Cash Rental Rates for Iowa

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1 Cash Rental Rates for Iowa 2002 Survey The cash rental rates presented in this publication are the result of a survey of farmers, landowners, agricultural lenders, real estate brokers, and professional farm managers. They supplied information based on their best judgments about typical cash rental rates for high, medium, and low quality cropland in their counties, as well as land devoted to hay production, oats, pasture, and cornstalk grazing. Land suitable for corn and soybeans was divided into high, medium, and low quality thirds, based on its expected corn yield. Estimates of expected corn yields were derived from actual farm yields submitted for crop insurance documentation. The rental rates summarized in this bulletin do not reflect the value of any buildings or storage structures, and assume that half the rent is paid before planting and the remainder following harvest. The information shown can be useful in comparing rental rates among counties and farms of different levels of productivity. However, actual rental terms for a particular farm should be set by mutual agreement between the owner and tenant, based on the productivity and other characteristics of the land being leased. Extension publication FM 1801, Estimating Cash Rental Rates for Farmland, offers guidelines for determining a fair cash rent for a particular farm. Circumstances such as the following may justify a higher or lower rent in certain cases: Small size or unusual shape of fields Presence of terraces or creeks that affect the time it takes to plant and harvest Difficult or restricted access to fields High or low fertility levels or Ph Existence of contracts for growing seed or specialty grains Above or below average local grain prices due to transportation costs, proximity to barge loading facilities or feed demand USDA program variables, such as corn base and assigned yields Counties were grouped into areas as shown on the map below. Data for some similar counties were combined, when only a small number of responses was received. Rental rates for pasture and hayland are not shown for counties for which only a few responses were received. However, the average pasture and hayland rates reported for each area are shown. The cooperation and assistance of the landowners, farmers, and agribusiness people who responded to this survey are greatly appreciated. Lyon Sioux Plymouth Area 5 Monona Osceola Dickinson Emmet Area 1 O Brien Cherokee Crawford Clay Buena Vista Carroll Palo Alto Pocahontas Woodbury Ida Sac Calhoun Greene Kossuth Humboldt Area 2 Webster Winnebago Boone Hancock Wright Hamilton Marshall Benton Harrison Shelby Audubon Guthrie Dallas Polk Jasper Poweshiek Iowa Johnson Story Worth Area 3 Cerro Gordo Franklin Hardin Mitchell Floyd Butler Grundy Tama Howard Chickasaw Bremer Fayette Area 6 Area 7 Area 8 Winneshiek Allamakee Area 4 Black Hawk Buchanan Delaware Dubuque Linn Clayton Jones Cedar Muscatine Jackson Area 9 Clinton Scott Pottawattamie Area 10 Cass Adair Madison Warren Marion Mahaska Keokuk Washington Area 11 Area 12 Louisa Mills Montgomery Adams Union Clarke Lucas Monroe Wapello Jefferson Fremont Page Taylor Ringgold Decatur Wayne Appanoose Davis Van Buren Henry Lee Des Moines FM 1851 Revised May 2002

2 2002 CASH RENTAL SURVEY FOR AREA 1 Area County Clay Dickinson Emmet Lyon O'Brien Osceola Palo Alto Sioux Average Number of responses Average Corn Yield Average Soybean Yld Average Row Crop CSR Index Typical Cash Rent for Corn and Soybeans, $ per acre Overall average $117 $110 $118 $124 $127 $123 $123 $135 $122 High quality third Average $135 $128 $132 $145 $143 $146 $138 $157 $140 Range Medium quality third Average $119 $112 $120 $126 $131 $123 $121 $138 $124 Range Low quality third Average $97 $91 $103 $102 $111 $98 $106 $110 $102 Range Typical Corn Yield, bu. per acre High Third Middle Third Low Third Average Rents Per Unit Rent per bushel of corn yield $0.85 $0.83 $0.86 $0.89 $0.90 $0.91 $0.88 $0.92 $0.88 Rent per bushel of soybean yield $2.66 $2.65 $2.91 $2.74 $2.77 $2.89 $2.94 $2.76 $2.79 Rent per CSR index point $1.55 $1.51 $1.66 $1.93 $1.72 $1.73 $1.73 $2.02 $1.73 Typical Cash Rent for Oats, Hay, and Pasture, $ per acre Alfalfa hay $108 $103 Grass hay $85 $81 Oats $101 $97 Tillable pasture $69 Improved pasture $40 $43 Permanent pasture $28 $25 $36 $37 $30 Pasture, $/AUM Cornstalks $8 $9

