To put this into context for me, what cost do you call 'cheap'? And that land they're being outpriced from, how much does that sell for?
For comparison, agricultural land in the Netherlands is around 50-60k euros (60-70k USD) per hectare, so about half that per acre; in Belgium it's a little bit less but not much. When I look at those prices and do some back of the envelope calculations, my mind boggles at the efficiency they need to make enough to pay back the loans to buy this land in the first place (I do enough work in agricultural economics to know that it's more complicated than that at the micro scale, but still, overall, someone has to make money).
Tons of Midwestern agriculture data available here:
This also includes links to agriculture data in other areas of the US.