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Illinois Cash Rents and Leasing Expectations Through 2027 – farmdoc daily

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Illinois Cash Rents and Leasing Expectations Through 2027 – farmdoc daily


According to results from Illinois Society of Professional Farm Managers and Rural Appraisers (ISPFMRA) annual survey (see the Land Values report from the Illinois Society), cash rents on professional managed farmland held strong in 2026 and are anticipated to maintain the strength into 2027. Even though farmland price expectations have softened(see farmdoc daily article on April 7, 2026), the rental market remains strong.

2025 Leasing Incomes

Setting the stage for current market behavior requires a look at the actual earnings landlords generated during the 2025 crop year. The ISPFMRA survey defined average income as total gross revenue minus all associated expenses, including standard property tax deductions. The analysis compared three primary lease structures: share rent agreements, traditional cash rent leases, and custom farming contracts.

As shown in Table 1, which compares incomes between 2024 and 2025, landowners engaged in custom farming on Excellent quality soils generated the most substantial financial yield at $375 per acre in 2025. This return effectively compensated those landowners who assumed full liability for all crop-related expenditures and operational uncertainties. In comparison, landowners employing cash rent lease structures on identical soil quality obtained an average return of $300 per acre in 2025, while traditional crop share leases achieved an average return of $250 per acre.

Comparing the 2025 figures directly to 2024 reveals distinct shifts within specific lease structures. Landlord incomes from cash-rented fields experienced a decrease from 2024 to 2025 across the three highest productivity categories. Specifically, returns on Excellent quality cash-rented land fell by $25 per acre from 2024 levels, while Good quality land saw a $10 per acre reduction.

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Conversely, traditional crop share returns experienced upward adjustments across the top three productivity classes over the same period. This increase in crop share returns is largely attributable to slight reductions in input costs coupled with strong crop yields during the 2024 to 2025 period. Consequently, landlords engaged in agreements that share both revenues and costs directly benefited from these favorable production and expenditure dynamics.

Reported 2026 Cash Rent by Land Quality

Even with the modest declines in realized 2025 landlord incomes, negotiated cash rental rates for the 2026 growing season have remained exceptionally strong. The survey data breaks down these expectations by soil productivity, revealing that while statewide averages are holding firm, there is considerable variance in what operators are ultimately paying, even for land of identical quality.

For Excellent quality farmland, the middle third of cash leases is expected to average $375 per acre in 2026. However, agreements in the upper third of the market are reaching $400 per acre, whereas the lower third averages around $320 per acre. This $80-per-acre spread highlights the substantial variability inherent within specific land quality classes, largely driven by localized supply constraints and intense competition among operators for premium acreage. Moving down the scale, the middle tier of Good quality land has an average of $325 per acre. Average quality soils sit at a reported $273 per acre, and Fair quality land averages $200 per acre. (See Table 2).

Table 2. Per Acre Cash Rents for High 1/3, Mid 1/3, and Low 1/3 Cash Rent Leases by Land Quality, 2026 Table showing 2026 cash rents per acre by land quality (Excellent, Good, Average, Fair) and lease tier (High 1/3, Mid 1/3, Low 1/3). High-tier rents are highest across all qualities (e.g., $400 for Excellent, $238 for Fair), followed by Mid-tier ($375 to $200) and Low-tier ($320 to $181). Rents decrease as land quality declines and as lease tier moves from high to low.

Figure 1 illustrates the history of cash rents for middle one-third leases over the past decade to provide context for the reported 2026 rates. As shown, cash rents remained relatively flat from 2016 through 2021 before increasing significantly to reach a peak in 2023. Following the 2023 highs, cash rents experienced a period of moderate decline. However, heading into the 2026 crop year, the survey data indicates stabilization of the market, with slight increases observed for higher-productivity land classes.

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Average cash rental rates from 2025 to 2026 showed marginal gains across the upper three productivity classes. While the Excellent category’s 2026 median rent of $375 per acre represented a $5 increase over its 2025 level of $370, the median rent for Good quality acreage climbed by $25, shifting from $300 to $325 per acre. Similarly, Average quality land experienced a $13 per acre elevation, rising from $260 to $273 per acre. Fair quality acreage was the only class to observe a slight downturn, dropping $5 from $205 to $200 per acre. Furthermore, for landowners managing grazing operations, respondents noted that pastureland equipped with sufficient fencing and water infrastructure secured an average rental rate of $43 per acre.

Figure 1. History of Cash Rents for Mid One-Third Leases (2016–2026) Line chart showing per-acre cash rents in Illinois for mid one-third leases by land quality (Excellent, Good, Average, Fair) from 2016 to 2026. Rents decline slightly from 2016–2019, remain stable through 2021, then rise sharply in 2022–2023 before easing slightly by 2025–2026. In 2026, rents are approximately $375 (Excellent), $325 (Good), $273 (Average), and $200 (Fair), with Excellent consistently highest and Fair lowest.

