By: Brian Roe, McCormick Professor of Agricultural Marketing and Policy, Ohio State University
Land rent negotiation season is upon us in Ohio, and additional information about the value of different types of cropland can be useful to all parties involved. In January of 2012 OSU researchers surveyed farmers in Northwest Ohio about their tillage practices as part of the 2012 Buckeye Farm Tillage Survey. As part of the survey, respondents were asked to identify one field they felt was susceptible to nutrient runoff and to provide detailed information about this field. The information included the yield they would expect to achieve in a normal year as well as the fair market rent they would expect to receive per acre in the upcoming year which, at the time of the survey, was 2012. Respondents also described the field’s predominant soil type (clay, loam, silt, etc.), slope, and whether the field featured working tile. Below I report some findings for those reporting corn or soybean fields.
Please note that these results may differ from other sources and surveys of land rent values as (1) respondents were directed to choose a field they thought to be prone to runoff rather than choosing a representative field and (2) these results reflect the operator’s expectations of yield and expectations of fair market rent rather than actual rent paid. Indeed, some of the fields surveyed may never be part of the land rental market, so operators’ expectations for fair market rent may be inaccurate. Click here download the entire article “Rent for Cropland Susceptible to Runoff in Northwest Ohio: The Role of Tile, Slope & Soil Type”.