Yep same around these parts AMG. Lots of acres in but a lot of nitrogen deficiency evident. Everybody has cut spending. A lot of apathy out there and I hear the same comment lately from farmers around the traps - what food crisis? Even when prices do turn around farmers (those with manageable debt burdens) will be reluctant to chase prices hard. Long term this period of pain will once again form the basis of another bull run in prices but that doesn't always translate to better financial positions for the producers themselves.
I think we will see a large swing back into sheep and livestock. You might not make a lot of money out of those enterprises but at least you don't need to level of borrowings you have with grains. Also makes sense to walk off spec grains off farm when no-one values it out in the market place. Probably even see some spray legume fallowing to work towards a cheaper wheat crop. Still, opportunities will emerge out of this ...
