The Center for Dairy Excellence will host two “Mastering the Dairy Business” conference calls in January to help dairy farm families prepare their businesses for the coming year. The calls will address financial planning and risk management, and are offered to participants at no cost.
“Milk prices fell in December and are forecasted below 2010 levels for the first quarter of 2011, while feed costs are reaching all-time highs,” says John Frey, executive director of the Center for Dairy Excellence. “With many farms still recovering from 2009, it is essential that all dairy producers review their business strategy now to make sure they are prepared for the coming year.”
The “Mastering the Dairy Business” calls are designed to provide insights to help dairy farms evaluate their business and risk management plans. They are scheduled for:

  • Wednesday, Jan. 13 – “Think Like a Chief Financial Officer on the Dairy Farm,” with Michael Boehlje, professor in the Department of Agriculture Economics and the Center for Food and Agricultural Business at Purdue University, who will help producers broaden their understanding of financial management and three drivers of profitability: margins, asset utilization and financing.
  • Thursday, Jan. 27 – “How the New LGM for Dairy Fits On Your Dairy,” with Gene Gantz, from the Risk Management Agency, and Alan Zepp, risk management program coordinator with the Center for Dairy Excellence, explaining how new changes to LGM for Dairy make the program easier to use. 

“Having a budget in place and knowing risk management options will be essential in navigating in 2011,” Frey said. “The couple of hours producers use to participate in these calls will be an excellent investment of time in preparing their business to get through the upcoming price depression.”
Each conference call will take place from noon – 1:15 p.m., Eastern Time. Anyone can participate in the free calls, but pre-registration is required, and each call is limited to 40 dairy producers.
Participation is on a first-come, first-served basis. To register, call the center at (717) 346-0849 with name, phone number, e-mail address and the date of call on which you plan to participate. Once registered, participants will receive the call-in number and code.

Presentation materials can be downloaded from the Center for Dairy Excellence.

Source: Center for Dairy Excellence