I guess I just don’t see it.

Fewer farmers now than a generation ago, a consolidating industry.  Ask the dairy and feather and hog guys if operations got larger and more concentrated or not.

Can many multi-millionaire retirement-aged farmers maintain a lifestyle and farm owned land with paid for machinery?  Sure, they have the most equity per acre to contribute and continue their lifestyle.  Will a subsequent generation want to come in and buyout equity without expansion to offset debt?  Unlikely.