Upcoming sessions in Crookston and area will tackle that question
Landlords, farmers, agri-business professionals should make plans to attend one of the informative meetings being held across Minnesota, including two in Crookston. These free meetings are being provided by the University of Minnesota Extension.
Farm land rental rates are the largest input cost the farmer has. Determining a fair farm rent agreement is a challenge in today’s economy with current significantly lower corn and soybeans prices in 2018.
Negotiating a fair rental agreement that satisfies the land owner and the farmer is a challenge. David Bau, and Nathan Hulinsky, Extension Educators in Ag Business Management, will provide several ways: by examples, factsheets and worksheets to determine a fair farm land rental rate for both parties.
Topics covered at the meetings will include local historic and projected farmland rental rate trends, current farm land values and sales, and a worksheet that will help determine a fair rental agreement. Input costs for 2018 will be presented along with current 2018 corn and soybean prices. Worksheets will examine 2019 costs and what is affordable rent that a farmer will be able to pay in 2019, the rate of return to the landlord at current market values and examine flexible rental agreements.
Attendees will receive several informative worksheets and factsheets that will help to determine what is a fair 2019 farm land rental rate is.
Area meetings will be held on the following dates:
- Tuesday, Nov. 27 from 1 – 3 p.m., Youngquist Auditorium, University of Minnesota Crookston
- Wednesday, Nov. 28, 9 – 11 a.m., Red Lake Falls Community Hall basement meeting room, 402 Falls Avenue, SW, Red Lake Falls
- Wednesday, Nov. 28, 2 – 4 p.m., Clearwater County Courthouse, 3rd Floor Meeting Room, 213 Main Avenue, North, Bagley.
- Wednesday, Jan. 23, 2019, 10 a.m. – noon, Youngquist Auditorium, UMC