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 Viral Videos

WATCH: Musical morning announcements with Gabrielle Union and Jimmy Fallon


Your vice principal probably never delivered the morning announcements like this.

in Viral Videos

WATCH: ‘The Walking Dead’ gets the ‘Friends’ treatment


What if the hit TV show used a more upbeat opening theme song?

in Music

Taylor Swift dominates American Music Awards nominations


Ariana Grande, Bruno Mars, Luke Bryan, Maroon 5, Drake, Nicki Minaj, One Direction and Sam Smith are among the artists competing for an AMA trophy.

in Music

Bobby Brown working on ‘unvarnished’ memoir


Get ready for a "raw and unvarnished" memoir by Bobby Brown.

in Entertainment

Another George R.R. Martin TV adaptation is in the works


"Game of Thrones" author George R.R. Martin is throwing his support behind a planned TV adaptation of his 1988 novel "The Skin Trade."