Young people are long on labor but short on capital. I was the youngest full-time farmer in my township 10 years ago and still am today. There is only so much land available and it is difficult for young producers to compete with established producers. Rental rates may be too high to cash flow or younger producers may be forced to farm land that is only marginally-productive. Younger producers with little equity can be wiped out in a single year.
Risk management is critical to younger producers who can ill-afford significant income losses.
Farming can quickly become a vicious circle as margins are so small that it takes more acres to remain profitable. However, at some point you need additional labor and possibly equipment. We find ourselves competing with employers in town at a time when unemployment is low and wages and benefits are attractive. I did not expect to get rich farming. But I did expect to have a decent standard of living.