What is a fair farm rental agreement?

Landlords, farmers and agri-business professionals should make plans to attend one of the informative fair farm rental agreement meetings being held across Minnesota. 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 low corn and soybeans prices in 2019.

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, including 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 2019 will be presented along with current 2019 corn and soybean prices. Worksheets will examine 2020 costs, affordable rent rates for farmers, the rate of return to the landlord at current market values and examine flexible rental agreements.

Make plans to attend one of these meetings now. Attendees will receive several informative worksheets and factsheets that will help to determine what is a fair 2020 farm land rental rate.

The meetings will be held: 9:30 a.m., Nov. 14, Extension Regional Office, 1527 Prairie Drive, Worthington; Nov. 14, Extension Regional Office starting at 1:30 p.m.; 9:30 a.m., Nov. 20, Southwest Research & Outreach Center, 23669 130th Street, Lamberton; 1:30 p.m., Nov. 20, Murray County Fairgrounds 4-H Building, 3048 S. Broadway Ave., Slayton.

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