Expectations for 2027

As for the agricultural economy, a majority of agricultural managers anticipate that the farm economy will either maintain its current trajectory or become better conditions in 2026. Specifically, 48 percent of respondents expect economic conditions in 2026 to closely mirror those experienced in 2025, while 33 percent forecast an improvement in the agricultural business climate.

This cautious optimism translates directly into the outlook for the 2027 leasing. According to recent survey data, industry professionals predominantly anticipate sustained rate stability or slight growth. A significant 67 percent of farm managers expect 2027 cash rental rates to remain unchanged from 2026 levels. Nine percent of respondents anticipate further rate escalations. In contrast, 24 percent of respondents project a potential softening with expectations that 2027 rates will fall below the 2026 baselines.

Summary

Results from the ISPFMRA survey indicate a stable farmland leasing environment in Illinois. While landlord net returns under cash rent agreements experienced slight compression from 2024 to 2025, reported 2026 cash rents remained resilient with marginal increases observed on highly productive land. Traditional cash rent structures remain the dominant leasing methods, and survey respondents expect these valuation plateaus to persist through the 2027 crop year.



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Illinois

Illinois Lt. Gov. candidates focus on affordability in pitch to Rockford voters

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Illinois Lt. Gov. candidates focus on affordability in pitch to Rockford voters


ROCKFORD, Ill. (WIFR) – November ballots will feature a repeat of top billing in the race for governor. Illinoisans can once again choose between Governor JB Pritzker or Darren Bailey to lead the Land of Lincoln.

But beside their spots, new names will appear for voters.

The Democratic and Republican candidates for governor picked new running mates for their rematch. With Lieutenant Governor Julianna Stratton running for U.S. Senate, Pritzker picked Christian Mitchell to join his ticket. On the Republican side, Aaron Del Mar joins Bailey, who previously ran with Stephanie Trussell in 2022.

Mitchell and Del Mar spoke Thursday with WIFR on what inspires them to run, their campaign priorities and ideas to improve the Rockford region.

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Backgrounds

Starting with the Democratic ticket, Mitchell joins the race as a former state representative from Chicago as well as a deputy governor with the Pritzker administration.

“Before anything else, I’m Debbie’s son, and I’m James’s grandson,” Mitchell introduced. “They’re the ones who really instilled in me the value of hard work and made sure that I was going to have a very bright future.”

Mitchell sees the role of lieutenant governor as a partner to the state’s executive.

“I’m really lucky to be running with somebody who I respect, and who I think is the best governor in the nation… Governor JB Pritzker,” he said.. “My first thing is going to be supporting his agenda, which right now is all about lowering costs and raising wages.”

On the Republican side, Del Mar hails from suburban Chicago and considers his first priority to be raising his family.

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“I wanted nothing to do with politics, did not want to be involved — wanted just to raise my kids and work my job,“ said Del Mar. He described his start in public service as something he ”kind of got pulled into.”

The Republican worked his way from a city council member in Palatine, at 29-years-old, to co-chair of the Illinois GOP. Although he says he “wanted nothing to do with being on” Bailey’s campaign, Del Mar sees strength in unity — offering a Chicago area perspective alongside Bailey’s southern Illinois roots.

“How about everybody in the state of Illinois, regardless of where you come from, has a seat at the table. If you’re from a southeast farming community, or you’re from the city of Chicago, where I grew up, everybody has a stake in the game.”

Priorities

Mitchell points to economic development as his focus for the gubernatorial campaign.

“I see vacancies on State Street in Chicago. I see vacancies on Main Street in Belleville and Alton and in Carbondale,” he recounted. “I want to make sure that we’ve got the kind of amenities and economic development, that kind of affordability, that allow us to make sure that folks want to stay in the towns that they’re born in if they want to.”

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The Democratic candidate also eyes long-term planning for the state, including an “Illinois 2050 Plan.”

“How do we have the kind of educational undergirding that means that no matter where you’re from, you have a chance to have one of those jobs, whether it’s in new agriculture technology and new farming techniques or biotech, quantum.”

When asked how to achieve these priorities, Mitchell turned to investing in public education, retaining residents with better wages and improving health care.

“Making sure that we are able to protect our health care system, so that folks aren’t going broke when they get sick, that’s another big way that we can make an impact.”

Del Mar outlined a cost-of-living focus as central to his campaign.

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“You wanna succeed, you do the basics really well, and the basics are affordability,” he contended.

The Republican repeatedly highlighted the state’s property taxes — reportedly the highest in the nation — as an issue to tackle. He suggested redirecting Illinois’s budget as one measure to ease the burden on homeowners.

“Number one is fully funding the state’s portion of local taxes, because that will offer people property tax relief.” Del Mar clarified this wouldn’t mean redirecting funds for public education.

“We’re looking at how we fund schools, how we make sure to empower teachers to have the best educational outcomes that we can have here in Illinois, regardless of what your zip code is, regardless of what your parents do for a living or how much money they make,” added Del Mar.

