WORTHINGTON — Landlords, farmers and agribusiness professionals should make plans to attend an informative fair farm rental agreement meeting. The free sessions, led by the University of Minnesota Extension, will be offered across Minnesota in the coming weeks.
In this area, sessions are offered:
Nov. 14: 9:30 a.m. and 1:30 p.m., Extension Regional Office, 1527 Prairie Drive, Worthington.
Nov. 20: 9:30 a.m., Southwest Research and Outreach Center, 23669 130th St., Lamberton.
Nov. 20: 1:30 p.m., Murray County Fairgrounds 4-H Building, 3048 S. Broadway Ave., Slayton.
Farmland rental rates are the largest input cost for farmers. Determining a fair farm rent agreement is a challenge in today’s economy with current low corn and soybeans prices.
Negotiating a fair rental agreement that satisfies the landowner and the farmer is a challenge. David Bau and Nathan Hulinsky, Extension Educators in Ag Business Management, will provide several ways, including examples, fact sheets and worksheets, to determine a fair farmland rental rate for both parties.
Topics covered at the meetings will include local historic and projected farmland rental rate trends, current farmland 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.
Attendees will receive several informative worksheets and fact sheets that will help to determine what is fair in 2020 farmland rental rates.
For a complete listing of all workshops across the state, visit http://bit.ly/33DpF6I.