I recently acquired a 300 acre farm through inheritance. The farm has not been worked in many years. There are roughly 150 to 160 acres of tillable land and about 100 acres of good rolling pasture land with about 40 or 50 acres of timber. I plan to purchase a tractor and some equipment to work this farm but I am unsure of the size/type of equipment to buy. I plan to plant corn/soybeans on the 160 acres of tillable land and start a cattle herd on the 100 acres of pasture. I don't expect to do all of this over night but I want to purchase a tractor and some row crop equipment. What size and type of tractor should I purchase and what size disc, cultivator and planter should I purchase to row crop 160 acres?
I assume since you are asking this type of question you have little or no experience with crop farming? If this is the case I think you should rent the tillable land out and focus on the cattle and pasture land. By renting out the other land it would help bring in some $$$ to pay the property tax and give you a little money to put towards equipment, etc.
With that being said, basically the equipment you need depends on how much you want to spend. If you bought all new, top of the line, you could blow $200K real easy. I'll just focus on the hay/cattle aspect here.
Tractor: about 100pto hp would be plenty. Cab and 4wd are nice, but a loader is a necessity. Power shift transmission is very nice for field work, but a fully syncro trans is also sufficient. If you plan on using it for a lot of loader work a hydraulic shuttle trans is nice. Having a second tractor, say 40-50hp 2wd is nice for hay work to run a tedder or rake ahead of the baler.
Hay equipment: A 10' disc mower-conditioner, 20' V-wheel rake and a 5x6' round baler should take care of 100ac of hay pretty well. A pair of bale spears, maybe a tedder and you would be set. A nice sized gooseneck flatbed trailer would also be good, it takes a while to haul that much hay in 2 bales at a time.
Misc: A 15' batwing bush hog is also nice for clippling pastures when needed.
As for the equipment to put in 160ac of corn/soybeans, there are probably others here that could help you better. I do have my share of experience with Midwestern grain farming (spent many summers helping my uncle on his 800ac grain/hog farm), but don't know the specifics well enough to give good advice. We used 130hp 2wd, 150hp 4wd and 180hp 4wd tractors, pulling everything from a 20' disc and field cultivator, to a 12 row planters, to 1000gal sprayer, and 500-750 bu grain carts. Combined with an R62 Gleaner, 18' grain platform, 8 row corn head.