Iowa farmers are paying record high cash rents.
Iowa State University Extension economist Alejandro Plastina says the average cash rental rate increased nine percent from 2022 to 2023.
“Reaching a record high of $279 per acre as an overall average across the state. But we’ve seen that higher quality land saw higher percent increases.”
The previous record for Iowa was $270 per acre in 2013.
He tells Brownfield farmer profitability on rented land will be lower this year and likely next year too.