Jan 04, 2016
Farm Leasing Arrangements
Tim EggersField Agricultural Economist
712-542-5171
www.extension.iastate.edu/feci
Top Issues
• Land Values• Cash Rental Rates• Custom Rates• Leasing Practices• Crop-Share Leases• Calculating a Cash Rent Lease• Flexible Cash Leases• Bio-economy
Tools
• ISU Extension Staff Resources• Ag Decision Maker
– Decision Aids• Annual Surveys• Publications
– Decision Tools
• Agricultural Management e-School– Farm Leasing Arrangements course
• Non ISUE resources
December 2007 Corn Futures
November 2007 Soybean Futures
December 2008 Corn Futures
November 2008 Soybean Futures
$100
$150
$200
$250
$300
$350
Aug Sept Oct Nov Dec J an Feb Mar Apr May J une J uly$2.80
$3.80
$4.80
$5.80
$6.80
$7.80
$8.80
$9.80
Share of Gross Tenant's Residual Crop Share Equivalent December Corn November Beans
What Should the Cash Rent Be?
Tenant’s Residual
December Corn
Share of Gross
Crop Share
November Soybeans
2008 Futures2007 Futures
When did you run the numbers?
$100
$150
$200
$250
$300
Aug Sept Oct Nov Dec J an Feb Mar Apr May J une J uly
Share of Gross Tenant's Residual Crop Share Equivalent
2008 Futures2007 Futures
$2.80
$3.80
$4.80
$5.80
$6.80
$7.80
$8.80
Aug Sept Oct Nov Dec J an Feb Mar Apr May J une J uly
December Corn November Beans
With these prices?
2008 Futures2007 Futures
Northeast Northwest
Ethanol Plants Ethanol Plants
low high average Elevators low high average Elevators
Oct 06 2.53 2.75 2.64 2.55 2.59 2.76 2.67 2.64
Nov 06 3.21 3.35 3.28 3.18 3.19 3.36 3.28 3.22
Dec 06 3.39 3.52 3.45 3.31 3.34 3.46 3.40 3.34
Jan 07 3.46 3.61 3.54 3.44 3.49 3.60 3.55 3.53
Feb 07 3.76 3.93 3.85 3.76 3.75 3.90 3.82 3.78
Mar 07 3.80 3.84 3.82 3.62 3.66 3.83 3.75 3.68
Apr 07 3.23 3.45 3.34 3.24 3.20 3.44 3.32 3.33
May 07 3.35 3.59 3.47 3.40 3.27 3.55 3.41 3.47
Jun 07 3.53 3.73 3.63 3.47 3.59 3.84 3.71 3.66
Corn Price Difference, Average Ethanol Bids Minus Elevator Bids, Northeast and Northwest Iowa
$(0.10)
$(0.05)
$-
$0.05
$0.10
$0.15
$0.20
$0.25
Oct 06 Nov06
Dec06
Jan 07 Feb07
Mar07
Apr 07 May07
Jun07
Northeast Iowa Northwest Iowa
www.extension.iastate.edu/agdm
Iowa Farmland Value Surveys
• Iowa State University Extension – conducted annually around November 1st – mailed survey sent to 1,100 licensed real estate brokers– usually 500-600 responses– released in mid-December
• Federal Reserve Bank of Chicago– quarterly survey of ag lenders by state– http://www.chicagofed.org/economic_research_and_data/ag_letter.cfm
• Realtors Land Institute – semi-annual survey (March and September)– compares land classification by corn production– includes pasture and timber land– http://www.centralstatesland.com/csmlsdisplay.asp?id=ed01
Distribution of Iowa Farmland by Age of Owner and Year
0%
5%
10%
15%
20%
25%
< 25 25-34 35-44 45-54 55-64 65-74 > 75
1982 1992 2002
Positive Factors Affecting Land Values, 2003-2006Positive Factors Affecting Land Values, 2003-2006
Recent Land Value Estimates
• Chicago Fed– 7% increase in the 1st quarter– 16% increase April to April
• Iowa Chapter of Realtors Land Institute– 13.6% increase from September 06 to March 07
• ISU Soil Management Conference– forecast a 20% increase from November 07 to
November 08
Prior to September 15, 2006
• Record increases in land value for each of the prior three years
• Drivers– poor overall economy– low interest rates– attractiveness of land investment
• Investors have been a major factor
Post September 15, 2006
• Bioeconomy boom
• Newfound support for fourth year of record increases
• Existing farmers are becoming more active participants
