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

Judge Considers Whether to Dismiss Illinois Head-Injury Suit

ihsa

Cook County Judge Leroy Martin Jr. heard oral arguments Friday.

in Local

Ex-Washington Mayor Don Gronewald Dead at 83

wtax 011015

Gronewald, mayor of the central Illinois town from 1989 to 2001, died Tuesday at OSF Saint Francis Medical Center in Peoria.

in Local

Iran Deal Gives Durbin a Shot at Political Redemption

dickdurbin2

Dick Durbin leading effort to get votes in favor of nuclear deal with Iran.

in Local

Munger Under Fire Over Outgoing State Funds

Biss and Munger

State Senator Daniel Biss says the comptroller’s office is having trouble following court ordered payments to various groups.

in Local

Legionnaires’ Disease Sickens 23 and Kills 2 in Quincy VA Home

Quincy VA Home

The Illinois Department of Public Health is taking steps to prevent more people in a Quincy veterans’ home from contracting Legionnaires’ disease.