What level of rent is justified economically for farmers given the difficult year that passed?

In a race to the bottom farmers vie against each other in a game of chicken as to who is willing to rent land at prices such that there is little or no return

Good land bought in 2021 for €12,500 per acre, with an expected interest rate of 4% over a 15-year term, will have total repayments of €16,643 whereas good land bought in 2023 at €17,500 per acre at a 7% interest rate over a 15-year term will have total repayments of €28,313. 

The land letting market kicks off again this time of year and there is little let up in the rent commanded. However, there does seem to be a reshuffle of the deck chairs as tenants are rejecting the increase in rents demanded and there is anecdotally more change in tenants this year rather than a straight renewal of tenancies. 

For many farmers it's hard to gauge what level of rent is economically justified given the difficult year that passed, and with little certainty as to where profits are heading. For many years, farm profits were somewhat predictable due to relative stability in terms of both input costs and output prices and in some respect there was a correlation between bad weather and a pay-off in respect of increased prices compensating for those events.