• Land at 173% 2000 value
Factors to Watch• Overall performance of the economy
– interest rates– housing market
• Recreational demand
• Aging farmland owners and their heirs
• Bioeconomy– corn based ethanol
• Farm Program– more of the same/cuts/regional differences
Crop Reporting D istrict 4Percent o f C rop AcresO w ner operated 37%Custom farm ed 2%Cash R ent 39%Crop Share 22%O ther Lease 0%Tota l: 100%
Percent of:Leased Acres Leases
W ritten lease 62% 40%Leased to re lative 36% 28%Farm resident owner 27% 35%Professional M anager 5% 5%Length of tenure (yrs.) 10
Crop Reporting D istrict 1Percent of C rop AcresO w ner operated 31%Custom farm ed 3%Cash R ent 44%Crop Share 21%O ther Lease 2%Total: 100%
Percent o f:Leased Acres Leases
W ritten lease 70% 75%Leased to re lative 36% 36%Farm resident ow ner 27% 29%Professional M anager 10% 6%Length of tenure (yrs.) 13
Crop Reporting D istrict 3Percent of C rop AcresO w ner operated 51%Custom farm ed 0%Cash R ent 42%Crop Share 6%O ther Lease 1%Total: 100%
Percent o f:Leased Acres Leases
W ritten lease 63% 50%Leased to re lative 22% 18%Farm resident ow ner 50% 59%Professional M anager 3% 1%Length of tenure (yrs.) 9
C rop Reporting D istrict 2Percent o f C rop AcresO wner operated 30%Custom farm ed 0%Cash Rent 51%Crop Share 18%O ther Lease 1%Tota l: 100%
Percent o f:Leased Acres Leases
W ritten lease 68% 66%Leased to re lative 40% 41%Farm resident owner 47% 49%Professional M anager 6% 4%Length of tenure (yrs.) 13
C rop R eporting D istrict 6Percent o f C rop AcresO w ner operated 41%C ustom farm ed 0%C ash R ent 49%C rop Share 10%O ther Lease 0%Tota l: 100%
Percent o f:Leased Acres Leases
W ritten lease 60% 66%Leased to re la tive 29% 13%Farm resident ow ner 49% 56%Professional M anager 4% 3%Length of tenure (yrs.) 12
Crop Reporting D istrict 9Percent of C rop AcresO w ner operated 55%Custom farm ed 2%Cash R ent 28%Crop Share 15%O ther Lease 0%Tota l: 100%
Percent of:Leased Acres Leases
W ritten lease 64% 48%Leased to re lative 45% 22%Farm resident owner 49% 56%Professional M anager 1% 2%Length of tenure (yrs.) 11
Figure 1: Farmland Characteristics by Crop Reporting District
Crop Reporting D istrict 8Percent of C rop AcresO w ner operated 55%Custom farm ed 1%Cash R ent 31%Crop Share 12%O ther Lease 0%Total: 100%
Percent of:Leased Acres Leases
W ritten lease 26% 22%Leased to re lative 23% 6%Farm resident ow ner 32% 39%Professional M anager 5% 2%Length of tenure (yrs.) 10
C rop R eporting D istric t 7Percent o f C rop A cresO w ner operated 47%C ustom farm ed 3%C ash R ent 18%C rop Share 30%O ther Lease 2%Tota l: 100%
Percent o f:Leased Acres Leases
W ritten lease 35% 38%Leased to re la tive 40% 22%Farm resident ow ner 35% 38%Professional M anager 5% 4%Length of tenure (yrs.) 12
Crop Reporting D istrict 5Percent o f C rop AcresO wner operated 26%Custom farm ed 4%Cash Rent 47%Crop Share 22%O ther Lease 1%Tota l: 100%
Percent of:Leased Acres Leases
W ritten lease 77% 67%Leased to re lative 29% 22%Farm resident owner 28% 33%Professional M anager 12% 11%Length of tenure (yrs.) 11
W ashington
W apello
Van Buren
M ahaska
Louisa
Lee
Keokuk
Jefferson
H enry
D es M oines
D avis
S ioux
W right
W orth
W oodbury
W inneshiek
W innebago
W ebster
W ayne
W arren
U nion
Taylor
Tam a
Story
Shelby
Scott
Sac
R inggo ld
Pow eshiek
Pottaw attam ie
Polk
PocahontasP lym outh
Palo A lto
Page
O sceola
O 'B rien
M uscatine
M ontgom ery M onroe
M onona
M itchell
M ills
M arshall
M arionM adison
Lyon
Lucas
Linn
Kossuth
Jones
Johnson
Jasper
Jackson
