1. University of Maryland Extension Jenny Rhodes Shannon Dill John Hall Extension Educators, Agriculture & Natural Resources Surviving the Risk: A look at lease agreements, budgets, marketing and more!

2. University of Maryland Extension Jenny Rhodes Shannon Dill John Hall Extension Educators, Agriculture & Natural Resources

4. University of Maryland Extension Jenny Rhodes Shannon Dill John Hall Extension Educators, Agriculture & Natural Resources Crop Budgeting Communication Leasing Marketing

5. Crop budgeting

6. What are enterprise budgets? Enterprise budgets – –An organized listing of your estimated gross income and costs which can be used to determine the expected net income for a particular enterprise –Budget on a per unit basis – 1 acre or Per Bushel –Sections include Income, Costs, Profit

7. 5 Parts of a Budget Investment Gross Income Variable Costs Fixed Costs Net Income

8. Budget Suggestions Should be prepared with specific objectives –Markets, establishment, soil types, management Receipts and costs are often difficult to estimate –Numerous, variable –Be sure to have a column of your estimates Should contain receipts for every product and by product – processing, stalks etc Prices used should reflect market values and productivity of enterprise resources –Ie land, labor, equipment

9. Variable costs: Cost items that vary with production volume. VARIABLE COSTS SEED RR1000 SEEDS27$2.63$71.01 SOIL TESTACRE10.30 NITROGENPOUND1400.4360.20 PHOSPHATEPOUND300.5416.20 POTASHPOUND600.6639.60 LIMETON0.545.0022.50 LUMAXQUART2.513.1032.75 ATRAZINEQUART0.51.650.83 ROUNDUPQUART115.50 CROP INSURANCE (CRC 70%)ACRE125.00 DRYING FUELBUSHEL1500.3654.00 INTEREST ON OPERATING CAPITAL$337.890.58.5%14.36 TOTAL VARIABLE COSTS LISTED ABOVE $352.25

10. Cost Components Fixed Costs –Fixed costs are expenses that do not vary with the level of output. Building costs Machinery costs Taxes Insurance Mortgage

11. DIRTI Deprecation Interest Repairs/Maintenance Taxes Interest

12. Custom Rates Conducted survey in Fall 2008 47 responses Used when creating enterprise budgets because fixed costs vary so much! Rates include labor and fuel associated with the practice

13. Net Income TOTAL VARIABLE AND FIXED COST LISTED ABOVE $542.78 NET INCOME OVER VARIABLE & FIXED COSTS LISTED ABOVE $66.22 PRICES NET INCOME ABOVE VARIABLE ANDYIELDS$3.05$4.06$5.08 FIXED COSTS LISTED ABOVE FOR112.5($200.22)($86.03)$28.16 VARIOUS YIELDS AND PRICES150($86.03)$66.22$218.47 187.5$28.16$218.47$408.78

14. Break Even Analysis Unit Costs ($) = Fixed Costs ($)Variable Costs ($) + Units Produced (lbs, dozens, bag) Slide Adapted from: Dr. Wen-fei Uva Department of Applied Economics and Management Cornell University

16. University of Maryland Extension Landlord-Tenant Relationships

17. Communication Problems University of Maryland Extension 1.Unclear message 2.Stereotyping 3.Incorrect Channels 4.Language 5.Lack of feedback 6.Poor listening skills 7.Interruptions and physical distractions

18. Guidelines for Tenants University of Maryland Extension “Keeping the Landlord Happy” no different from an “Effective Public-Relations Strategy in any Business”

19. Public-Relations Strategy University of Maryland Extension 1.Communicating with landlord 2.Educating landlord about agriculture 3.Explaining farm costs and their change 4.Providing regular crop reports during the growing season 5.Maintaining appearance of property 6.Treating landlord like family

20. Guideline for Tenants University of Maryland Extension 1.Have a written lease 2.Resume` 3.Objectives 4.Cropping Plan 5.Regular Updates 6.Inform and Educate 7.Cost Information

21. Guideline for Tenants University of Maryland Extension 8.Alert landlord of problems 9.Document in writing 10.Improve appearance 11.Acknowledge life events 12.Encourage landlord visits to your farm 13.PAY EXPLICIT ATTENTONTO THE NEXT GENERATION OF OWNERS!

