News

U of I Economist: Farmers Who Rent May Need To Re-Negotiate

U of I Economist: Farmers Who Rent May Need To Re-Negotiate

Photo: Associated Press, Newsradio WTAX

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 says 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.

Recent Headlines

9 mins ago in Local

Caterpillar to Close 5 More Plants

Fresh
Caterpillar_logo

Caterpillar Inc. says it will close five more factories — including an Oxford, Mississippi plant — as the Peoria, Illinois-based heavy equipment maker reacts to slowing demand for construction and mining equipment worldwide.

17 mins ago in Local

Advocates Fear Chaos After Rauner Home Health Care Ruling

Fresh
Illinois Republican gubernatorial candidate businessman Bruce Rauner participates in a Republican gubernatorial candidate debate Tuesday, Feb. 18, 2014, in Springfield, Ill. The four Republican gubernatorial candidates said that they’ll be willing to work with unions if elected but differed on how to approach the relationship during a downstate debate that largely focused on pension reform, taxes and just briefly on personal issues that have dogged some of the candidates.

Illinois social service advocates fear chaos when a new ban on most overtime for home health care workers goes into effect Sunday.

22 mins ago in Local

Six People Charged in Champaign Murder

Fresh
Champaign Police Murder Arrests WAND

Four are in custody after the woman was found in Clinton Lake.

30 mins ago in Local

Crimestoppers Seeks Gun Stealers

Fresh
gun

Springfield Police are looking for the public's help in solving a weekend robbery at a local business.

15 hours ago in Local

Illinois Business Leaders to State of Illinois: Fund Earlier Learning When It Comes To STEM Jobs

illinois house

Illinois business leaders say the state should put more funding into earlier learning when it comes to work in science, technology, engineering, and math - or STEM - jobs.