Iow a
Ida
H um boldt
H ow ard
H arrison
Hard in
H ancock
H am ilton
G uthrie
G rundy
G reene
Frem ont
Franklin
F loyd
Fayette
Em m et
D ubuque
D ickinson
Delaw are
D ecatur
D allas
C raw ford
C linton
C layton
C lay
C larke
C hickasaw
C herokee
Cerro G ordo
C edar
C ass
C arro ll
Ca lhoun
ButlerBuena V ista
Buchanan
Brem er
Boone
B lack H aw k
Benton
Audubon
Appanoose
A llam akee
Adam s
Adair
Leasing Practices
0%
10%
20%
30%
40%
50%
60%
1982 1992 1997 2002 Southwest
Owner Operated Cash Rent Crop Share Other
Cash/Crop Share/Owner Operator
Crop Share Practices
Landlord Tenant
Land
½ inputs
Labor
½ inputs
Machinery
Management
½ income ½ income
Crop Share 50-50 Lease
Landlord Tenant
Land $212
½ inputs $114
Labor $ 27
½ inputs $114
Machinery $ 63
Management $123
½ income $327 ½ income $327
Crop Share 50-50 Lease
Net Returns to Owner--Corn/Soybeans Rotation
60
80
100
120
140
160
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
$ p
er a
cre
Crop-share
Cash
Net Returns to Tenant--Corn/Soybeans Rotation
(30)
(10)
10
30
50
70
90
110
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
$ p
er a
cre
Crop-share
Cash
Leasing OpportunitySoil Type: Acres: Percent: CSR---------- -------- -------- -----T370B 61.47 23.2% 85248 17.72 6.7% 60T368 16.70 6.3% 90212 11.71 4.4% 91T369 87.78 33.1% 85133 9.69 3.7% 80220 60.11 22.7% 85---------- -------- -------- -----Totals 265.19 100.0% 83.73
Iowa Corn Suitability Rating based yield estimation: 179 bushels per acre
Determining A “Fair” Cash Rent
Value
Location: Page CountyTillable Acres: 265 AcresCorn Yield: 179 bu/AcreSoybean Yield: 49 bu/ACorn Suitability Rating: 84 CSR
Supporting Information
Cash Rent Market ApproachISU Extension Publication FM 1851 – Cash Rental Rates for Iowa 2007 Survey (released in May)
Three Methods for Determining Cash Rent Values
Typical Cash RentAverage Rent for ProductionAverage Rent for Corn Suitability Rating (CSR)
Calculating Cash Rent Values
1.Typical Cash Rent
Select the Area of the State/County
Area 10 County PageDetermine Overall average $ 132
High Quality Third = $ 161Middle Quality Third = $ 130Low Quality Third = $ 104
Calculating Cash Rent
2 a. Average Rents Per Unit – Corn Yield
Select the Area of the State/County
Determine Average Rent for Corn
Farm’s Average Corn Yield (bu/A) 179Times rent per bushel of Corn yield $ .96Equals the Average Rent for Corn Acre $ 172
Calculating Cash Rent
2 b. Average Rents Per Unit – Soybean Yield
Select the Area of the State/County
Determine Average Rent for Soybeans
Farm’s Average Soybean Yield (bu/A) 49Times rent per bushel of Soybean yield $ 3.08Equals the Average Rent for Soybean Acres $151
Calculating Cash Rent
2. Average Rents Per Unit – Corn & Soybeans
Add the Average Rent for Both
Corn Average Rent $ 172Soybean Average Rent $ 151
Average Rent Corn & Soybeans $ 161
Calculating Cash Rent
3. Average Rents Per CSR Index Point
Select the Area of the State/County
Determine the Average Cash Rent using CSR
Farm’s Average Corn Suitability Rating 84Times rent per CSR index point $ 1.76Equals the Average Rent for all Row Crop Acres
$ 148
Using Corn Suitability Rating (CSR)
Source: ISU Extension Publication FM- 1851
Source: ISU Extension Publication FM- 1851
Average all 3 Methods
Method 1: Typical Cash Rent $ 161Method 2: Average Rents per Unit $ 161Method 3: Average Rents per CSR Index Point $ 148
Total all Methods and divide by 3 $157 /A
$157 /A X 265 Tillable Acres = $41,517
Split Payments of $20,758 and $20,758
Overall Average
