Kern farmland has become one of the county’s hottest investments, due in part to broadly higher commodity prices and growing demand for land with vested water rights.People in the industry say large farming companies are taking advantage of low interest rates and bidding against institutional investors with few other attractive options for earning income.While some wonder whether the market has the attributes of a real estate bubble, others say rising ag land prices are rooted in long-term supply and demand projections. They note that farmers are driving the market more than people outside the industry are.