Here is the formula that I use for my farm in southern Minnesota:
First of all, the land costs 1/3 of the gross yield of corn per year whether you are buying it or renting it. Next, both the owner and renter get to choose a week out of the year for the new crop price at the local elevator and the local ethanol plant and take the average price for the week at each place and then average those two. Then the renter and owner each average the two prices and then average the renter and owner average prices into one price per bushel. Then multiply the Price per bushel times the yield times the number of acres.
This makes a little record keeping but it reflects the true price per bushel as part of the rent basis.
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