Alfalfa is expensive to grow, doesn't do much the first year, then harvest for 4 following years or so. Takes hay equipment. Good crop, but it adds a whole new set of machinery to own and maintain.
If corn grows well, wheat won't make any money for you. If wheat is a good cash crop in your area, then corn likely won't drown well. Has to do with heat and rainfall or irrigation....
You don't make money farming. You gain assets. The govt makes sure, you get taxed heavy if you actually have a good year now and then, you end up sticking the money into land, machinery, livestock, fertilizer. No way you make much cash - 50 years later you have a lot of assets, but you didnt ever have any cash....
80 acres is too small to make anything on regular crops, and too big to take care of specialty crops. So, its just all wrong. ;)
Things have changed a lot since your grandpas day, we get almost the same prices he did, but a $8000 tractor back then was huge, today a little small one costs $40,000. Its just a different deal then to now. You need a lot of acres or a real special small crop in high demand. What grandpa did doesn't really work with today's numbers.
Now, if I discouraged you, then you weren't cut out for farming anyhow.
If you are going ahead anyhow, have fun, enjoy, do the best you can. You have great plans, once you get started the land and the markets will tell you what direction to really go.
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