If there’s any assurance about the economic picture for the dairy industry and agriculture in general going forward in the next few years, it’s that volatility will be a constant.
Dairy producers wonder what it will take for the market to turn around, as we wade out of this volatile economy. Phil Plourd shares fluctuating signals that are a telltale sign if milk prices will rebound in 2024.
Despite rumors of its demise U.S. milk producers expect 2024 to be a profitable year according to the latest report released from Zisk, who has pulled insights from nearly half of dairy herds across the U.S.
Dairy producers realize that good times don’t last forever. While producers are hoping good times circle again, until then, keeping a close eye on your financials will help you weather the financial storm.
With interest rates much higher than a year ago and inflation impacting almost every good and service, producers must crunch numbers frequently to understand their cost of production and be strategic with future debt.
Farmers routinely handle high-dollar transactions — and the nature of the payments, often through unsecure methods, leaves them susceptible to foul play.
Recently on a Farm Journal Milk Business webinar, three dairy thought leaders talked about the importance of gathering around a table with other team members, especially during challenging times.
Recently on a Farm Journal Milk Business webinar, three dairy thought leaders talked about the biggest challenges facing producers and what their takes are on risk management strategies.
Agility — it can be the difference between those who make it in the dairy industry and those who don’t. Learning to pivot to the next stepping stone to success is what leading dairies, like Van Ess Dairy doing well.
“If I were picking both from a financial and an emotional perspective, the next place I could put a dollar, I still would favor farmland pretty highly,” Bruce Sherrick says.
Producers are challenged paying the bills with the lack-lusting prices that have shown up on milk checks this summer. Dairy financial leaders share tips on what to do and not to do to survive tough financial times.
More than 50% of farmers intend to grow their operation, based on responses in Purdue’s February 2023 Ag Economy Barometer.
If you’re thinking about scaling your farm, it’s important to first ask these questions.
I’m a firm believer that with risk comes reward and taking on an expansion project is a big risk. However, Phil Knight, the founder of Nike says when you only see problems, you’re not seeing clearly.
Phil Plourd, president of Ever.Ag Insights, says that from a producer perspective, risk management decisions have gotten tougher in the past few months. Penn State offers tips to be considered when using milk futures:
“A commitment to additional financial resources for the farm bill will help to transition our farm and food supplies away from ad hoc support," the Committee members said in a letter.
Dr. Marci Rossell told the DFA Annual Meeting audience that when you take a historical review, you can better understand that today’s circumstances are quite different than the 80s or even 2008-2009.
The rollercoaster of the dairy industry certainly isn’t new. Dan Basse told the PDPW audience last week that a great reset is underway for the dairy economy, which will spell a more competitive world market.
If your spouse dies, look into filing Form 706 Federal Estate Tax Return with the IRS. Taking that step could help you protect farm assets so they pass to your heirs without estate taxes. The process isn't automatic.
Yes, basic insurance for the farm is pricey. But an umbrella policy is usually more palatable, and it could literally save your operation in the event of a wreck or other tragedy, says Purdue's Fred Whitford.
Ben Laine, a senior dairy analyst with Terrain, says that he expects 2023 will be deceptively steady in the sense that the U.S. will stay fairly level with current cow numbers.
The USDA’s Farm Service Agency recently announced that it has extended the enrollment and coverage election period for 2023 Dairy Margin Coverage to Jan. 31, 2023.
Recently, three dairy producers from coast to coast talked about the biggest, unexpected challenge that faced their dairy this year on a Farm Journal Farm County Update webinar.
If you want to disrupt a government, disrupt the food supply. "Ag is critical infrastructure," says Andrew Rose, strategic advisor. “Three weeks without food and agriculture, and it’s over.”
An oil price of $120 a ton could send the global economy into a major recession and fan inflation in the U.S., which Jim Wiesemeyer says is already in double digits for rural Americans.
Proper farm insurance, which can include property insurance, general liability insurance and workers compensation, provide large operations with protection and peace of mind.
Preparation is the best defense, especially when it comes to an animal activist attack. Although no one wants to imagine an animal activist infiltrating their farm, having a plan in place is a wise practice.
Disaster can strike without a moment’s notice. Whether it be a fire, tornado or even an airplane falling from the sky, you will never be able to predict when a disaster may occur.
Whether it’s an employee or trespasser, accidental injury or death could mean months and years of legal hurdles for the farm. Use winter down time to prepare your farm, just in case the worst happens.
USDA Agriculture Secretary Sonny Perdue on Friday announced that the second tranche of 2019 Market Facilitation Program payments will begin being issued next week.
Our young people are looking for causes to help them connect. They are replicating the "specialness" they experienced in their families by recreating pools of “specially connected” influencers.
Farmers and ranchers affected by wildfires are in desperate need of hay and other supplies. Blizzard conditions this past weekend in states north also created need for forage and government disaster assistance.
U.S. farmers are off to a slow start on corn plantings and even though it is still very early in the 2017 season, the numbers may already imply that total corn acres could be less than the 89.996 million that the market
Global dairy prices rose for the third time in a row at an international auction on Wednesday, bolstering hope that last year's recovery is back on track.
U.S. wheat supplies were seen shrinking below market estimates as the export outlook brightened despite ample global stocks and a firm dollar that had been seen as a brake on overseas demand, the U.S. Agriculture Depart
The National Institute for Animal Agriculture's 2017 Conference goes beyond topics like export, trade and politics, to include animal care and use of the world's resources.