22. Guideline for Landlords University of Maryland Extension 1.Have a written lease 2.Ask questions 3.Provide information about objectives 4.Stay informed 5.Schedule yearly meetings 6.Be rational

23. Resume` University of Maryland Extension 1.Biographical background 2.Statement of management objectives for the future 3.Experience 4.Environmental statement 5.Risk management strategies 6.Information – insurance coverage & limits 7.References

24. University of Maryland Extension Frank Farmer 100 Better Farmer Lane Centreville, Maryland 21617 (410) 758-9999 Fax: (410) 758-9988 E-mail: ffarmer@baybroadband.netffarmer@baybroadband.net Education: B.S., Agriculture Studies, University of Maryland, 1983 Queen Anne’s County High School, 1979. Occupation: Farm owner and operator Communication: I publish a quarterly newsletter notifying those who I rent or crop share with of crop progress, market news, and new technologies I am incorporating into my operation. Resume`

25. University of Maryland Extension Management Objectives: My agriculture management objective is to achieve the highest level of revenue on a parcel of land while simultaneously minimizing soil erosion, chemical runoff, and loss of production. I am involved in continued education of developing new technologies, and I am actively involved in adopting those new technologies that improve the economic viability of agriculture production. Experience, Advanced Training, and Organizations Farming Background Involved in farming 1,000 acres of crop land in QueenAnne’s, Talbot and Kent counties. Own 400 acres Rent 600 acres Typical yields: Corn:135/bushel/acre (historical county yield - 100 bushel/acre) Soybean: 45/bushel/acre (historical county yield - 43 bushel/acre) Advanced Training and Licenses Held Attend approximately five workshops annually sponsored by the University of Maryland Extension and farm organizations Private Pesticide Applicator License Nutrient Applicator Voucher Organizations Queen Anne’s County Extension Grain Marketing Club LEAD Maryland Foundation – Class IV Queen Anne’s County Farm Bureau Environmental Statement My management practices include no-till planting to reduce soil erosion and leaching. I believe in the adoption of new technologies that prove both economically and environmentally beneficial to agriculture production. Risk Management Strategies I actively participate in a University of Maryland extension grain marketing club which allows me to hone my marketing skills. I subscribe to DTN AgDayta which allows for up-to-date price quotes and marketing recommendations. Insurance Coverage Nationwide Insurance. Contact Irene Insurer at 220 W. Water Street, Centreville,MD 21617, (Phone Number) for further information.

26. University of Maryland Extension References Available Upon Request (see below) (Have these with you in case the landowner requests these while talking to him/her) - Separate Page- References Larry Landowner 1111 My Farm Lane Easton, MD 21601 Phone Number 410-822-0000 Albert Ag Lender MidAtlantic Farm Credit Main Street Chestertown,MD 21610 Phone Number 410778-9999

27. University of Maryland Extension

28. Summary University of Maryland Extension It is all about Communication Be Professional Relationships are important Find the best means of communication for you and your business

29. University of Maryland Extension Leases: Written Share the Risk

30. University of Maryland Extension Farm Lease Agreement Written agreement Components

31. University of Maryland Extension Lease Components: 1.Names of Parties and description of property 2.Term of Lease 3.Rental Rates and arrangements a. Crop-share * b. Cash Lease * c. Flexible cash lease * d. livestock share lease e. Farm Machinery, equipment and building leases

32. University of Maryland Extension Lease Components Cont.: 4. Farm operating expenses 5. Conservation and Improved Practices 6. Improvements and repairs 7. Records 8. No Partnerships statement 9. Right of Entry 10. Arbitration ( settlement) 11. Additional agreements and modifications 12. Signatures

33. University of Maryland Extension You need to have a written agreement The purpose of this presentation is to provide tenants and landowners basic information needed to write rental agreements. Changes in the structure of production agriculture have increased the need for persons entering a contractual rental arrangement to have a written agreement. Additionally, rental agreements should be updated regularly to incorporate changes in government programs, environmental regulations, costs of production and revenue received

34. University of Maryland Extension Value of a written lease The value of a written contract is in helping the prospective landowner and tenant think about and agree upon the essential considerations of leasing and operating the farm. To arrive at an equitable lease, the interested parties should talk over the basic considerations involved in the leasing arrangement and in managing the farm. They should then make a contract, preferably written, based on these considerations.

35. University of Maryland Extension 1 – Names of parties and description of property Every lease should identify the parties entering into the lease contract and give the legal description of the property or properties involved. In addition to the legal description, information such as the distance and direction from town, road name, mailing address and popular name of the farm might be given.

