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25% of corn and soybean growers continue to expect 2024 cash rental rates to rise

Twenty-five percent of corn and soybean growers continue to expect cash rental rates to rise next year, according to the latest Purdue University-CME Group Ag Economy Barometer.

Jim Minter is the survey’s principal investigator and director of the Purdue Center for Commercial Agriculture.

“That’s probably enough to suggest that we really will see some upward pressure on cash rental rates,” he says. “Not on every farm and not in every location, but it does suggest there’s going to be some pressure to push rates a little bit higher.”

This is the second month in a row that farmers were asked about farmland cash rental rate expectations for 2024.

“Seventy-one percent of survey respondents this month and 68 percent last month said they expect no change in rental rates,” he says. “Hardly anybody expects rates to go down. I think just four percent of the people thought they might see some lower cash rental rates.”

The Ag Economy Barometer is a monthly national survey of 400 U.S. producers.