It just depends what the new level for grain prices will be. We are obviously in a huge spike currently. But if grain prices long term have risen above $200 on farm, then lots of grain growing land is cheap I feel.
There is nothing safer than the Liverpool Plains. Hit $2000 an acre a few years ago, but that would be out the window now. I would guess approaching $3000, but there is not an acre for sale. Some long fallow wheat and barley crops went 2t/a last year, with hardly any rain. It was all from stored water. 2t/a could be an average this year as well with one more fall. Work out the return at $400 a tonne which is what this years price will be. Summer cropping is even more profitable than winter in these parts.
I would also look at Bellata black soil. About $1200 an acre and nearly as safe, plus dryland cotton is an option. Most Liverpool plains country is too cool for cotton.
