My brother is a farmer, who has acquired a way to always research the market before planting his crops.
He’s told me many times that trends vary in agriculture just like they do in any industry.
If no one is buying a particular item, it is best not to plant hundreds of acres of it. The other factor he’s told me he needs to take into account is the import/export fees, taxes, and markets. My brother has told me that they too can vary greatly from year to year. Corn could be the crop of choice for one year, and then the next year the market is all about the soybean. My brother also told me that there is a new, emerging crop that has the potential to be entirely lucrative in the next few years to come; marijuana. Many farmers have decided to lease their fields and facilities to marijuana farmers in hopes of making greater profits. My brother was telling me that it pays to let go of the traditional farming to make way for this growing industry. Marijuana farming companies will pay top dollar for fertile farmlands to grow their crops. They even improve the area by adding greenhouses and irrigation systems. This adds to the value of the property and gives people like my brother and other farmers access to water, as well. Putting in an irrigation plan can be awesome, and once it is done the farmer will have it in venue for their own crops moving forward. My brother told me that if a supplier wanted to purchase the land, he could make a large profit on that too. Farmers will need to change with the times if they want to survive in today’s world.