Farming Guideance

[Landonskalet18]

Hello Everyone,
I am looking for some guidance. I am 23 years old and obsessed with whitetails and habitat, and I want to acquire more ground. My family owns 50 acres tillable outright and will be inheriting 130 of tillable upon the death of my great uncle who is 84. We have the equipment to farm at a small scale MINUS a combine but currently, the ground is rented out for $250 an acre. If I Take over the ground and farm it myself should I expect a better return than $250 an acre? I am in Southeastern MN and want to allow myself to purchase more ground in the future.
Also the ground averages 190-220 bushel corn over many years and 55 plus or minus soybeans.
If this is a good idea how much extra income can I expect to make? I understand the market dictates that but estimates would be appreciated!
If we put it all in CRP it goes to $270 an acre but we have to pay input costs.
Thank you all!

 

[Sligh1]

Hello Everyone,
I am looking for some guidance. I am 23 years old and obsessed with whitetails and habitat, and I want to acquire more ground. My family owns 50 acres tillable outright and will be inheriting 130 of tillable upon the death of my great uncle who is 84. We have the equipment to farm at a small scale MINUS a combine but currently, the ground is rented out for $250 an acre. If I Take over the ground and farm it myself should I expect a better return than $250 an acre? I am in Southeastern MN and want to allow myself to purchase more ground in the future.
Also the ground averages 190-220 bushel corn over many years and 55 plus or minus soybeans.
If this is a good idea how much extra income can I expect to make? I understand the market dictates that but estimates would be appreciated!
If we put it all in CRP it goes to $270 an acre but we have to pay input costs.
Thank you all!

U love to farm? Want to learn it? What else u gonna do? If u love to do it & will press on with ups & downs- u can pry make that $ or more. If u r not “in it 100% & not your true love” …. Rent it out & take the income from it, your other income & could use equity to buy more ground.
Farming sounds Rosie from outside. So many mistakes that can change a year. Beyond weather - which can change everything. I remember doing 2000 acres & penciling out my profits. Then commodities dropped & I had 2 big repair bills on machinery. What I thought I’d make got cut way down. I woulda been far better off renting things out. Since then- I realized the farming is not my #1 desire. So- I dialed it back to about 300-500 acres depending on the year. It’s a side benefit to be able to farm but I’d rather use bulk of my time on other things.
If your dream was to be a farmer - DO IT!!!!!!! If u don’t have that fire- rent it. Or maybe start one year doing custom. Custom farming is a one year trial that will alleviate a lot of mistakes & let u experience most aspects of it. If u do decide to take it all on yourself - be prepared u could have some monkey wrenches thrown in. Tough lessons are great to experience if u can weather “failures” & recover just fine. Builds character & life experience. U r in a great spot & great choices to have to figure out!!!!
If u do CRP- are u sure u pay all inputs? $270 is a great rate. The work load of CRP is insanely less than crops. & aside from some easy MCM - it’s super easy to manage - bascislly…. Your soil is going to benefit big time vs farming + wildlife benefits + easy $. Worth considering.