Missouri river bottom south of Sioux City, IA | My guess is those who bid that high are subsidizing the bid with income from other ground they own or crop share. If 100% of the ground you farm is all cash rented and you have no outside income or reserve cash to draw on you may be feeling pretty nervous now. Three years of sub $4 corn with possibly another year ahead could put some stress on those guys.
Here is a good article from Farmdocdaily.
http://farmdocdaily.illinois.edu/2017/08/negative-cash-rent-farmlan...
Tom N.
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High cash rent