36. University of Maryland Extension 2 – Term of lease The term, or length of time the lease is to be in effect, should always be agreed on and should be stated in the contract. The term of the lease is important. A long-term lease is often necessary to develop a profitable business over time because of the need for permanent capital investments. The tenant will not want to share investment in permanent facilities on a short-term lease. Usually, landowners favor a short-term lease on the basis that a longer-term lease lowers the market value of the farm because it cannot readily be sold. This problem can be solved by including a termination clause that would apply in case the farm was sold.

37. University of Maryland Extension The lease agreement can be for either a one-year lease or a longer lease, as desired. Most agreements include an automatic renewal clause and allow some flexibility in the terms of the lease if the parties under contract give adequate notice. Renewal: a multi year lease is automatically renewed unless a termination notice has been submitted. Lease dates: Typically a lease runs for a calendar year. However, this may vary

38. University of Maryland Extension Termination of lease 1.It is recommended that a termination notice be given by July 1 of the growing season. 2.If termination is given, the operator has the right to harvest all crops currently growing on the given land. 3.If there are crop input costs for crops currently growing, these input costs should be addressed at the time of termination.

39. University of Maryland Extension In some communities, it is customary to give notice that the lease is to be terminated before wheat sowing time in the fall or by March 1 in the spring. But failure of either party to give this notice does not necessarily indicate a desire that the lease be continued. Consequently, it is desirable to state in the contract the procedures to be followed for terminating or continuing the lease contract.

40. University of Maryland Extension 3 – Rental rates and arrangements Rental rates and arrangements for payment or disposition of the rent are a significant part of any lease, whether written or oral. Basically, there are five methods of paying rent: a.crop-share rent – “share crop” b.livestock-share rent c.cash rent d.Flexible cash rent e.farm machinery, equipment and buildings rent – “custom farming”

41. University of Maryland Extension a. Crop-share rent – Characteristics of a crop-share lease are that each party receives a share of the crop as earnings for their contribution in land, labor and capital. Payment could be in Bushels Normally, crop-sharing involves grain crops such as small grains, corn, and soybeans and land used to participate in government programs. Remaining areas used in producing forages (hay and pasture) are normally cash rented. The landowner’s share of the crop depends on the contribution made toward production of the crop. When crops are divided 50-50, the landowner normally pays 50 percent of the cost of fertilizer, seed and chemicals in addition to providing the land. In other instances, the landowner may or may not share in cash production costs and receives a 1⁄4 to 1⁄3 share of the crop as a return to land.

42. University of Maryland Extension. b. Livestock-share lease – Livestock-share leases vary considerably because of differences in contributions made to the business by each party. The owner normally furnishes land and buildings, while the tenant furnishes major portions of the crop machinery. Livestock is owned jointly. Production costs such as feed, veterinary and medicine, other livestock expenses, fertilizer, seed and chemicals are shared equally. Livestock machinery and equipment may be jointly owned. Labor costs are shared according to the agreement, as are repairs and upkeep on permanent buildings. The landowner usually pays for construction of permanent buildings, or arrangements are made to reimburse the tenant in case the lease is terminated. Livestock and crop sales are divided according to the terms of the agreement

43. University of Maryland Extension c. Cash lease – The cash lease is normally uniform and relatively simple. The tenant pays the landowner a cash sum per acre or a lump sum for his or her investment in farm resources. Provisions in the lease generally state the terms of agreement. For example, the landowner may place restrictions on the use of land or fields for certain crops. Also, the agreement might state the degree of productivity to be maintained. Provisions should also state the amount and method of paying rent. degree of productivity : The definition may need to be defined as part of the agreement. It is assumed that this definition reflects the soil nutrient values. Nutrient level, soil tilth, erosion and other soil parameters may also be addressed

44. University of Maryland Extension d. Flexible cash lease – The flexible cash lease is a hybrid of the cash lease. The flexible cash lease agreement states that the tenant will pay in proportion to either or both the price and the yield level. There are many methods for flexing the rental agreement. The most common method is flexing gross (or net) revenue so that the tenant and landowner share the risks associated with cash renting. If revenue is greater than the established base level, the tenant and landowner share the excess revenue. If revenue is less than the established level, the tenant and landowner share the lost revenue. However, often there is a cash lease price floor that the landowner is guaranteed. Other types of flexible cash rental arrangements include flexing only price or yield or flexing both

