Land values and cash rental rates are hitting near record levels in some corn belt states. Former Iowa State University Economist and Professor Emeritus, Dr. Mike Duffy says increases of eight to 10-percent are common and Iowa is no exception.
Duffy says while he thinks the land market is close to a top, there have been a combination of factors driving prices that are still in place.
The President of the American Society of Farm Managers and Rural Appraisers, Dennis Reyman says he expects cash rents will also be renegotiated higher for next season, following strong farm income trends. The question is how much.
He says in many states the lease and rental termination deadline for cropland rental is September 1.
