The problem I've seen with farming is that farmers used to be some of the most innovative entrepreneurs out there. Some still are, but too many have gotten into a complacent rut. For example they cry about low prices, but seem to refuse to understand that when you grow a commodity product, you get a commodity price. Differentiate yourself and watch the income flow.
Good example is one discussed here before - selling meat direct. Almost no one does it. Thing is you can charge a buck more a pound, and the customer is still getting it cheaper per pound than the store. Any time you propose anything like that most farmers turn up their nose because they think it's too risky or too much work. The few that I've known to try it not only make great money, alot of it is cash. 
Don't get me started on ethanol. There are other hydrocarbons that could be made from sugars and into fuel that don't have all the problems that ethanol does. They won't even touch it. There are simple processes that are cheap and proven that will separate the fats, protein and carbs with no heat and make a superior product. Knows some local guys that tried to make it happen for years and no one would put even a modest pilot plant level investment into it. Yet, I've seen them pour everything they got into boondoggle projects that will never come to production, or stupid unproven scammy crap like the CO2 pipeline their trying to ram thru here.
The problem to me is reliance on chemicals. Don't get me wrong, I see why.... Back in our father's day, maybe even back to our grandfather's, when those chemicals were a blessing, and nobody knew any better...
But in the long run, monocultural farming and chemicals have left the soil barren - those tobacco farms are a good example... Half an inch of top soil left. It's a crying shame. And the same thing is going on out on the plains, they just had feet of top soil to go through... But surely they are headed the same way.
And massively, stupidly, expensive machinery. Mortgage the farm and pour all your chips on a single machine that can't be fixed without a technician in the midst of a harvest... Sure it can do five times the work that ol Massey can do. I get that... But you can get five Masseys for a fraction of the cost, fix em yourself, and be diversified at harvest, where one machine may break down, but four others keep chuggin away.
It has to go back to the old ways. Production today is trading top soil for a momentary benefit... And the farm your sons would inherit will be less than it was in your day.
And don't even get me started on big ag. Corporate farms are a blight.