| Bradley Zwilling |
| FEFO 09-15, 10/9/2009 |
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Abstract
The U.S.D.A. estimates that land values have declined slightly in Illinois.
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| Landlord Returns From Illinois Farmland
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| Dale Lattz |
| FEFO 08-19, 11/14/2008 |
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Abstract
Landlord’s net returns from farmland (based on typical crop share leases) reached a low point in 2001 and 2002. Net returns increased significantly the last two years.
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| 2009 Rental Decisions Given Volatile Commodity Prices and Higher Input Costs
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| Gary Schnitkey and Dale Lattz |
| FEFO 08-17, 10/15/2008 |
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Abstract
Turmoil within the financial sector has caused concerns about the performance of economies around the world.
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| Fourth Year in a Row of Double Digit Increases for Illinois Farm Real Estate Values
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| Dale Lattz |
| FEFO 08-14, 8/5/2008 |
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Abstract
According to the U.S. Department of Agriculture, the average value of Illinois farm real estate was $5,000 per acre in 2008, 15.5 percent higher than the 2007 average of $4,330 per acre.
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| Are Farmland Prices in Line with Farmland Returns?
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| Gary Schnitkey |
| FEFO 07-15, 10/10/2007 |
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Abstract
In recent year, farmland prices have increased faster than its capitalized values. This may signal that non-agricultural factors are having more of an impact on farmland prices. Or farmland price increases may need to slow.
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| Illinois Farm Real Estate Values Continue Double Digit Increases
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| Dale Lattz |
| FEFO 07-14, 8/15/2007 |
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Abstract
USDA estimated that farmland prices increased by 13.9% between 2006 and 2007, the third year in a row of double digit increases in farmland prices.
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| Flexible Cash Leases Based on Crop Insurance Parameters
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| Gary Schnitkey, Dale Lattz |
| FEFO 07-13, 8/8/2007 |
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Abstract
A flexible cash lease is proposed that bases its payments on parameters used in setting revenue guarantees on Group Risk Income Plan (GRIP) crop insurance policies. As structured, this flexible lease causes landlords and farmers to share in commodity price changes that occur between years.
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| Consider Higher Costs and Additional Risk When Negotiating 2008 Cash Rents
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| Gary Schnitkey |
| FEFO 07-12, 7/13/2007 |
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Abstract
Caution should be exercised in increasing cash rents for 2008. If cash rents increase so that a farmer receives the same margin in 2008 as in 2001 through 2005, farmers will be in much riskier positions. In central Illinois, farmer margins need to more than double for farmers to be in the same risk position in 2008 as compared to 2001-2005.
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| Geographical Distribution of Corn and Soybean Planting Intentions
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| Gary Schnitkey |
| FEFO 07-07, 4/6/2007 |
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Abstract
While corn acreage will increase in the Corn Belt, a higher percentage of corn acres are projected to be grown outside the Corn Belt in 2007. This shift in production could cause a small drag on national corn yields; however, weather and other factors likely will be more important in determining 2007 yields.
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| Are Increasing Cash Rents Justified?
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| Gary Schnitkey, Dale Lattz |
| FEFO 06-21, 12/05/2006 |
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Abstract
Because there is uncertainty about whether high commodity prices will actually occur, caution seems warranted in increasing cash rents. Even if long-run increases in commodity prices occur, farmers do not necessarily obtain long-run higher returns or risk reductions.
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| Increase in Illinois Land Real Estate Values Accelerates
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| Dale Lattz |
| FEFO 06-13, 08/10/2006 |
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Abstract
The USDA estimates that Illinois farmland values increased by 14.1% in 2006 to an average of $3,330 per acre. Since 2000, Illinois farm real estate values have increased 68 percent.
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| Increase In Illinois Farm Real Estate Values Continue
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| Dale Lattz |
| FEFO 05-15, 08/15/2005 |
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Abstract
Each year the National Agricultural Statistics Service of the USDA releases estimated average farm real estate values and cash rents by state. The estimates are based on surveys of farmers from selected geographical areas. The surveys follow strict statistical guidelines. Estimated values maybe revised the following year based on additional information. Revisions may also be made based on data from the 5-year Census of Agriculture. Values released in 2005 did not include any revisions for previous years. The methodology and timing of the study has changed over time but the statistical information provides some insight as to the changes in farm real estate values from year to year.
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| Soybean Rust Considerations in Share-rent Arrangements and in Crop Insurance
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| Gary Schnitkey |
| FEFO 05-06, 03/28/2005 |
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Abstract
Some individuals have questioned how fungicide costs should be shared under crop-share arrangements. In addition, significant discussion has ensued concerning crop insurance coverage for rust-induced losses. These issues are covered in the following sections.
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| An Updated Look At Illinois Farm Real Estate Values
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| Dale Lattz |
| FEFO 04-13, 08/18/2004 |
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Abstract
Each year the National Agricultural Statistics Service of the USDA releases estimated average farm real estate values and cash rents by state. The estimates are based on surveys of farmers from selected geographical areas. The surveys follow strict statistical guidelines. Estimated values maybe revised the following year based on additional information. Revisions may also be made based on data from the 5-year Census of Agriculture. Values released in 2004 included downward revisions for the 1999 through 2003 time period based on the 2002 Census of Agriculture data. The methodology and timing of the study has changed over time but the statistical information provides some insight as to the changes in farm real estate values from year to year.
