Relative of mine was joking a few years ago, he'd rent out the farm if someone offered $500 an acre rent to him. His brother (farm together) said he better be quiet, were getting to where someone will take you up on that.
And I think it's pretty close, I hear of over $400 rents in the area....
Back in the mid 1980s the bank offered the farm across the road to dad for $900 an acre - to buy it. In December land just a mile away, same stuff, sold for $12,000 an acre.