Despite, or perhaps because of, the Midwest drought, farmers are projected to make serious profits. But individual farmers will experience very different results.

When businesses are not moving operations overseas, the trend for decades within the U.S. has been shifting operations from the Midwest to the lower-cost South. But the Wall Street Journal has teased out some data showing when you look at the cost of labor, energy, taxes, and real estate, the Midwest is now just about as cheap as the south.