The recent Trans-Pacific Partnership agreement would reduce more than 18,000 current tariffs that inhibit American products from being exported to the other TPP countries. The agreement would also open up U.S. trading possibilities with a wider range of Asian countries on more goods and services....More
In tough economic times there is sometimes a tendency to ignore or deny reality and hope better times magically reappear. Instead, reach out and use the resources around you. Attend meetings and engage with your lender, supplier, and peers. Networking can be extremely useful in developing strategies and actions to navigate tough economic times....More
In the 5 agriculture stories to read, access a new risk-management website for farmers and see estimates for 2015 ARC-CO payments. Read about hired worker and wage increases for 2015 and learn about cloud-based farm-management software that helps save time and improve budget planning. Finally, enjoy the latest pro-ag parody from the Peterson Farm Bros.
Many factors in the agricultural economy are leading farmers to consider leasing new equipment purchases instead of an outright purchase. It’s important to consider both the pros and cons to this decision and consider what effect lease vs. purchase decisions have on the tax return....More
The wildcard in this economic reset will not be your lender, the agribusiness industry, or government response; it is the regulator. Like many others in the industry, regulators are readying for headlines and stories of economic stress within various commodity groups. Their reaction to these headlines, however, will largely determine the ability of an individual producer or agribusiness to successfully obtain credit....More
Workers hired directly by farm operators numbered 841,000 for the reference week of October 11-17, 2015, up 8% from the October 2014 reference week. There were 872,000 workers hired directly by farm operators on the Nation’s farms and ranches during the week of July 12-18, 2015, up 4% from the July 2014 reference week....More
As the agriculture industry continues to reset, these stories should command particular attention. Changing trends and lack of accurate financials have the ability to shut down your profits. Business planning, monitoring and execution hold great power in your business success....More
Two factors are leading some farm operators to be overly optimistic about crop income expectations for 2016, and is also resulting in some landlords being unwilling to reduce high cash rental rates for the 2016 crop year....More
As landowners calculate farmland rental rates for the coming year, they may want to consider completing the process with a written cropland rental or lease agreement. Such a document can go far to protect both landowners and tenants, says Rory Lewandowski, an Ohio State University Extension agriculture and natural resources educator....More
In the 5 ag stories to read this week, take in some online agronomy classes and get new tips for phosphorus application. Read about the latest rules for drone use and get out to sample for SCN. Finally, take some time to set Subway straight and share some reliable farm information about antibiotic use in livestock.
As economic scenarios continue to play out in the emerging nations, it will be interesting to see which options the pilots of our economy choose with political dysfunction, global military and social tensions on the rise....More
The increased corn and soybean yields in the latest USDA Report was more than offset by reductions in the estimated harvested acreage for both crops, and resulted in decreases in the expected 2014 crop production levels, compared to the September report....More
In the 5 agriculture stories to read this week, get some considerations for lime applications and learn more information about tar spot, a newly spotted corn disease. Review crop budget changes for 2016 and get some harvest and post-harvest tips. Finally, enjoy a story about farmers helping farmers in a time of great need.
Cash rents on professionally managed farmland likely will decrease for the 2016 cropping year. Rents on non-professionally managed farmland likely will decrease as well. However, projected rent decreases are not large enough to cause farmers to have positive returns in 2016....More
This is my list of the worst top 10 management practices. There are most certainly other aspects and components that are very important for businesses, but this list demonstrates that discipline is required for success. Even the mundane, seemingly boring tasks and details can be extremely important....More
Corn production is forecast at 13.6 billion bushels, down 4% from last year's record production and down less than 1% from the August forecast. Soybean production is forecast at 3.94 billion bushels, up slightly from August but down 1% from last year....More
The estimate of total marketing year exports of corn and soybeans will be available with the Census Bureau estimate of August exports to be released on Oct. 6. Export data currently available indicates that marketing year exports were likely modestly larger than USDA projections in the August WASDE report....More
In the 5 ag stories to read this week, check for herbicide resistance in pigweed and get scouting advice. Benchmark your labor efficiency and learn about taking unprofitable land out of your farmed acres. Finally, enjoy a list of reasons why you know you're a farmer.
To avoid losses on 2016 corn and soybeans, ag economist Gary Schnitkey, University of Illinois, recommends growers cut $100 per acre. This suggestion has garnered some questions, and Schnitkey has some answers....More
The millennial generation of producers will set new trends, use more advanced technology and take the agriculture industry into the future. Now is the time to mentor these young leaders and give them the tools they need to succeed professionally and individually....More
good risk management should be a number of strategies implemented in various combinations to mitigate risk for specific business needs. Often, a business manager imagines one silver bullet that will magically address all needs in the operation. Unfortunately, there is no single tool that effective....More
Given farm revenues in 2016 budget projections, costs must be reduced to have positive returns. Cost cuts of $100 per acre will be used at the target. Cuts of $100 per acre would result in $19 per acre of net farmer income, levels that are relatively low and do not provide much margin....More