Land rent workshops: What is a fair farmland rental agreement?

Negotiating a fair rental agreement that satisfies the land owner and the farmer is a challenge. In these Rent Workshops, University of Minnesota Extension Educators will provide examples, fact sheets and worksheets to determine a fair farm land rental rate for both parties.

Many factors can be utilized to help determine the value of a piece of land. Soil type and quality, location, and size and shape of the parcel are just a few of the factors to consider. If you aren?Äôt sure where to even start with valuing your land, you can look up the average rent for land in your county. However, if you do this it is important to remember that these numbers are just averages. You can get information about county averages by calling your county Extension office, or by accessing the University of Minnesota Extension publication highlighting Cropland Rental Rates for Minnesota Counties: http://z.umn.edu/10mn.

Landlords, farmers, agri-business professionals should make plans to attend one of the informative land rental meetings being held across Minnesota. These meetings are being provided by the University of Minnesota Extension.  Determining a fair and profitable farm rent agreement is a challenge in today?Äôs economy with volatile corn and soybean prices and high farm land values.

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 and profitable rental agreement. Projected input costs for 2016 will be presented along with current 2016 corn and soybean prices. Examples will use 2016 costs and returns to calculate affordable rental rates for farmers and acceptable rates of return to the landlord at current land values. Flexible cash rental agreements will also be examined.

Make plans to attend one of these meetings now. Attendees will receive several informative worksheets and factsheets that will help determine a fair and profitable 2016 farm land rental rate. Locally, there are some upcoming opportunities to attend land rent workshops:

?Ä¢ Hutchinson, Nov. 12 at 9 a.m. ?Äì Hutchinson Event Center

?Ä¢ Gaylord, Nov. 12 at 1 p.m. ?Äì Sibley County Courthouse Annex Basement

?Ä¢ Cologne, Nov. 13 at 9 a.m. ?Äì Carver County Public Works Building

?Ä¢ Willmar, Dec. 4 at 9 a.m. ?Äì Mid Central Research & Outreach Center

?Ä¢ Buffalo, Dec. 10 at 9:30 a.m. ?Äì Wright County Courthouse, Room 120

?Ä¢ Litchfield, Dec. 10 at 1 p.m. ?Äì Meeker County Courthouse, Room A&B

The local flyer link has additional information regarding the workshops listed above: http://z.umn.edu/10mg. For a complete list of meeting dates in Minnesota visit: http://z.umn.edu/10mi. Contact the McLeod County Extension Office at (320) 484-4303, or the Meeker County Extension Office at (320) 693-5275 if you have additional questions about the workshops or land rental rates.

Farmers and agricultural professionals should also plan to attend the 2016 Crop Management Input Seminar. This year the seminar will be held at the Hutchinson Event Center on Tuesday, December 1st. Topics include soybean diseases and fertility, management of waterhemp and giant ragweed, and a presentation on leadership and planning for a profitable tomorrow. Contact the McLeod County Extension Office for further information or the University of Minnesota Extension Website under McLeod County: http://z.umn.edu/10mn.