Equipment is an insane cost. That's why there are so few new farmers. The start up cost is astronomical. A combine, for example, can run to $400-500k — a piece of equipment that taking up barn space for 48 weeks out of the year. Add in your tractors, planters, spreaders, sprayers … add on top of that your land costs. Many farmers don't own all of their land outright, they hold medium/long term leases. Miss a single year lease costs and you lose the land, which forever drops your future earnings, lowering your margins, and bringing you closer to bankruptcy. There's a minimum amount of land you need to farm to even break even. You add more acres in good years to maybe save up enough for equipment replacement, or a new truck.
When you lose the land, lease, or go bankrupt, your land gets snapped up by huge corporate farms that can run at a higher margin, driving down food prices over the long term, making smaller farms less and less viable.
When you lose the land, lease, or go bankrupt, your land gets snapped up by huge corporate farms that can run at a higher margin, driving down food prices over the long term, making smaller farms less and less viable.