If this happened in 2004 it was because developers were going to build houses. But the buyer wasn't a developer or another farmer. Scott says the buyer is "an investor." He sits in an office and doesn't know farming.
Oftentimes there is confusion between being an investor and a speculator. Scott the farmer is an investor - he wants to have a profitable business. The buyer of his bad farmland is a speculator - naive, uneducated about farmland with too much money lying around, and impatient with his returns on other investments.
Just as important as knowing what the next speculative bubble will be is knowing if you're an investor or a speculator. Speculators are adrenaline junkies who oftentimes crash and burn. Investors build wealth patiently and carefully. Which one are you?