45. University of Maryland Extension e. Farm machinery, equipment and buildings leases – Renters have found that leasing unused resources can be cheaper than making new capital investments. Also, producers have found in certain situations leasing machinery and equipment from dealers can be cheaper than purchasing. Additionally, machinery and equipment leasing arrangements can be between renters and owners to allow the renter to avoid paying full value and the owner to generate revenue to cover the ownership costs. Renters need to compare the size, condition, obsolescence, use, location and lease cost of the capital good versus the cost of purchasing the capital good outright. Owners are primarily interested in recovering ownership costs. The lease price should equal the amount needed to cover ownership costs and variable costs, such as upkeep costs incurred from renting the capital good. Both renters and owners should consider current value, depreciation, interest, insurance and taxes, inflation, repairs and maintenance when agreeing on a lease value.

46. University of Maryland Extension The cash lease is the most common. The second most often used is the crop-share lease. Flexible rental agreements are increasing in use as tenants seek to share downside revenue risk with landowners and landowners seek to capture upside revenue potential. The rental arrangement for each specific farm should be developed to fit the farm and the planned operating procedures. These conditions are known best by the landowner and prospective tenant, so they should work out the most satisfactory arrangement between them. No standard lease form can be used to develop an equitable rental agreement. The function of the form is to record operating procedures agreed upon by the parties entering the contract.

47. University of Maryland Extension 4 – Farm operating expenses Reaching agreement on farm operating expenses provides an opportunity for the tenant and landowner to discuss and designate the share of cash production costs that are to be paid by each party. We have shared Custom rates and budgets with you Soil Ph / Lime may fall into this area and needs to be addressed

48. University of Maryland Extension 5 – Conservation and improved practices To improve or maintain the productivity of the farm, conservation and improved production practices are usually warranted. Normally, conservation and other improved farming practices require additional labor and expenditures. Give important consideration to questions such as who contributes the labor and cost of implementing the practice and how these contributions affect income for both tenant and landowner. CRP – cutting waterways – spraying noxious weeds

49. University of Maryland Extension 6 – Hunting Waterfowl and deer hunting provide a significant value to many farms on Delmarva. Careful consideration must be given to liability issues as well as methods of hunting, frequency of hunting, trash from hunters, pit, stand and roadway maintenance and location. The tenant must understand liability issues of the property owner See additional issues and contract

50. University of Maryland Extension 7 – Improvements and repairs Misunderstanding is prevented by agreeing ahead of time what repairs will be done, how much will be done and what each party will furnish toward them. In many instances, tenants provide equipment that legally becomes permanent fixtures on the farm. Disagreements can be avoided and the farm’s resources more fully used if both landowner and tenant agree on needed improvements. Roadways, fencing, and machinery storage fit this need. Goose pit construction may also fit this area

51. University of Maryland Extension 8 – Records Farm records are a necessary part of farming. The records need not be elaborate or formal accounts but at least should cover all the expenses affecting both parties. The tenant is the logical person to keep the records because he or she is usually in closer touch with the day to- day operations. If the records are kept as part of a complete farm account record, they will have greater value to the total business. Nutrient management plans maybe part of the records shared. They include: 1. soil tests 2. nutrient inputs 3. Yield records *Owners can get copies if requested Pesticide records may also be part of the records shared

52. University of Maryland Extension 9 – No partnership A lease does not create a partnership. A statement of this nature is advisable in any lease form. Rental arrangements involving livestock-share leases are more apt to be considered partnerships than the crop-share arrangements, but such arrangements are more likely to be considered modifications of the landowner-tenant relationship as traditionally established under the crop-share lease.

53. University of Maryland Extension 10 – Right of entry Every farm lease agreement should include a statement giving the landowner the legal right to enter the property. Without such a statement, a tenant has the right to treat any entrant on the property as a trespasser, including the landowner

54. University of Maryland Extension 11 – Arbitration (settlement) Differences of opinion can arise rather unexpectedly. For this reason, leases should be in writing. Time tends to make oral agreements hazy while a written agreement is always available for reference and recall. Also, a written lease forces both parties to “argue out” their differences in most areas where differences of opinion may occur. This section is included to encourage the use of disinterested persons for settling differences promptly and in a friendly manner rather than by litigation. The county agent, MDA personnel, banker, etc may assist in arbitration

55. University of Maryland Extension 12 – Additional agreements and modifications It is often necessary to change or add to contractual arrangements, and one of the tests of a good lease is its flexibility for changing the operating plan. Any changes made after the initiation of the original contract should be made a part of the written contract. All agreements which encumber the land should be addressed. CSP/ CRP are examples

56. University of Maryland Extension 12 – Signatures Signatures by each party are one of the five essential parts of the lease contract. The agreement becomes a contract when it is signed. All co-owners of the property, including husband and wife, should sign the lease agreement when property is held in joint tenancy or tenancy by entireties. Signatures should be by individuals rather than family members, partners, share holders, etc. so it is clear who is involved.

