I don't think we will be able to talk about all land prices as if they are equal. As in many things I believe there will be different tiers based on quality.

There is almost no chance of attaining any rational return on the investment from agricultural use at current land prices in most areas.  The market is likely to come from either outside cash sources that don't care about a rate of return or from a neighbor/custom operator who can spread the cost of additional land over other acres that were paid for earlier.

An interesting fact I heard on the radio the other day is that in the US for the first quarter there was a savings rate of over 6%.  The average family saved 6% of its income in the first quarter. This is dramatic change from the past few years in the US. US corporations are hoarding cash because heaven help you if you get in trouble and need to borrow right now.  There is a lot of cash sitting around looking for some way to make a return.

I am no economist, but when there is that much cash sitting around things can go up and down in a hurry. Time to be careful. jmho.

Jim at Dawn