There is definitely some of that going on too. For example, the family that farms the section I live on, with the exception of our place and an 80 in the NE corner, rent or custom farm around 5 sections in the surrounding area from an attorney in Des Moines. The guy was born here and was left all this ground when his father passed away a few years ago. His father was a local and never farmed it either. He was blessed to be born into one of those "old money" families built before and after the Kruschev days. All they care about is the bird and deer hunting, and I'm guessing whether the farming makes or loses money is either gravy on top or a tax write off for them. These guys run the biggest and best green equipment you can find.
In contrast my neighbor to the south with the air strip rents a ton of ground, but also owns quite a bit of his own. He has a very diversified operation with crop and a few hundred head of cows/calves. His operation runs it from soup to nuts and own a couple of the big green sprayers. In this area, the nearest coop with sprayers is about 8 miles away, so lots of guys have bought used Ro-Gotors, Hagie's, and green sprayers and built out mobile chemical plants on flatbed semi trailers. They mount a 6,000 gallon stainless tank on the front and one in the back plumbed into the chemcial and mixing aparatus in the center. Basically hauling the same as two tender trucks from back in the 90s when I was in the industry.