The good news is land prices seem to have peaked, and may have dropped a bit in the past year. The bad news is commodity prices and interest rates are low. If commodity prices continue to stay low, farmland prices will decline. If interest rates go up (and they have nowhere else to go), land prices are going to drop.
You need to think long and hard about what that land might go for, and what's the absolute most you're willing to pay. Understand that it's quite unlikely you will be able to purchase the property at a price where it will generate a positive cash flow at today's commodity prices. Are there enough good reasons to buy it even if you'll lose money on it in the short term?
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Today's Featured Article - The Ferguson System Principal An implement cutting through the soil at a certain depth say eight inches requires a certain force or draft to pull it. Obviously that draft will increase if the implement runs deeper than eight inches, and decrease if it runs shallower. Why not use that draft fact to control the depth of work automatically? The draft forces are
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