Lease rate for established alfalfa field

Looking at leasing an established stand of Alfalfa from a neighbor. It needs gopher control but is in good condition and is about half way through its lifecycle. Want to make sure I am being fair. Irrigation is available and would be charged based on whats used and wouldn?t be part of the lease rate. All other inputs I would be responsible for. Could do a share crop or cash rent. The field is 16 acres.
 
I am doing the same thing for a 10 acre field of alfalfa. I do all the work and get half the hay. We split the fertilizer. I pay him the "out of the field " price for his half, then haul, store, and sell it for a little more. I would rather just leave his half in the field, but he has no way to handle it. I think I am getting the short end of the deal, but I am still getting a lot of good hay to sell.
 
Here in SW Ontario, a reasonable price for that field would be 2.5-3 cents per lb dry (from 10-14% moisture). Assuming the landlord is doing nothing, just selling standing alfalfa.

We just pulled 87,000lb of 8-10% moisture hay off of a 24 acre field of first cut, so at 3c/lb that works out to $2610 or $108.75 per acre.

I have no idea how rates are elsewhere, but that's what it is around here.
 

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