Reflecting on Rockford

Each candidate provided their vision for boosting the Rockford region.

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For Mitchell, improvements continue with infrastructure funding, building on the state’s roughly $500 million investment in the area.

“The things that we have already worked on, through the capital plan that I helped lead as deputy governor, that the governor signed and is implementing, are already having benefits that the people of Rockford can see.”

The Democrat also pointed to the Chicago Rockford International Airport as an opportunity.

“Investing in that regional airport where we’ve already helped with a matching grant to get additional funds, that helps build out the economy,” said Mitchell. “There’s so much that’s happening there that it is really good for the economy and bringing more people back to Rockford.”

Del Mar shared his local priority as supporting unionization in the area.

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“Union families deserve to be able to have a livable wage, and that’s something that’s important to Darren and I,” said Del Mar. He mentioned pensions were another item that a Republican executive wouldn’t touch for the public and private sector unions.

“I know that area up there has strong union backbone,” described Del Mar. “We want to make sure they know that they’re not going to have a bigger supporter in the governor’s mansion than Darren and I.”

Election Day

When asked for thoughts on their opponent, Mitchell criticized the Bailey campaign as a “repacking” of his 2022 run.

“The only record that they have to run on is extremism,” he exclaimed.

The Republican candidate also reflected on records, pointing to Pritzker’s years in office.

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“Why are we underfunding education? Why are property taxes at all-time high? Why are businesses leaving?” asked Del Mar.

Voters can decide on who will lead Illinois November 3. Early voting starts September 24, with applications for voting by mail opening August 5.

Extended Interviews

Copyright 2026 WIFR. All rights reserved.



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Illinois man charged after Rochester sting catches phone scammer with $50K in cash

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Illinois man charged after Rochester sting catches phone scammer with K in cash


A man from Illinois is facing felony charges after police say he took part in a scheme that convinced a Rochester resident to hand over thousands of dollars in cash and nearly fell for a gold bar handoff.

Rochester phone scam

What we know:

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According to a criminal complaint filed in Olmsted County District Court, police say the victim was contacted by phone and told he was under investigation for a crime. The caller convinced him to deliver $30,000 in cash to a man he met in person on June 17, 2026. 

The victim was then pressured to arrange a second delivery — this time, 10 one-ounce gold bars — on June 23, 2026. Detectives worked with the victim to set up a controlled delivery using fake gold bars and a GPS tracker.

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Charges state that the plan was for the victim to meet whoever arrived to pick up the package, while officers watched nearby. Surveillance officers saw a white SUV with Illinois plates circling the parking lot at 2711 Commerce Drive NW in Rochester.

The complaint states a man, later identified as Kiranbhai Kanubhai Vasava, got out, met the victim, gave the password and took the package. Officers followed the car as it left the scene. Detectives stop suspects and recover cash 

Why you should care:

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Police stopped the SUV near Eyota and searched it, finding $50,000 in cash, several cell phones, bank checks with Vasava’s name, and packaging materials similar to those used for the fake gold bars. The package with the GPS tracker and fake gold was missing, but officers later found the GPS device torn apart on the side of the highway. 

The second man in the car, Hemendrasinh Pravinsinh Dabhi, told police he got a call from India about a package but claimed he knew nothing about it, saying, “he just drives.” Vasava also denied knowing what was happening. 

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Kiranbhai Vasava linked to Wisconsin case

The backstory:

The complaint states detectives linked Vasava to another similar case in Stevens Point, Wisconsin, where a bank customer was convinced to hand over $50,000 in cash to a driver in a white Honda SUV. Video from that incident showed Vasava receiving the package.

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Police say this type of swindle involves convincing victims they are under investigation and must pay money or hand over valuables to clear their name. Detectives say the investigation involved coordination between local police and law enforcement in Wisconsin.

The Source: Criminal charges filed in Olmsted County Court.

Crime and Public SafetyRochesterOlmsted County
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Man buys winning $1.3 million jackpot ticket at suburban gas station

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Man buys winning .3 million jackpot ticket at suburban gas station


OSWEGO, Ill. (WLS) — A Chicago-area man claimed a $1.3 million jackpot prize during an ordinary stop at a local gas station.

ABC7 Chicago is now streaming 24/7. Click here to watch

The newly-minted millionaire said he bought the ticket while stopping to buy a drink.

“‘Why not?’” the winner said. “I played a Quick Pick, and it turned out to be a lucky day.”

His ticket matched all five numbers in the Thursday, June 11 evening Lucky Day Lotto drawing. The winning numbers were 1-13-19-27-35.

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The ticket was purchased at Oswego BP, located at 2791 US Highway 34.

Overjoyed, he wasted no time sharing the big news with his wife.

“She was thrilled,” he said. “It’s funny-I actually won a $45,000 prize playing this same game 15 years ago when it was called Little Lotto.”

The winner plans to use the prize money to buy a new house and secure his and his wife’s retirement.

For selling the, the Oswego BP will receive a bonus of $13,000.

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