I find it hard to give farmers any sympathy on bad years when so many are sitting on the kind of cash or land value they own...like have tbey forgoyten they are millionaires?
These are two entirely different things. If they have grain held over from the previous operating cycle, or cash from grain sales then they are sitting in a strong position to weather down cycles. If they are borrowing annual inputs they are substantially more susceptible to market volatility.
There is definitely such a thing in the ag sector as being asset rich but cash poor and if the bulk of your equity is in land, the only way to convert that to cash quickly is to sell it or borrow against it.