It's been raining in parts of California where farmers have been dealing with an epic drought. That's good news, but not good enough to stop many growers in the vast Central Valley from letting a large percentage of land go unplanted.
"Behind me is nothing," said farmer Jeff Yribarren on his farm in Mendota, Calif. Yribarren grows everything from alfalfa hay for dairy cows to heirloom tomatoes for Whole Foods. This year, 30 percent of his land will grow nothing. "I don't have any water to put anything here."
But the economic outlook may not be as barren as the land.
(Read more: Severe drought has US west fearing the worst)
"We have some of the highest prices right now in California agriculture, in part because of the drought, but primarily because of demand from abroad," said Vernon Crowder, senior analyst for Rabobank, a major agricultural lender. "Farmers will survive this. It will cost a lot of money, and there will be changes, but they, too, will survive this."