3 2002 CASH RENTAL SURVEY FOR AREA 2

4 2002 CASH RENTAL SURVEY FOR AREA 3 Area County Butler Cerro Gordo Floyd Franklin Hancock Mitchell Winnebago Worth Average Number of responses Average Corn Yield Average Soybean Yld Average Row Crop CSR Index Typical Cash Rent for Corn and Soybeans, $ per acre Overall average $140 $124 $119 $130 $125 $121 $117 $109 $123 High quality third Average $163 $145 $137 $148 $145 $144 $133 $125 $142 Range Medium quality third Average $140 $126 $120 $132 $126 $123 $120 $110 $125 Range Low quality third Average $116 $101 $101 $111 $106 $97 $100 $93 $103 Range Typical Corn Yield, bu. per acre High Third Middle Third Low Third Average Rents Per Unit Rent per bushel of corn yield $1.03 $0.91 $0.86 $0.94 $0.90 $0.87 $0.86 $0.81 $0.90 Rent per bushel of soybean yield $3.10 $2.92 $2.71 $3.00 $2.96 $2.83 $2.93 $2.64 $2.89 Rent per CSR index point $1.74 $1.59 $1.46 $1.60 $1.63 $1.44 $1.61 $1.34 $1.55 Typical Cash Rent for Oats, Hay, and Pasture, $ per acre Alfalfa hay $105 $111 Grass hay $79 $89 Oats $90 Tillable pasture $66 Improved pasture $43 Permanent pasture $30 Pasture, $/AUM Cornstalks $10

5 2002 CASH RENTAL SURVEY FOR AREA 4 Winneshiek Average

6 Woodbury Average

7 2002 CASH RENTAL SURVEY FOR AREA 6 Area County Audubon Carroll Crawford Greene Guthrie Harrison Shelby Average Number of responses Average Corn Yield Average Soybean Yld Average Row Crop CSR Index Typical Cash Rent for Corn and Soybeans, $ per acre Overall average $124 $133 $130 $130 $119 $127 $122 $126 High quality third Average $143 $152 $152 $144 $138 $149 $144 $146 Range Medium quality third Average $124 $134 $130 $132 $119 $127 $122 $127 Range Low quality third Average $105 $113 $109 $114 $100 $104 $99 $106 Range Typical Corn Yield, bu. per acre High Third Middle Third Low Third Average Rents Per Unit Rent per bushel of corn yield $0.96 $0.98 $0.99 $0.91 $0.91 $0.96 $0.93 $0.95 Rent per bushel of soybean yield $2.97 $3.04 $2.97 $2.90 $2.84 $3.03 $2.72 $2.93 Rent per CSR index point $1.75 $1.84 $1.94 $1.62 $1.58 $1.92 $1.87 $1.79 Typical Cash Rent for Oats, Hay, and Pasture, $ per acre Alfalfa hay $86 $76 $93 Grass hay $71 $80 Oats $92 $106 Tillable pasture $62 $55 $75 $75 Improved pasture $49 $50 $46 $44 $53 $49 Permanent pasture $37 $35 $32 $33 $36 Pasture, $/AUM $13 Cornstalks $5 $5 $5

