Equipment is an insane cost. That's why there are so few new farmers. The start up cost is astronomical. A combine, for example, can run to $400-500k — a piece of equipment that taking up barn space for 48 weeks out of the year. Add in your tractors, planters, spreaders, sprayers … add on top of that your land costs. Many farmers don't own all of their land outright, they hold medium/long term leases. Miss a single year lease costs and you lose the land, which forever drops your future earnings, lowering your margins, and bringing you closer to bankruptcy. There's a minimum amount of land you need to farm to even break even. You add more acres in good years to maybe save up enough for equipment replacement, or a new truck.

When you lose the land, lease, or go bankrupt, your land gets snapped up by huge corporate farms that can run at a higher margin, driving down food prices over the long term, making smaller farms less and less viable.