The Chocobo Farm is situated in the central area of the eastern most continent. There is nothing around the Chocobo Farm except a huge, massive field and some tracks that you can use to capture a Chocobo.
There are two points in the game which will require you to visit the Chocobo Farm. You will first need to visit the farm on your way from Kalm through to the Mythril Mine You will need to capture a Chocobo in order to cross the nearby swamp and dodge the Midgar Zolom. Choco Billy, at the Chocobo Farm, can help you with this task. Check out the Chocobo Farm walkthrough page for more details.
The second reason for you to visit the Chocobo Farm is when you go to complete the Chocobo Racing and Breeding side quests. You will need to complete this side quest in order to reach the Materia Caves (which contain all kinds of fantastic end-game Materia). Check out the side quest section for additional details:
You can purchase a number of items from Choco Billy which changes after you complete the story events at the Whirlwind Maze and reach Junon for the second time:
The map below shows the location of the Chocobo Farm on the World Map:
Mimett Greens