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 Music

One Direction’s new video stars a chimp and Danny DeVito

14-overlay2

The pop stars will release the music video tomorrow for their latest single "Steal My Girl" and it looks ... interesting.

in Music

Sam Smith, Mary J. Blige to perform at AMAs

samsmith

The breakthrough newcomers 5 Seconds of Summer will also take the stage at next month's American Music Awards.

in Entertainment

‘Dukes of Hazard’ recording Christmas album

dukes

Good ol' boys John Schneider and Tom Wopat have teamed up to record a new holiday album.

in Entertainment

Hilary Swank, Miranda Lambert to front ‘Dog-a-Thon’

swank

LeAnn Rimes, Betty White, Scarlett Johansson, Josh Duhamel, and Kesha are among those set to appear on a "Dog-a-Thon."

in Music

Lady Gaga has everything – even a ‘batcave’

ladygaga

The "Born This Way" hitmaker paid $23 million for a Mediterranean-style villa with an underground area similar to the "Batcave."