Source: Purdue University

This month’s survey also included a question targeted toward corn and soybean producers regarding their expectations for farmland cash rental rates in 2024. Twenty-five percent of the corn/soybean producers in this month’s survey said they expect 2024 cash rental rates in their area to rise above 2023’s rates.

In a follow-up question only posed to respondents who said they expect rental rates to rise, nearly one-third (32%) said they expect rental rates in 2024 to increase up to 5%, while nearly half (49%) look for rates to rise from 5 up to 10%, both compared to 2023.