This story about young farmers in Illinois points to the challenges of land and capital as the biggest inhibitors.
An excerpt from the article, first published by the Bloomington Pantagraph.
“Capital is tight across the board, and it’s not just for our new farmers, but it impacts them as well,” Brockman said.
Olson’s father and uncle leased him some of the family’s land near McLean, with a plan for him to gradually buy them out over a long period. Without that connection, it would’ve been almost impossible for him to get his start, Olson said.
“That’s about the only way we could really see this happening,” he said. “With how much money equipment costs, it’s tough for somebody coming back into the farm. You need to put millions into the farm, and you don’t have it.”
Farmers in their 20s and 30s looking to buy their own land and starting their own farming operation face a tough market.
Farmland in McLean County sold for an average of $11,000 to $14,000 per acre in 2012 — a 20 percent increase over 2011, according to data from the Illinois Society of Professional Farm Managers and Rural Appraisers.
Read the full article, written by Kenneth Lowe, here.