farm rent question
#1
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farm rent question
We turned over 20 acres last year (central Indiiana) to a local large scale farm operation that farms our neighbors land. We had not had the land farmed since we owned it (7 years). A corn crop was harvested in October - when should we hear from the farmer and how much is corn acres renting for.
Thanks
Thanks
#2
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Land Rent
What were the terms of the agreement when you rented the land? Were you paid the rental amount up front or was it to be paid at some future date? Was it a fixed amount or was it conditional on the crop yield?
#3
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Wow, I wouldn't rent anything without a signed lease and rent collected in advance every month - just like an apartment.
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When I talked to my neighbor a few years back about who farmed his ground he said he did business with this family operation on a hand shake - good enough for me - I'm just covering some bases - how much is corn acerage renting for on both a yield and per acre value and I always assumed we would settle up after the season. I'm just not sure when that typically happens. Is corn still high? I heard beens went nuts
Thanks for reply
Thanks for reply
#5
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NE IN farm
You should get around $110 per acre. But may vary due to how easy the access is to your property, corn yield, quality of land. If you would get considerable less than this, I would find another farmer. The farmer should rotate crops too, so next year you would have beans. Also, FYI, profit is higher with corn. The farmer that cash rents my land pays me before the end of the year, so I haven't seen seen it yet. Also, before the end of February, the farmer should send you the tax form for your return because you will have to pay income tax on the income.
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Thanks for the info - I don't have reservations about contacting him I just didn't want to appear to be the "bumpkin I am" . Good to have an ear out there. The info just confirmed what I was guessing - corn in some areas has gone even higher
#8
Your local Cooperative Extension Agent can tell you what corn and soybeans are going for. He can also provide you with insight on what farmland is renting for. As indicated, you need a signed lease agreement.