Illinois
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.
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).

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.
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.

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.
Illinois
Data center fears mount after Illinois village residents prepare for the worst
ESSEX, Ill. – It’s been two days since we first told you about Constellation Energy buying several hundred acres of land in or near the Village of Essex and it’s still anyone’s guess what they are going to do with all of that land.
Fox Chicago’s Unit 32 brought you this story and our Bret Buganski is still on the hunt for some answers.
“My thought is, well, I think we lost our butts and our house because we bought it at the premium golf course price and now we are essentially could be having a data center in our backyard,” Essex resident Taylor Gunier said.
Gunier and her family moved into this house last summer.
She has spent the last year working with other concerned residents to figure out what Constellation is going to do with the 700 acres of land they have purchased in and around Essex from June 2025 to February 2026.
Data center in Essex?
The backstory:
Following a Freedom of Information request to the Kankakee County Recorder, a Unit 32 investigation found Constellation spent $47.5 million dollars in fourteen different land deals.
Property records reviewed by Fox Chicago show the company purchased at least 505 acres in just nine months. The total is likely higher because some of the public records did not include the number of acres sold each time.
Unit 32 also found that two Essex Village Board members were sellers in five of those transactions.
“Essex does not have any industrial zoning ordinances, which I think is part of why Constellation chose us. We would have been an easy target with few regulations for them to abide by,” said Essex resident Kylee Raney.
Raney is part of the Essex Coalition, a group of concerned residents following every move between the Essex Village Board and Constellation Energy.
It has also been making some of its own moves.
“We’ve worked with a third party consultant and we have built out a draft of industrial zoning ordinances. They are based off of the Kankakee County industrial zoning ordinances along with some ordinances from Yorkville and the data center that is being built there. So we made sure to keep the language broad so it could cover a multitude of industrial uses, but we wanted to make sure the umbrella of that language included data centers. So we have a petition and we have doubled the numbers of our signatures there. The petition is to urge our village board members to pass industrial zoning ordinances. Even if you don’t know what they’re gonna build, even if Constellation doesn’t have their customer yet, you can put protections, legal protections, legally binding protections in place to ensure that we can mitigate noise pollution, sound pollution, we can monitor water usage. There are lots of avenues that we can take to build out the regulations to protect our future. No matter what happens,” Raney said.
While Raney says Constellation has not told them what they’re going to use the land for, the village board seems to be taking precautions for a data center.
On their website, the Essex Village Board wrote it “… has issued a formal notice establishing development standards and mitigation requirements for a proposed data center facility that may be located within the village.”
It also posted a letter. The subject line says it is a notice about “development standards and required mitigation response plan” for a data center.
What they’re saying:
“Now, as far as buying that big land in Illinois, there could be multiple reasons. I don’t know what they’re going do with it,” said Mohammad Shahidapur, a distinguished professor of electrical and computer engineering at the Illinois Institute of Technology.
Shahidapur has been teaching for 43 years.
Given his background, we asked him for his objective opinion as to what Constellation could be doing with all of this land.
“They could be building a big solar farm because having a nuclear unit, we can sort of reduce the issues because sun doesn’t shine all the time. So then once the sun is shining, you know, basically, they can sell that and then when the sun is not shining they can replace it by nuclear. That could be one reason. They could be also going after data centers in a sense maybe they’re lining up with some of these tech companies to build more data centers and providing power through their nuclear units, so it’s sort of a joint venture,” Shahidapur said
The statement Constellation sent us when our story first aired says in part: “Constellation is seeking to annex land into Essex near the Braidwood Clean Energy Center to help the company strategically market the facility’s carbon-free generation to potential future developers.”
“So, obviously, I’m not an insider at the company, but if I’m a betting man, I would bet based on buying a bunch of land, looking to annex it, that they’re looking to build out one of these data centers,” said Andrew Rocco, a stock strategist with Zacks Investment Research based in Chicago.
Rocco’s focus is on the tech industry and where it overlaps with the energy sector.
So we also asked him for his unofficial analysis on what he thinks Constellation may do with the 700 acres of land they purchased in and around Essex:
“Braidwood is the largest nuclear plant in Illinois. And as I mentioned before, getting these nuclear facilities through the regulatory red tape, even though kind of the Trump administration has said they’re pro-nuclear, but still there’s a ton of regulatory red tape and really nothing has been approved in the last 10 or 20 years. So having this already built out, I think it does around 2,400 megawatts of carbon-free baseload electricity. So this is exactly what these large tech companies are looking for. They’re looking for an immense amount of energy, dependable and clean. Now you can look at natural gas as an alternative to something like this, because obviously the startup costs are going to be lower for natural gas. And natural gas is very, very cheap. And it makes up the most amount of energy produced in the U.S. currently. But once you have a nuclear reactor already running, this one’s been running since the late 80s, you don’t have to worry about that. So the upfront costs have already been paid for. Now they’re looking likely to secure this large plot of land nearby to put a data center in and just connect it right up to that massive nuclear plant.”
Again — that is Rocco’s unofficial opinion on what Constellation may be doing with all that land.
Unit 32 reached out to Constellation to see if they would tell us what was going to happen with all of the land they bought in and around Essex. They told us that since they do not have a customer, they do not have any plans.
The Source: The information in this report came from interviews with Essex residents, statements from the Essex Village Board and Constellation Energy along with interviews with stock strategist Andrew Rocco and IIT professor Mohammad Shahidapur.
Illinois
‘Mini Nerf football’: Hailstone produced during severe storms breaks Illinois record
Illinois
Residents, lawmakers oppose proposed Illinois American Water rate increase at Bolingbrook hearing
BOLINGBROOK, Ill. (WLS) — Dozens of southwest suburban residents and lawmakers voiced opposition Tuesday night to Illinois American Water’s proposed $142 million rate increase during an Illinois Commerce Commission hearing in Bolingbrook.
Nearly every speaker during the first hour of the hearing spoke against the proposal, with many concerns centered on affordability and the impact of higher utility costs on families and seniors.
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Bolingbrook Mayor Mary Alexander-Basta urged regulators to reject the request.
“Water is not a luxury. It is not optional. It is a basic human necessity,” Alexander-Basta said.
Illinois American Water President Rebecca Losli defended the proposal, saying additional revenue is needed to support infrastructure improvements.
“We do this because of our customers. We are investing in this because of you. We want less water main breaks, and less constructions, less water boil orders. Simply put, continuing to invest in our water infrastructure is critical to ensuring that we provide reliable service to all of you,” Losli said.
According to Illinois American Water, the proposed increase would add about $14 per month for a typical customer using 3,500 gallons of water. Wastewater customers would see an increase of about $28 per month.
Several residents told regulators they are still feeling the effects of the utility’s previous rate increase. Pat Smith described changes she has made to reduce water use.
“I bathe twice a week now, instead of every day. I wear my clothes multiple times before washing,” Smith said. She later added, “This is unacceptable and the longer it goes the worse it’s going to get.”
Bolingbrook resident Michael Boyd also expressed concern about the proposal’s impact on customers.
“What concerns me is the frequency and size of the proposed increase and what it means for ordinary families who are already struggling,” Boyd said.
Several elected officials also called on the Illinois Commerce Commission to deny the request.
Illinois state Rep. Natalie Manley told attendees, “Just because it’s legal does not make it right.”
Alexander-Basta echoed that sentiment, saying, “Today, Bolingbrook is taking the lead in saying what people across the state have been saying for years: Enough is enough.”
Additional hearings in the case are scheduled for August. The Illinois Commerce Commission is expected to issue a final decision by Dec. 18.
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