57. University of Maryland Extension Our goal is to suggest lease agreements that will: Reduce Risk

58. University of Maryland Extension Risk considerations 1.Crop Input costs 2.Machinery costs 3.Fuel costs 4.Land costs 5.Volatile commodity markets 6.A very troubled monetary system

59. University of Maryland Extension Famer controlled costs 1.Crop Input costs 2.Machinery costs 3.Fuel costs

60. University of Maryland Extension What can you do to control Crop Input costs? a.Seed b.Fertilizer c.Herbicides d.Insecticides e.Tillage methods

61. University of Maryland Extension What can you do to control Machinery costs?

62. University of Maryland Extension DIRTI – Method to determine cost of ownership D- Depreciation I – Interest R – Repairs T – Taxes I - Insurance

63. University of Maryland Extension Depreciation Definition a. tax purposes b. real value purposes (amortize)

64. University of Maryland Extension Depreciation - Real b. real value purposes $200,000 combine 8 years Residual value $50,000 What are annual costs? 150,000/8 $18,750.00 per year

65. University of Maryland Extension DIRTI$200,000 combine Ownership costs 1.Amortization $18,750.00 2.Interest 50% at 9% $9,000.00 3.Repairs 1% $2,000.00 4.Taxes 5.Insurance 1% $2,000.00 Annual ownership costs $31,750.00

66. University of Maryland Extension Machinery costs What are real combine costs at $31,750.00 per year per acre? a. 500 acres$63.50 b. 1000 acres$31.75 c. 1500 acres$21.17 d. 2000 acres$15.87

67. University of Maryland Extension Fuel costs 1. Assume 12 gallons per hour 2. $4.00 per gallon 3. 3 acres per hour 12 * $4.00 = $48.00 / 3 = $16.00 per acre

68. University of Maryland Extension What about Labor? Assume $15.00 per hour (salary plus any benefits) Remember Health care - $5,000 + $5.00 per acre

69. University of Maryland Extension Total Costs for combining 500 acres1000 acres 1. Ownership $63.50 $31.75 2. Fuel 16.00 16.00 3. Labor 5.00 5.00 Real costs $84.50 $52.75 Per acre

70. University of Maryland Extension Total Costs for combining 1500 acres2000 acres 1. DIRTI $21.17 $15.87 2. Fuel 16.00 16.00 3. Labor 5.00 5.00 Real costs $42.17 $36.87 Per acre

71. University of Maryland Extension Years$25,000$50,000$75,000$100,000 5$5,000$10,000$15,000$20,000 7$3,571$7,143$10,714$14,286 9$2,778$5,556$8,333$11,111 12$2,083$4,167$6,250$8,333 15$1,667$3,333$5,000$6,667 Ownership costs

72. University of Maryland Extension Suggestion: Custom rates should be a. ownership costs Plus b. Fuel c. labor

73. University of Maryland Extension Land Costs

74. University of Maryland Extension Rental rates and arrangements Cash Rental Rates Determine a fair rate Crop-Share Leases Calculating a Cash Rent Lease Flexible Cash Leases

75. University of Maryland Extension Cash rental rates How can you determine one rental rate when gross sales varies from $225.00 to $810.00?

76. University of Maryland Extension Background Land values have been steadily increasing along with land taxes. Land owners are looking for ways to off set this increased costs Land rents have escalated dramatically in some areas Rents in Iowa have topped $300 per acre when corn was $6.00 Some Maryland rents have approached $175.

