I have irrigation in SE WI. In some years it pays big dividends, others not. We put in two new pivots in April of 2012. Conditions at the time (big drought, high prices) meant I paid for most of those machines in one season.
Those conditions may not be seen together for a while with current crop prices.
First you need to determine if you have water, and what a well would cost. If you can't get water, you don't need to worry about going further.
A pivot would be around a $1000 an acre irrigated, without getting power out there. You can use a generator to run a pivot.
If there is a natural gas line, use that to power the pivot and well. We dug a new well in 2013 near a pipeline... the gas company would not let us tap the line, but DID hook us to a small feeder for the whopping sum of $50!
Natural gas in the summer is a very cheap source of fuel.
My operating costs are usually around $50 an acre. Crop insurance would be near that here, and would only cover 70% or so of average dryland yield.
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Today's Featured Article - Grain Threshing in the Early 40's - by Jerry D. Coleman. How many of you can sit there and say that you have plowed with a mule? Well I would say not many, but maybe a few. This story is about the day my Grandfather Brown (true name) decided along with my parents to purchase a new Ford tractor. It wasn't really new except to us. The year was about 1967 and my father found a good used Ford 601 tractor to use on the farm instead of "Bob", our old mule. Now my grandfather had had this mule since the mid 40's and he was getting some age on him. S
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