Gross Income MethodTenant Residual MethodCrop Share MethodReturn on Investment Method
Cash Lease Calculations
Assumptions• 265 crop acres• 179 bushel corn yield• 49 bushel Soybean yield• Corn Market Price $3.50 / bu
– December 2008 minus 50 cents
• Soybean Market Price $8.70 / bu– November 2008 minus 50 cents
• Direct Government Payments average $22.00 / acre
Share of Gross IncomeCORN: (179 bu X $3.50) + $22 = $648.50SOYBEANS: (49 bu X $8.70) + $22 = $448.30
Iowa cash rents typically are equal to about 30 to 40 percent of the gross
income from producing corn, and 35 to 45 percent of the gross income
from producing soybeans.
Cash Rental RateCORN: $648.50/ac X 35% = $ 227SOYBEANS: $448.30/ac x 40% = $ 179
Average $ 203
Tenant Residual Method
CORN: $648.50 – $368.47 = $280.03
SOYBEAN: $448.30 - $194.70 = $253.60
Average: $266.79
30% lower prices or lower yield $10920% lower prices or lower yield $16210% higher prices or lower yield $319
Crop Share Method 50-50 Share
Expense:Corn: 50 % x $237.28 = $118.64Soybeans: 50 % x $161.49 = $62.66
Equivalent Rent:Corn: $324.25 - $118.64 = $205.61Soybean: $224.15 - $62.66 = $161.49Average: $183.51
(1) The owner is assumed to pay 50 percent of the costs for seed, fertilizer, lime,
pesticides, crop insurance, interest and miscellaneous, and drying and storage.
Income:Corn: 50 % x 648.50 = $324.25 Soybeans: 50 % x $448.30 = $224.15
Return on Investment Method
Iowa farm estimated to have a market value of $3,700 per acre.Expected Rent: (5%) X $3,700 / acre = $185 / acre
5.66%
Cash Rent SurveyPer Bushel YieldPer CSR PointGross IncomeTenant ResidualCrop ShareReturn on Investment
Average
Corn Soybeans
All Average: $186
2006 Average: $130
43% increase
$161 $161$172 $151$148 $148$229 $169$280 $254$206 $161$185 $185
$197 $176
Machinery costs
Fixed costs Variable costs
Depreciation
Interest
Storage
Insurance
Repairs
Labor
Fuel
Low Third $71
Mid Third $76
High Third $90
IFBA 2005 Machinery Costs
FM 1789 Iowa Farm Costs and Returns (updated in September)
Power Mach Cost vs Invest. Cost(Per Acre)
0
50
100
150
200
250
300
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Mach & Power Cost Mach & Power Investment
Direct Corn Expenses
0
10
20
30
40
50
60
70
80
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Seed Insecticide Herbicide
Fertilizer & Lime Drying & Storage
Direct Bean Expenses
0
5
10
15
20
25
30
35
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Seed Insecticide HerbicideFertilizer & Lime Drying & Storage
Flexible Cash Leases
Desire:
Terminated tenants want cash rent leases to be renewed by September 1 for the following year
Current Reality:
Prices and yields are very unpredictable
Solution:
Flexible lease contract
Advantages Disadvantages
Price and production risk shared as well as profit opportunities
Actual rent adjusts as production or price change
Owner does not have to be involved in decision making about inputs or marketing
Owner and producer share in risks
Not as well understood as traditional cash lease or crop share
More difficult to calculate
Owner benefits from tenant’s management skills
Tenant loses windfall profit potential from high prices
Types of Flexible Cash Leases
• Rent varies with both price and yield– Matches tenant’s ability to pay
• Rent varies with yield only– Could have high yields, low prices
• Rent varies with price, only– Could have low yields, high prices
Flexible Cash Lease is a Share Lease
• Farm Service Agency says that if the actual rent depends on the farm yield, direct and counter cyclical payments must be shared with the landowner.
