How come no one has said anything about interest rates??? If interest rates were 10% land prices would not be as high as they are. Farmland is one of the few investments that is generating a return--and even if ag tanks land aint going to zero--it will always have some return with or without crop ins. The article also barely mentions crop prices--when they double and then some I would certainly expect land values to follow. And what about that cost of production figure? What costs is he including in $480? It also sounds like he has been shorting his landlord for a few years? I'm not saying crop ins doesn't play a role in land values/rents/risk taking but there are bigger factors at work IMHO.