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Comparing Corn and Soybean Cash Prices with Average Southern Minnesota Farmland Rental Rates

By David Bau, Extension Educator

The average cash price for corn and soybeans each calendar year since 2003 is listed in Table 1 below. Columns 2 and 3 list the average cash prices each year in Worthington for corn and soybeans.  The Column 4 lists the average percent change in corn and soybean prices from the prior year.  Column 5 lists the average rent paid by 1200 farmers in Southern Minnesota who are part of Adult Farm Management Programs. Column 5 multiplies the price percent change by previous year’s actual average rents to determine the farmland rent each year. Column 7 starts with the average rent $127 in 2003 and then multiplies this by the corn and soybean price change (17.26%) to determine a rental rate of $148.93 for 2004. To determine the 2005 rental rate, start with the 2004 rate of $148.93 and multiply this by the price change (-25.28) and to determine an average rent of $111.28 for 2005. This process was repeated to determine rentals rate through 2018.


The last three c…
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Women in Ag Network's May Feature

By Megan Roberts and Sarah Schieck, Extension Educators

Our May 2019 "Woman in Ag" feature is Christy Kallevig.  Christy wears many hats, including farmer, wife, mom, and Extension Educator. This past February, Christy spoke at our 4th Annual Conference, leading a breakout session on stress management. Below Christy shares more about herself and some good tips for keeping positive in the face of agricultural challenges.

WAGN: Tell us about your career and farm.
Christy: I have been involved in agriculture my entire life.  I grew up on a dairy, hog, and crop farm between Comfrey and Sleepy Eye.  I am the fifth generation to be involved in the farming operation that is now dairy, beef, and crops.  I was active in 4-H and the Brown County American Dairy Association to help educate others about the value of agriculture in our communities and the care that we give our animals and the land.  I went on to marry a farmer, Allan, and we have a grain and hay operation outside of Belgrad…

Women in Ag Network's April Feature

By Megan Roberts and Sarah Schieck, Extension Educators

Our April Women in Ag is Liz Stahl, an Extension Educator in Crops from southern Minnesota. In this Q&A, Liz shares about her passion for assisting Minnesotan crop farmers.

WAGN: Tell us about your career as a Crops Extension Educator?
Liz: I work as an Extension Educator in Crops out of the Worthington Regional Extension office.  I focus on corn and soybean management issues including pesticide safety education, weed management, and the agronomic side of soil health including cover crops.  I started with Extension in 2004 after working 10 years as a research agronomist for a seed company, a crop production specialist/agronomist for a farmer’s cooperative, and with a non-profit focused on alternative crops.   

WAGN: What challenges are your audiences facing today? Why is Extension relevant to these challenges?
Liz: Economics are very tight right now in agriculture.  Along with this, farmers are facing increasing issues with res…

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Women in Ag Network's March Feature

By Megan Roberts and Sarah Schieck, Extension Educators
Our March Woman in Ag Profile is Wanda Patsche, a hog and crop farmer from southern Minnesota. Wanda recently was a panelist at our annual conference. In this Q&A, Wanda shares a little more about her family, farm, and passion for agriculture.

WAGN: Tell us about your farm and your role on the farm.
Wanda: My husband Chuck and I farm in Welcome, which is located in Martin County. We have been farming for over 40 years. Presently, we crop farm corn and soybeans and also raise hogs. My role on the farm is I help with planting the crops in the spring and harvesting crops in the fall. More specifically, I help prepare the soil before planting by using a field cultivator. I also help with spraying herbicides and planting as needed. In the fall, I am the combine operator and I till the ground after harvest. In addition to the crop field work, I am also in charge of all the record keeping and bookkeeping. I am a co-owner of our farm c…

IRS waives estimated tax penalty for Farmers that file returns and pay tax by April 15

The Internal Revenue Service announced that farmers (and fishermen) who usually file their Federal tax returns by March 1, 2019, may file and pay their tax up to April 15th without the need to pay a late filing penalty.
The most significant issue inhibiting timely farm tax return filing was a lack of guidance on many critical issues that directly affect how farm tax returns are prepared.  Many software programs until recently did not contain all of the required forms to file a farm tax return correctly.  Farm tax returns are now due April 15, 2019.  To waive the estimated tax penalty, all tax must be paid by April 15, 2019.
A copy of the IRS news release is posted below.

02 | 24 | 19
IRS waives estimated tax penalty for farmers, fishermen who file returns and pay tax by April 15
IR-2019-28
WASHINGTON — The Internal Revenue Service will waive the estimated tax penalty for any qualifying farmer or fisherman who files his or her 2018 federal income tax return and pays any tax due by Monday, A…

Southwestern Minnesota Farmland Values Increase 3.0 percent in 2018

By David Bau, Extension Educator

At the end of each year for the last twenty-four years, a survey has been conducted of farm land sales in fourteen southwestern Minnesota counties. The survey reports bare farm land sales to non-related parties for the first six months of each year. Land values had been steadily increasing until 2014.  After reaching record high prices in 2013, the upward trend was broken as prices declined in 2014 and continued down through 2017.  The trend changed to an increased in 2018.  The summary report for this survey is available at the county extension offices in Chippewa, Cottonwood, Jackson, Lac qui Parle, Lincoln, Lyon, Martin, Murray, Nobles, Pipestone, Redwood, Rock, Watonwan and Yellow Medicine Counties.  This year the increase across the fourteen counties averaged 3.9%.  Average land values had not increased since 2013 when the average SW Minnesota land prices peaked at $8,466 per acre then declined in through 2017 to $6,340 until increasing in 2018 to…