8 2002 CASH RENTAL SURVEY FOR AREA 7

9 2002 CASH RENTAL SURVEY FOR AREA 8 Area County Benton Black Hawk Buchanan Iowa Johnson Linn Poweshiek Tama Average Number of responses Average Corn Yield Average Soybean Yld Average Row Crop CSR Index Typical Cash Rent for Corn and Soybeans, $ per acre Overall average $139 $148 $130 $130 $127 $128 $126 $130 $132 High quality third Average $157 $166 $154 $146 $137 $146 $142 $147 $149 Range Medium quality third Average $141 $145 $130 $131 $121 $121 $126 $128 $130 Range Low quality third Average $113 $122 $106 $114 $110 $104 $104 $108 $110 Range Typical Corn Yield, bu. per acre High Third Middle Third Low Third Average Rents Per Unit Rent per bushel of corn yield $1.01 $1.06 $0.94 $0.99 $0.98 $0.93 $0.93 $0.97 $0.98 Rent per bushel of soybean yield $2.98 $3.12 $2.81 $2.91 $2.91 $2.83 $2.78 $2.76 $2.89 Rent per CSR index point $1.68 $1.84 $1.62 $1.68 $1.43 $1.51 $1.47 $1.52 $1.60 Typical Cash Rent for Oats, Hay, and Pasture, $ per acre Alfalfa hay $74 $115 $96 Grass hay $58 $88 $76 Oats $91 Tillable pasture $62 $61 $60 Improved pasture $46 $47 $45 $44 Permanent pasture $36 $34 $31 $32 Pasture, $/AUM $11 Cornstalks $5

10 2002 CASH RENTAL SURVEY FOR AREA 9 Jones Muscatine Scott Average

11 2002 CASH RENTAL SURVEY FOR AREA 10 Area County Adair Adams Cass Fremont Mills Montgomery Page Pottawattamie Ringgold Taylor Average Number of responses Average Corn Yield Average Soybean Yld Average Row Crop CSR Index Typical Cash Rent for Corn and Soybeans, $ per acre Overall average $100 $115 $123 $107 $108 $105 $103 $124 $93 $102 $108 High quality third Average $119 $133 $143 $125 $123 $128 $120 $142 $116 $126 $127 Range Medium quality third Average $98 $113 $123 $106 $110 $107 $102 $125 $92 $100 $108 Range Low quality third Average $83 $96 $103 $89 $94 $85 $85 $106 $70 $79 $89 Range Typical Corn Yield, bu. per acre High Third Middle Third Low Third Average Rents Per Unit Rent per bushel of corn yield $0.81 $0.93 $0.97 $0.81 $0.85 $0.83 $0.83 $0.94 $0.85 $0.91 $0.87 Rent per bushel of soybean yield $2.53 $2.85 $3.01 $2.55 $2.64 $2.58 $2.55 $2.83 $2.52 $2.75 $2.68 Rent per CSR index point $1.37 $1.51 $1.68 $1.43 $1.45 $1.46 $1.39 $1.75 $1.25 $1.37 $1.47 Typical Cash Rent for Oats, Hay, and Pasture, $ per acre Alfalfa hay $68 $87 $64 $43 $59 $68 Grass hay $48 $47 $72 $51 $38 $41 $53 Oats $66 $53 $61 Tillable pasture $43 $54 $49 $50 $58 $36 $44 $49 Improved pasture $39 $37 $45 $49 $38 $42 $50 $36 $42 $42 Permanent pasture $29 $29 $34 $28 $31 $29 $24 $28 $29 Pasture, $/AUM $14 Cornstalks $3 $5 $4 $3 $3 $4

