I know little to nothing about farm rent so this is just my personal comment.
Economics 101 should tell you land rent should have nothing to do with the profit or loss of the renter. No reason for a land owner to suffer because fertilizer and tractor prices are high squeezing profits from a farmer.
First and foremost the land owner needs to show a profit. That would be land value divided by say 30 (to pay a 30 year loan) plus yearly cost such as taxes. This will give you a fixed base to start at. From here you would adjust based on supply and demand. And as NY 986 said in most places the demand for good land is so high that any formula gets thrown right out the window and the land rents to the guy with the deepest pockets.
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