77. University of Maryland Extension Land Rental rates and arrangements- 1. Crop-Share Leases 2. Cash Rental Rates 3. Flexible Cash Leases

78. University of Maryland Extension Maryland Cash Rent by County NASS – UDSA Annapolis County2005 2006 2007 Caroline$81.26 $75.68 $73.65 Cecil$72.31 $74.44 $72.19 Dorchester$81.56 $76.92 $77.54 Kent$83.08 $83.12 $89.13 Queen Anne$90.47 $91.81 $92.18 Somerset$62.57 $63.55 $64.68 Talbot$76.71 $83.12 $83.02 Wicomico$71.45 $73.20 $73.21 Worchester$75.04 $80.64 $82.38 Does not include 2008

79. University of Maryland Extension Calculating Cash Rent Maryland data 2 a. Average Rents Per Unit – Corn Yield Determine Average Rent for Corn Farm’s Average Corn Yield (bu/A) 125 Equals the Average Rent for Corn Acre $100 Rent per bushel of Corn yield $ 0.80

80. University of Maryland Extension Rental rates based on soil productivity James Brewer Resource Soil Scientist USDA-NRCS Easton, MD

81. University of Maryland Extension

82. Rental rates based on soil productivity groupings, yield potential and value Group 1150 bushels per acre* $0.80= $120+ Group II135 bushels per acre* $0.80= $108+ Group III120 bushels per acre* $0.80= $96+ Group IV90 bushels per acre * $0.80= $72+ Average 125 bushels per acre

83. University of Maryland Extension Additional Iowa Cash Lease Calculations A. Gross Income Method B. Tenant Residual Method C. Crop Share Method D. Return on Investment Method

84. University of Maryland Extension Iowa CORN: (175 buX $3.80) + $22 = $687.00 SOYBEANS: (45 buX $7.70) + $22 = $368.50 Iowa cash rents typically are equal to about 30 to 40 percent of the gross income from producing corn, and 35 to 45 percent of the gross income from producing soybeans. Cash Rental Rate 4a. CORN:$687/ac X 35% = $240.45 4b. SOYBEANS:$368.50/ac x 40% = $147.40 Average $193.93 A. Share of Gross Income

85. University of Maryland Extension CORN: $475.00 – $482.63 = -$7.63 SOYBEAN: $308.00- $357.10 = $(-49.10) Average: $-28.37 Price and yield is everything B. Tenant Residual Method Current - Md

86. University of Maryland Extension 12/3/2008 Prices Corn: 50% of gross minus owner’s costs $475/2= $237.50 –($377.89/2($188.95)) = $48.55 Soybeans: 50% of gross minus owner’s costs $308/2= 154-(208/2( $104.00) = $50 Average:$49.28 (1)The owner is assumed to pay 50 percent of the costs for seed, fertilizer, lime, pesticides, crop insurance, interest and miscellaneous, and drying and storage. C. Crop Share Method 50-50 Share

87. University of Maryland Extension Future Consideration

88. University of Maryland Extension

89. University of Maryland Extension Gross sales variation High yield - low price 180 bu. $2.50 Gross sales = $450.00 Low yield - low price 90 bu. $2.50 Gross Sales = $225.00 High yield – high price180 bu. $4.50 Gross sales = $810.00 Low yield – high price 90 bu.$4.50 Gross sales = $405.00

90. University of Maryland Extension Cash rental rates How can you determine one rental rate when gross sales varies from $225.00 to $810.00?

91. University of Maryland Extension Flexible Cash Leases Desire: Stable and predictable rents. Current Reality: Prices and yields are very unpredictable. Potential Solution: Flexible lease contract

92. University of Maryland Extension Flexible Cash Lease is a Cash Lease If the final rent does not depend on the farm yield, a flexible rent is still considered to be a cash rent. Example: base rent on county average yield and actual price at harvest. County yields are not published until March each year.

93. University of Maryland Extension Types of Flexible Cash Leases Rent varies with both price and yield – Matches tenant’s ability to pay Rent varies with yield only – Could have high yields, low prices Rent varies with price, only – Could have low yields, high prices

95. Grain Marketing Winning the Game

96. University of Maryland Extension Other Resources Materials from this meeting – http://www.extension.iastate.edu/feci/Leasing/vflm.html Online Courses –Ag Management e-School – http://www.extension.iastate.edu/ameshttp://www.extension.iastate.edu/ames Workshops, meetings, conferences – http://dbs.extension.iastate.edu/calendar/http://dbs.extension Publications –rental survey, land value survey, etc. – http://www.extension.iastate.edu/pubs/ Articles and spreadsheets – http://www.extension.iastate.edu/agdm/ Private Consultation – http://www.extension.iastate.edu/ag/fsfm/fsfarmmg.html

97. University of Maryland Extension THANK YOU! www.mdgrainmarketing.umd.edu