercial Agriculture has several educational pieces as well, with one on trends in farm ground rental arrangements that will be reviewed at this meeting. It is important to understand farm ground production potential. The Natural Resource Conservation Service soil survey web page is a good unbiased source of information on crop production potential of various soil types. This tool will be demonstrated at this meeting.
Renting of farm ground continues to be an important discussion between landlord and tenant. This past decade has been challenging to determine fair rents. Area farmers have had a difficulty in obtaining farm inputs at reasonable prices in recent years and this will continue into 2023. Since each field is not uniform, the variability in the field needs to be considered when you determine farm ground rent.
Robert Yoder, Purdue Extension Educator ANR, works with clientele on this question of crop ground rental arrangements on a regular basis. He is holding this meeting to share information on this topic and to share tools that he utilizes when working on this topic with clientele.
If you have questions about this meeting or plan to attend, please call Marshall County Extension Office (574) 935-8545 or email ryoder@purdue.edu. The goal of this meeting is to share information tools available to utilizing in farm ground rental arrangements and answer questions about this process.