• Considered to be a “share” lease
• Does not apply to LDPs or marketing loan gains.
• If the final rent does not depend on the farm yield, a flexible rent is still considered to be a cash rent.
• Example: base rent on county average yield and actual price at harvest.
• County yields are not published until March each year.
Flexible Cash Lease is a Cash Lease
Base plus Bonus
• Paying a “flex bonus” when revenue is above expectations does not affect the split of payments if it is not based on the actual farm yield.
• Provide a copy of your agreement to the FSA county office.
Iowa corn processing & ethanol plants, current & planned, 10/26/06
63
Sac
Linn
Lee
Ida
Tama
Clay Kosuth
Jasper
Lyon
Page
StoryrJones
Fayette
Adair
Bentonn
Wapello
Pocahontas
Osceola
Jefferson
Audubon
Washington
BuenaVista
BlackHawk
Appanoose
CerroGordo
VanBuren
Mucatine
Dickenson
DesMoines
Winnebago
Montgomery
Iowa Corn Processing & Ethanol Plant Locations, Actual & Planned. 9/26/06,
PoweshiekPolk
BooneGreeneCarrollCrawford
Plymouth
O’Brien
Woodbury
Monona
Harrison Shelby
Wright Franklin
Floyd Chickasaw
Webster Hardin
Louisa
Emmet
Palo Alto
Hancock
Worth Mitchell HowardWinneshiek Allamakee
BremerButler
HamiltonGrundy
Buchanan
Delaware
Dubuque
Jackson
Clintonn
Guthrie Dallas
Johnson
Marshall
Pottawattamie
Mills
Fremont
Madison
Warren Marion Mahaska
Keokuk
Adams Union Clarke Lucas Monroe
Taylor Ringgold
Cherokee
Calhoun
Decatur Wayne Davis
Henry
Scott
Humboldt
Clayton
Cedar
Sioux
Cass
Iowa*
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Sac
Linn
Lee
Ida
Tama
Clay Kosuth
Jasper
Lyon
Page
StoryrJones
Fayette
Adair
Bentonn
Wapello
Pocahontas
Osceola
Jefferson
Audubon
Washington
BuenaVista
BlackHawk
Appanoose
CerroGordo
VanBuren
Mucatine
Dickenson
DesMoines
Winnebago
Montgomery
,
PoweshiekPolk
BooneGreeneCarrollCrawford
Plymouth
O’Brien
Woodbury
Monona
Harrison Shelby
Wright Franklin
Floyd Chickasaw
Webster Hardin
Louisa
Emmet
Palo Alto
Hancock
Worth Mitchell HowardWinneshiek Allamakee
BremerButler
HamiltonGrundy
Buchanan
Delaware
Dubuque
Jackson
Clintonn
Guthrie Dallas
Johnson
Marshall
Pottawattamie
Mills
Fremont
Madison
Warren Marion Mahaska
Keokuk
Adams Union Clarke Lucas Monroe
Taylor Ringgold
Cherokee
Calhoun
Decatur Wayne Davis
Henry
Scott
Humboldt
Clayton
Cedar
Sioux
Cass
Iowa*
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Sac
Linn
Lee
Ida
Tama
Clay Kosuth
Jasper
Lyon
Page
StoryrJones
Fayette
Adair
Bentonn
Wapello
Pocahontas
Osceola
Jefferson
Audubon
Washington
BuenaVista
BlackHawk
Appanoose
CerroGordo
VanBuren
Mucatine
Dickenson
DesMoines
Winnebago
Montgomery
Iowa Corn Processing & Ethanol Plant Locations, Actual & Planned. 9/26/06,
PoweshiekPolk
BooneGreeneCarrollCrawford
Plymouth
O’Brien
Woodbury
Monona
Harrison Shelby
Wright Franklin
Floyd Chickasaw
Webster Hardin
Louisa
Emmet
Palo Alto
Hancock
Worth Mitchell HowardWinneshiek Allamakee
BremerButler
HamiltonGrundy
Buchanan
Delaware
Dubuque
Jackson
Clintonn
Guthrie Dallas
Johnson
Marshall
Pottawattamie
Mills
Fremont
Madison
Warren Marion Mahaska
Keokuk
