U.S. farmers reacted to global markets in making a major shift by intending to plant more acres in corn this year than last, a situation that could add to abundant supplies and result in lower prices for producers, Purdue University agricultural economist Chris Hurt says....More
David Kohl recently participated in town hall meetings with farmers, lenders, agribusiness people and students. The majority have 3 major concerns about American agriculture, including: health care, regulations and crop insurance....More
“A lot of conservation practices — once you get them working well — turn out to be an economic advantage, so you make more money,” says Brian Parkinson, a corn and soybean grower from Reynolds, Ill....More
With commodity prices falling and more negative margins, lenders are now asked to “stress test” your financial conditions as well as their agricultural portfolio. Let’s examine what is involved in “stress testing” and what may be yet to come....More
Challenging times require bold steps to drive revenue and positively impact the bottom line. Farmers from California to Iowa to Virginia are checking out new ideas, such as an equipment sharing platform, to help them thrive, not just survive, during these tough times....More
Farmers need to get serious and truly appreciate how much family living expenses can impact the profitability of a farm business. The numbers tell us that family living cost and taxes are two areas in which to capture significant savings....More
Recently, a Kansas producer of the Baby Boomer generation asked me, “Hey Doc! When will economics stabilize?” Well, it is certainly understandable for producers to seek some sense of economic normalcy in these days of economic reset. My response, however, may not deliver the comfort for which this producer was hoping, but it is definitely not all bad news. ...More
Commodity Classic is always one of my favorite events. There is so much information to take in; it's a bit overwhelming. We've pared down what we've learned so far while in New Orleans, and are sharing some of the best things we've learned, from weed resistance issues and agvocating to a money-back guarantee on prescription services.
With this list of potential reductions, including land rent, capital expenses labor and other costs, hopefully our producer focus groups provided some ideas on which you will expand. An economic reset offers the opportunity to re-evaluate and improve your operation both for short-term and long-term sustainability....More
The 1960s saw a doubling of soybean acres from the previous decade (4.3 million acres versus 2.2 million) and average yields moved higher by 5 bushels (28.8 versus 23.5). Chemical control of weeds was probably the most important technical advance.
This is a starting point in the cost-cutting process, as suggested by producers. Granted, this is a tough process that requires time, examination and inevitably, some hard choices. However, developing a strategy to cut costs strengthens both short-term and long-term sustainability....More
Low prices continue to impact farmers across the Corn Belt. In order to break even, many farmers are looking at cutting costs. Here are some of our best tips and ideas for cutting costs on the farm, from specific ideas, to fertility management to analyzing data.
In the 5 ag stories to read this week, brush up on Anthracnose management and get tips for keeping your stored grain in good condition as temps fluctuate. Read the latest profit projections and some considerations when choosing crop insurance. Finally, enjoy a list of things that irritate farmers.
When he decided to take parts of five fields out of corn and soybean production a year ago, Wayne Fredericks was convinced that converting the ground to wildlife habitat was a sound decision for his pocketbook and the environment. A year later, with crop prices even softer, he thinks the reasoning behind the decision is even more compelling....More
In the 5 agriculture stories to read this week, use an online calculator to help determine profitable delivery options and read the latest on farm incomes and land values. Keep an eye out for the USDA planting intention survey and use your phone to scout crops. Finally, enjoy a cow heart for Valentine's Day!
Regardless of crop or livestock prices, the global economic forces of the U.S. strong dollar and weaker demand continue to suppress revenues. Coupled with elevated fixed and variable costs, lower commodity prices and global uncertainty, many producers are pressed to face negative margins or at best, a breakeven point in income....More
There appears to be more interest in the CRP enrollment in 2016, due to the current lower crop prices and reduced farm profitability. FSA will rank all bid offers for the General CRP enrollment on the basis of the Environmental Benefits Index (EBI) to determine which CRP bids are accepted....More
By Groundhog Day, one needs to have business family, and personal goals clearly written out for the year. These written goals should be SMART: specific, measurable, attainable, rewarding and timely....More
It is important to note that the leading economic indicators show concerning signs of a slowing or contracting U.S. economy. Specifically, manufacturing, energy and other basic industries will see the slowdown first. However, regardless of the industry, a recession in the U.S. would create widespread impact....More
In the 5 ag stories to read this week, download crop budget spreadsheets and a 2015 tax guide. Learn about nematode research and the impact of late weed control. Finally, enjoy some RC tractors in action.
In the 1950s, CSD advertisers offered a lot to readers. From combines and tractors to an inoculant, vacuum and solvents, check out these products from Phillips Solvents, John Deere, Cargill, Allis-Chalmers and more.
In order to successfully navigate the economic reset, one must factor in outside influences. Factors such as the U.S. economy will bear direct impact on future profit potentials for farm businesses. Monitoring key indicators can help you better direct and focus your strategic planning for future sustainability....More
Overall, corn production in 2015 is down from the 2014 estimate, and stored corn is up from December 2014. Soybean production was estimated slightly up from the 2014 estimate, and stored soybeans were up 7% from 2014....More