Posted by JD Seller on July 30, 2013 at 19:43:50 from (208.126.196.144):
In Reply to: Can it be done? posted by Joe Pro on July 30, 2013 at 11:36:37:
On a twenty year average the grain ground would only clear around $100 after ALL expenses. The last 4-5 years have been an anomaly in the grain farming profits. That is just about to flip and it can get real ugly fast.
The long and short of it is that long term you will not be able to make very good living on 180 acres grain farming.
Here is some hard things to think about too:
1) It sounds like your Grand Father owns the tractors and equipment, not you. So if he dies , unless you are his only heir, you will not have any equipment or will have to buy it all at once.
2) Renting a farm is not a very stable thing right now. With the land values what they are, that farm could be sold or change hands at any moment. You would have ZERO chance to buy the whole farm and make a living farming that ground.
3) If you are going to try farming you would need a pretty good chunk of money saved to live on until the first harvest came along.
4) The inputs on 180 acres of grain split 50/50 between corn and soybeans could easily be 100K including the cash rent being paid up front. Do you have that kind of money??? Can you get a bank to loan you that kind of money??? I will be honest here. I doubt that you can get that without a co-signer.
The hard facts of life are that you will not be able to make a living on 180 acres of conventionally farmed rented grain ground. IF you owned it and zero rent then you would make a living but not a very good one.
So keep the off farm jobs and rent the farm. You are young. Burn the candle at both ends and in 10-15 years maybe you can be a full time farmer. Now is not the time to be starting out full time farming as a sole income.
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