Well with a family I would NOT jump into grain farming right now!!!! There is ZERO margin on grain right at the moment. You have a job right now that you get paid regardless of what the grain prices are. I can guarantee that you will not make that much clear money farming grain right now. 500-1000 acres WILL NOT support a family right now raising grain. The margins are just not there.
Also do you have a line of credit in the half million dollar range right now????? That is what it would take to farm a 1000 acres of grain with rent included.
There also is not much money in cattle if you do not own them RIGHT now. The cost of feeders or even brood cows is out of proportion to what they will earn you right now.
It sounds like your making SOME money right now being a small farmer with an outside income. Your wife is able to stay home and raise your kid(s). I would just keeping doing that for the next several years. If you jump in to the grain farming like your talking, right now, I can just about bet that your wife or you will have to have an outside job in less than two years just to meet living expenses.
I would love for you to jump into farming full time BUT right now is NOT the time to do it.
I say this for two reasons:
1) The next few years are going to break a lot of established grain farmers. The margins are in the negative range for just about all grain crops right now.
2) The age of your child. Your wife needs to be home with her in a STABLE environment. You moving all around and loading up with debt will make keeping the stable/peaceful environment hard to do.
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