That number would be correct as an average. Here in North-East Iowa the number would be a lot higher than that. With land costing $7500-10,000 an acre now. Large tractors and combines costing hundreds of thousands of dollars even used. So a million dollars would not go far.
200-300 acres of tillable ground will cost $2-3 million dollars. Annual rents are $250-350 for this year. So rent for 2500-3000 acres of ground will wipe out a million just for the rent. 500 head of fat cattle will be around $750,000. Heck 500 feeder calves would be in the $450-500K range.
With the average grain farm being 2000-3000 acres makes farming a very capital intense industry.
Local farm family has bought over $10M of ground in the last ten years. They are good farmers and managers but that is a staggering amount of money just in land. They have cattle and equipment debt on top of that.
The numbers are mind numbing. It is hard for me to keep them in perspective. I started out with $10,000 saved in 1978. Got by on family living cost of $10K for years. Now $50K is not living fancy for a family of four.
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Today's Featured Article - Listening to Your Tractor - by Curtis Von Fange. Years ago there was a TV show about a talking car. Unless you are from another planet, physically or otherwise, I don’t think our internal combustion buddies will talk and tell us their problems. But, on the other hand, there is a secret language that our mechanical companions readily do speak. It is an interesting form of communication that involves all the senses of the listener. In this series we are going to investigate and learn the basic rudimentary skills of understanding this lingo.
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