Here is the formula that I use for my farm in southern Minnesota:
First of all, the land costs 1/3 of the gross yield of corn per year whether you are buying it or renting it. Next, both the owner and renter get to choose a week out of the year for the new crop price at the local elevator and the local ethanol plant and take the average price for the week at each place and then average those two. Then the renter and owner each average the two prices and then average the renter and owner average prices into one price per bushel. Then multiply the Price per bushel times the yield times the number of acres.
This makes a little record keeping but it reflects the true price per bushel as part of the rent basis.
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Today's Featured Article - A Lifetime of Farm Machinery - by Joe Michaels. I am a mechanical engineer by profession, specializing in powerplant work. I worked as a machinist and engine erector, with time spent overseas. I have always had a love for machinery, and an appreciation for farming and farm machinery. I was born and raised in Brooklyn, New York. Not a place one would associate with farms or farm machinery. I credit my parents for instilling a lot of good values, a respect for learning, a knowledge of various skills and a little knowledge of farming in me, amo
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