A recent report from the Illinois Society of Professional Farm Managers and Rural Appraisers shows Illinois average cash rents were slightly down over the past year.
Luke Worrell, with Worrell Land Services in Jacksonville, tells Brownfield the slight drop affected all land classes, but there was variability across the state…
“There are even certain kind of, you know, ‘neighborhoods’ in counties that have kind of just a stronger competitive balance to it.” He says, “So, there’s going to be quite a bit of volatility to what you see cash rent wise, but certainly it’s at numbers that we had not seen until recent memory.”
He says they’re predicting cash rents will continue to decline this year…
“For looking at potential farm income through 2024, you’re going to see continued downward pressure for those leases that come due later this fall that need to be renegotiated.” He says, “So still really, really strong numbers, but there’s some pressure there as well, certainly.”
For ‘excellent’ productivity Illinois farmland, the $400 per acre average cash rent for 2024 was $12 lower than the $412 per acre cash rent in 2023.
