Lower farm income could pressure the farmland market

Producers are facing much lower farm income compared to the last couple of years, with corn and soybean price estimates drastically lower than the highs seen in 2022. With these lower prices, some analysts are closely watching other areas of the industry, like rents.

Ag economists with the University of Illinois say that lower returns could mean cash rents may also decline. However, they say any potential drops in rent would depend on commodity prices and if any policy changes result from those declines.

One Economist with Ohio State University says patterns show prices between 2021 and 2023 were transitory highs, and lower prices are likely here to stay.

They note that young farmers are likely to experience the most financial stress.

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