A guy I know who has 80 acres of sandy soil somewhere near the Mississippi River and he told me the other day that he has his land leased for $500/acre/yr to people growing horseradish. He is not a close friend but seems like a very honest and reliable person who I work with about 4 times a year. Anyone else know of anything similar to that going on? It may be a common thing, but I just wasn't aware of it. No land where I live leases for anything like that.
LOL, he doesn't seem like the type for that, but who knows about the leasers. He acted like it was a common thing right now in some areas and mentioned a couple of other crops like watermelon, etc. which did well in sandy soils and talked about prices of more than $250 for some of those. Blows my mind....... He lives in Western KY but the farm (if I remember correctly) was in Missouri.
A few years ago there were guys in parts of MN, Iowa, Illinois that were paying $600/acre for rent on corn land. There were a few bankruptcy filing with $10s of millions in debt with a large part being unpaid rent. I think 1 or 2 of the guys had "Top Producer" awards :rolleyes:.
There is a farmer in my area that was paying $200-300 cash rent up front for 3 years on thousands of acres. He told a local realtor (not myself) as I have never met him...that he will "either be the richest guy in the county or broke." He owns quite a bit of land, but I guess he wanted to get bigger.