Liddell says, "Subsequently, we increase production, we increased acreage, the price of the commodities came down and now has dropped well below break even. In fact, anyone who's renting land is struggling with these prices. The cost has just become too high."Liddell says as a general rule, they see land rent go for a $1.50 to a $1.60 per expected bushel. Even though it can vary from county to county, they'll need that to go down to a $1.25 to a $1.30 per bushel to be sustainable.
Moving forward, he says farmers must reduce acres on corn, wheat, and soybeans, "In those crops, throughout the United States, we're going to have to contract acreage somewhere between 3-5 million acres in order to bring supply back to where we see the long term balance with demand."