“Agricultural bulls say things are different this time.”
Sure. Commodity prices up, land prices up, borrow to buy equipment on inflated land values, repeat as needed until “The Big Oops” comes along....again.
Commodity prices will continue to escalate (also oil) so long as large commodity purchases are allowed by the market. All kinds of people/groups are buying large ETFs for things they have no intentions to ever use. Things like corn, wheat, oil, etc. should primarily be sold to end users like cereal companies, beef feed lots, airlines, etc. Only small positions in the market should be permitted for small traders only.