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

in Local

Quinn Accuses Rauner of Not Hiring Enough Minorities

Bruce Rauner (R), Pat Quinn

Both trying to make inroads in minority communties

in Local

Library Turf War Continues

Lincoln Presidential Museum

Major donors threaten to withhold donations unless the feuding stops

in Local

Woman Dies in Route 29 Crash Near Edinburg

medical

Illinois State Police say a van over corrected after swerving off the roadway.

in Local

Attorney Wants Parsons to Pay $1.2 Million Now, $100,000 Monthly

Jeff Parsons appears defiant as he walks out of federal court in Springfield July 10, 2014

An attorney representing former THR and Associates employees and creditors wants Jeff Parsons to pony up -- immediately.

in Local

Fake IDs are Easy to Get

id theft

Fake IDs and driver’s licenses are the scourge of the Illinois secretary of state’s office