Funded by the Illinois Soybean Association checkoff program.
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January 02, 2016 While lower prices have many farmers focused on their short-term profitability, succession planning is an important key to ensuring the longevity of their operations. Farmers should aim to balance both of these sides of on-farm finances to maintain profitability in the years ahead. “Many pockets of the ag industry, in commodity crops especially, are tightening their belts right now,” says Paul Neiffer, certified public accountant and... |
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January 02, 2016 Lower commodity prices have brought tight margins to farmers around the country—and last year farm income was the lowest since 2002. However, farm economics works in a cycle and land values are beginning to adjust. "The economics of crop production drives land values,” says Brent Gloy, Ph.D., agricultural economist with Agricultural Economic Insights. “These have fallen in recent years, so we can look for land values to follow.” In... |
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January 02, 2016 Lower commodity prices pose a unique challenge of staying profitable in a tough market. Crop insurance provides farmers with an important risk management tool, and this is especially important as farmers look at continuing tight margins in 2016.
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January 02, 2016 Aired: November 2015 According to the USDA Economic Research Service, U.S. net farm income is set to decline by 36 percent in 2015, and commodity prices are not expected to improve in the foreseeable future. “Farmers are going to see more financial stress in the next six months, but they have many resources available to stay ahead of the curve on finances,” says Farm Management Specialist Steven Johnson, Ph.D., with Iowa State... |
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January 02, 2016 Aired: November 2015 2015 delivered a tough growing season for many Illinois farmers, and lower soybean prices to follow. For incomes to increase in 2016, either commodity prices need to rise or farmers need to cut costs. “Looking at where commodity prices are now, farmers’ costs need to be $100 less in some cases just to break even. They need to focus on their cost structure and see where they can afford to make cuts,” says... |
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January 02, 2016 As small business owners, farmers often need to purchase health insurance for themselves and their families. In addition to this coverage, they also are responsible for deciding which healthcare options they will offer to their employees. The Affordable Care Act (ACA) brought changes to the health care system, and these changes extend to farmers’ health insurance as well. In the sixth episode of “Management Matters: Focus on... |
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