12 County 2002 CASH RENTAL SURVEY FOR AREA 11 Appanoose & Wayne Clarke & Decatur Lucas & Monroe Madison Mahaska & Marion Union Warren Number of responses Average Corn Yield Average Soybean Yld Average CSR Index Area Average Typical Cash Rent for Corn and Soybeans, $ per acre Overall average $99 $91 $94 $96 $116 $114 $112 $103 High quality third Average $121 $107 $112 $119 $138 $134 $133 $123 Range Medium quality third Average $96 $90 $93 $98 $115 $114 $105 $101 Range Low quality third Average $81 $75 $75 $77 $93 $94 $87 $83 Range Typical Corn Yield High Third Middle Third Low Third Average Rents Per Unit Rent per bushel of corn yield $0.92 $0.83 $0.84 $0.75 $0.90 $0.98 $0.86 $0.87 Rent per bushel of soybean yield $2.72 $2.49 $2.47 $2.33 $2.64 $3.04 $2.71 $2.63 Rent per CSR index point $1.44 $1.25 $1.13 $1.16 $1.42 $1.45 $1.34 $1.31 Typical Cash Rent for Oats, Hay, and Pasture, $ per acre Alfalfa hay $49 $49 $51 $75 $67 $57 Grass hay $37 $38 $42 $53 $48 $43 Oats $48 $62 Tillable pasture $53 $37 $34 $45 $40 Improved pasture $44 $30 $26 $35 $39 $35 Permanent pasture $30 $22 $20 $23 $28 $21 $24 Pasture, $/AUM $11 Cornstalks $8 $5 $5 $5

13 2002 CASH RENTAL SURVEY FOR AREA 12 Lee & Area County Davis Des Moines Henry Jefferson Keokuk Van Buren Louisa Wapello Washington Average Number of responses Average Corn Yield Average Soybean Yld Average Row Crop CSR Index Typical Cash Rent for Corn and Soybeans, $ per acre Overall average $94 $122 $123 $118 $119 $101 $119 $121 $130 $113 High quality third Average $113 $148 $145 $141 $145 $125 $146 $143 $151 $136 Range Medium quality third Average $95 $124 $122 $116 $119 $100 $118 $121 $127 $113 Range Low quality third Average $74 $98 $97 $96 $92 $78 $93 $98 $107 $89 Range Typical Corn Yield, bu. per acre High Third Middle Third Low Third Average Rents Per Unit Rent per bushel of corn yield $0.82 $0.90 $0.93 $0.97 $0.93 $0.83 $0.91 $0.96 $0.98 $0.90 Rent per bushel of soybean yield $2.40 $2.78 $2.73 $2.86 $2.70 $2.46 $2.75 $2.87 $2.85 $2.66 Rent per CSR index point $1.39 $1.47 $1.55 $1.47 $1.48 $1.48 $1.47 $1.57 $1.57 $1.47 Typical Cash Rent for Oats, Hay, and Pasture, $ per acre Alfalfa hay $56 $56 $64 Grass hay $37 $38 $48 Oats $62 Tillable pasture $35 $41 $44 Improved pasture $38 $41 $31 $38 Permanent pasture $23 $31 $21 $26 Pasture, $/AUM $8 Cornstalks $5

14 Overall Average of Typical Cash Rents for Row Cropland Area 1 $117 $115 $117 $121 $122 Area Area Area Area Area Area Area Area Area Area Area State $119 $117 $120 $122 $124 Prepared by William Edwards, extension economist, and Darnell Smith, extension associate File: Economics and justice for all The U.S. Department of Agriculture (USDA) prohibits discrimination in all its programs and activities on the basis of race, color, national origin, gender, religion, age, disability, political beliefs, sexual orientation, and marital or family status. (Not all prohibited bases apply to all programs.) Many materials can be made available in alternative formats for ADA clients. To file a complaint of discrimination, write USDA, Office of Civil Rights, Room 326-W, Whitten Building, 14th and Independence Avenue, SW, Washington, DC or call Issued in furtherance of Cooperative Extension work, Acts of May 8 and June 30, 1914, in cooperation with the U.S. Department of Agriculture. Stanley R. Johnson, director, Cooperative Extension Service, Iowa State University of Science and Technology, Ames, Iowa.

Cash Rental Rates for Iowa

Cash Rental Rates for Iowa 2003 Survey The cash rental rates presented in this publication are the result of a survey of farmers, landowners, agricultural lenders, real estate brokers, and professional