An extension educator says cash rental rates increased slightly during 2023 reflecting higher farmland values.
Farm Business Management Educator Jon LaPorte with Michigan State University Extension tells Brownfield the trend in Michigan is similar to other midwestern states.
“Even though there may be different levels of productivity, we all still have to deal with the same commodity markets,” he says. “We still have to deal with the same inflation, those kind of external factors all have to be dealt with relatively the same way.”
Farmers on average said they paid $140 per acre for cash rental rates on non-irrigated crop land in Michigan with the greatest increases reported in northern counties.