Adams Union Clarke Lucas Monroe
Taylor Ringgold
Cherokee
Calhoun
Decatur Wayne Davis
Henry
Scott
Humboldt
Clayton
Cedar
Sioux
Cass
Iowa*
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Sac
Linn
Lee
Ida
Tama
Clay Kosuth
Jasper
Lyon
Page
StoryrJones
Fayette
Adair
Bentonn
Wapello
Pocahontas
Osceola
Jefferson
Audubon
Washington
BuenaVista
BlackHawk
Appanoose
CerroGordo
VanBuren
Mucatine
Dickenson
DesMoines
Winnebago
Montgomery
,
PoweshiekPolk
BooneGreeneCarrollCrawford
Plymouth
O’Brien
Woodbury
Monona
Harrison Shelby
Wright Franklin
Floyd Chickasaw
Webster Hardin
Louisa
Emmet
Palo Alto
Hancock
Worth Mitchell HowardWinneshiek Allamakee
BremerButler
HamiltonGrundy
Buchanan
Delaware
Dubuque
Jackson
Clintonn
Guthrie Dallas
Johnson
Marshall
Pottawattamie
Mills
Fremont
Madison
Warren Marion Mahaska
Keokuk
Adams Union Clarke Lucas Monroe
Taylor Ringgold
Cherokee
Calhoun
Decatur Wayne Davis
Henry
Scott
Humboldt
Clayton
Cedar
Sioux
Cass
Iowa*
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66 Planned + current in Iowa
11 Just across the borders
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Figure 1.
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Iowa corn processing & ethanol plants, current & planned, 11/20/06
63
Capacity: 129% of 2006 cropCapacity: 142% of 2006 Crop
Iowa Corn Processing Plants, Current & Planned, 5/30/07
71 Potential Iowa Plants 11 Just across IA Borders
Total 11,693 mil. Bu.
Hazards for 2008
• Lower crop insurance prices• Higher input costs
– rent, fuel, fertilizer, seed, machinery, and drying
• Yields– low or at insurance coverage levels
• Price– average or below break even
• Increased world supplies or low ethanol prices
Other Resources• Materials from this meeting
– http://www.extension.iastate.edu/feci/Leasing/vflm.html
• Online Courses – Ag Management e-School– http://www.extension.iastate.edu/ames
• Workshops, meetings, conferences– http://dbs.extension.iastate.edu/calendar/
• Publications – rental survey, land value survey, etc.– http://www.extension.iastate.edu/pubs/
• Articles and spreadsheets– http://www.extension.iastate.edu/agdm/
• Private Consultation– http://www.extension.iastate.edu/ag/fsfm/fsfarmmg.html
Land Leasing Confidence
• Introduction to Farm Leases• Cash Rent Leases • Crop Share Leases• Custom Farming• Renting Buildings • Renting Hay and Pasture Land • Legal and Tax Considerations • Conservation and Environmental Considerations• USDA Agencies and Programs• Owner and Operator Relations
Farm Lease Arrangements
A.M.E.S.
Agricultural Management e-schoolAn ISU Extension Outreach Institute
A.M.E.S.
Agricultural Management e-schoolAn ISU Extension Outreach Institute
Purchase Plan
• Land Value Trends • Using Soils Information • Appraisal Techniques • Financing Considerations • Feasibility of a Land Purchase
Farmland Ownership
Thank You!
Tim EggersField Ag Economist
ISU Page County Extension
311 East Washington
Clarinda, Iowa 51632
(712) [email protected]
www.extension.iastate.edu/feci
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