Farm Leasing Meetings to be Held Nearby
The corn price used for the August 2013 leasing meetings was $4.75 per bushel. At that time, December 2014 corn futures were $5.15. On August 4 of this year, the corn futures price for December 2014 was $3.68, and the harvest delivery price at a nearby elevator was $3.19. The pie has shrunk.
The Farm Leasing Arrangements meeting in Shenandoah will focus on strategies for landowners and tenants to manage their financial relationships with declining crop prices. Page County Extension will be sponsoring the meeting on August 27 from 9 to 11:30 a.m. at the Rose Garden. The Rose Garden is on W. Ferguson Ave., east of the National Guard Armory.
A second meeting will be held in Atlantic on August 29, sponsored by Cass County Extension. The meeting will be held at the Cass County Community Center, 805 W. 10th from 9-11:30 a.m.
Estimating a cash rental rate is a constant of the Farm Leasing Arrangements meeting. This year’s decreased profitability will require landlords and tenants to look closely at 2015 production cost estimates.
Nineteen percent of cash leases in Iowa are flexible which means the rent is not determined until after the crop is harvested. Flexible leases work during times of high prices and low prices. The formulas underlying flexible leases may need to be reviewed for 2015.
The farm safety net has changed with the new farm bill. Landowners have received, or will receive, notification about updating base acres and yields.
“The last opportunity to update base acres and yields was with the 2002 farm bill,” said Tim Eggers, ISU Extension Field Agricultural Economist. “The time before that was 1981. Opportunities to update base acres and yields have been rare, and this chance needs to be taken seriously.”
The Farm Leasing Arrangements meeting will give landowners, tenants, and agri-business professionals information and materials they need to make decisions regarding farmland ownership, management, and leasing practices.
The Farm Leasing Arrangements meeting costs $15 per person, which includes the 100-page Farm Leasing Arrangements booklet and a copy of the presentation. Registration is required by August 25. To register for the session in Shenandoah, call the Page County Extension office at 712-542-5171 or toll free at 877-596-7243. To register for the session in Atlantic, call the Cass County Extension office at 712-243-1132 or email firstname.lastname@example.org.
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