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| Projected 2005 Commodity Prices Suggest Caution In Farm Rental Bidding
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| Gary Schnitkey |
| FEFO 04-12, 08/15/2004 |
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Abstract
Many observers believe that cash rents for the 2005 cropping year will rise above 2004 levels because average cash rents have been increasing in northern and central Illinois for the past several years. Moreover, higher commodity prices during late 2003 and the first half of 2004 led to projections of higher agricultural profitability and were anticipated to further increase cash rent bids.
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| Farmland Prices, Net Rents And Interest Rates Since 1970
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| Gary Schnitkey |
| FEFO 04-10, 06/11/2004 |
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Abstract
Farmland prices in central Illinois have increased about 6% per year since the late 1980s. In this article, we examine whether increases in net returns or decreases in interest rates since the late 1980s provide the economic basis for increasing farmland prices. This analysis may shed light on the future direction of farmland prices.
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| A Historic Look at Illinois Farm Real Estate Values
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| Dale Lattz |
| FEFO 03-15, 08/27/2003 |
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Abstract
Each year the National Agricultural Statistics Service of the USDA releases estimated average farm real estate values and cash rents by state. The estimates are based on surveys of farmers from selected geographical areas. The surveys follow strict statistical guidelines. Estimated values maybe revised the following year based on additional information. Revisions may also be made based on data from the 5-year Census of Agriculture. The methodology and timing of the study has changed over time but the statistical information provides some insight as to the changes in farm real estate values from year to year.
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| Cash Rent Worksheet
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| Dale Lattz, Gary Schnitkey |
| FEFO 03-01, 01/27/2003 |
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Abstract
A new cash rent worksheet designed to help farmers determine the amount of cash rent that can be paid for an acre of land is available on farmdoc (Click here to download sheet). A user must have Microsoft Excel version 97 or higher to operate the worksheet.
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| Cash Rents and Equivalent Cash Rents in Illinois
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| Dale Lattz, Gary Schnitkey |
| FEFO 02-23, 12/23/2002 |
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Abstract
Most Illinois farmers rent the majority of their farmland. Alternative sources suggest that in Illinois somewhere between 60 to 80 percent of the land that is farmed is rented. This Illinois Farm Economics: Facts and Opinions reviews payments that farmers make to landlords for rented farmland. This information can aid farmers and landowners as they review their leasing arrangements.
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| Farmland Leasing Update
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| Gary Schnitkey |
| FEFO 02-21, 11/20/2002 |
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Abstract
The University of Illinois - Extension conducted a leasing survey in 2002 in which farmers and landowners were asked to describe their share rent and cash rent leases. This Farm Economics: Facts and Opinions summarizes findings from this survey and is divided into three sections:
1. Land tenure in Illinois,
2. Cash rents in Illinois, and
3. Share rent characteristics in Illinois.
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| Landlord Returns from Illinois Farmland
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| Dale Lattz |
| FEFO 01-24, 12/06/2001 |
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Abstract
Farmland returns are conceptually similar to stock returns. For a stock there may be a cash return, or dividend, and there may be appreciation in the stock's value. Similarly, farmland has a cash return to the landowner in the form of a net return from leasing the land. Farmland also may increase in value. However, like a stock investment, farmland values also can decline. This paper examines historic cash returns, or net returns, to landlords leasing Illinois farmland using typical crop share leases.
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| Perspectives on Farmland Leasing
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| Dale Lattz |
| FEFO 01-20, 10/09/2001 |
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Abstract
Alternative sources suggest that Illinois farmers own somewhere between 20 to 40 percent of the land they farm. Therefore, Illinois farmers rent the majority of land they farm. They rent this farmland from retired farmers, non-farm investors, and institutional and government agencies. This paper reviews the agreements governing the relationships between farmers as tenants on farmland and landowners as lessors of farmland. This information is useful as farmers and landowners review the leasing arrangements for the coming year.
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| 2001 Farmland Assessed Values Decrease for All Soil Types
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| Dwight Raab |
| FEFO 01-03, 02/07/2001 |
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Abstract
For 2001, the certified farmland assessed values for soils of all productivity index values decreased 10% from the 2000 certified assessed values. This is largely the result of the interaction of the 1986 law limiting changes in certified farmland assessed valuation to no more than a 10% increase or a 10% decrease. The underlying economic conditions in Illinois agriculture are the driver of the limit down movement. Increasing production costs, relatively lower commodity prices, and a slightly increased interest rate all had a role in the decreasing certified assessed farmland values. The state of the agricultural economy in Illinois drives the use-value farmland assessment calculations. An noted above, commodity prices, general farm expenses, and interest rates all have an impact in the calculation of the assessed valuation of farmland in its use as farmland. The decrease in certified values for all soil productivity indexes was restricted by the 1986 ten percent limit law since the decrease in calculated assessment valuation from 2000 to 2001 exceeded ten percent. Each soil type identified in Illinois is assign a soil productivity index based on the production capacity of the soil. These certified assessed valuations were issued to county assessing officials in May of 2000 for use in 2001 farmland assessments. Property tax on the 2001 farmland assessments are paid in 2002.
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