Interesting thread. 20 years ago, I could have bought a section for $600/acre near here. It was fee land, but within the exterior borders of the reservation so there was a discount. I could have made it work but wasn't terribly interested in tying myself to it.
One of my partners recently purchased 40 acres about 20 miles out of town as a potential homesite. With three little kids, I don't know what he was thinking there but its his deal not mine. In any event, the US has paid him to plant a crop, paid him to fence it, paid him to plant trees, and paid him to drill a (dry) well. Not 100% but like 80 and 90% of the costs. He's got checks rolling in from Uncle Sam all the time on a hobby farm. That's where the real money is in land. What can you get them to pay you for?
Finally, land is selling for less here than it did five years ago. Much less. And people find themselves having to divest some of their holdings to maintain their financing as a result. There could be a real correction coming, probably not but its possible. Lots of land about to hit the market, up to the buyers to hold the price up.
Did he enroll it in lifetime CRP?
Does he have a stream running thru it?
EQUIPP maybe?
There are landowners around here doing some of the above, but they have to let the public hunt, fish and recreate on it, as it was public money that paid for the "improvements".
