Risk Management
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.
Milk protected at the $9.50 level will receive indemnity payments of $761.56 for each one million pounds enrolled.
USDA has announced that the 2024 Dairy Margin Coverage sign-up will open Feb. 28 and run through April 29.
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.
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.
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.
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:
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.
A proactive plan allows you to be ready to sell when opportunities arise as well as leave the upside open for greater profitability.
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.
With costs going up for labor, feed and everything in between, knowing your numbers is key to helping your dairy plan for the future.
Understand the per-cwt. projected profit margin (or even limited loss) you are protecting with your risk-management plan.
A few days ago, I posted a story on aUniversity of British Columbia surveyof nearly U.S. 500 consumers about what their ideal dairy farm looks like. Essentially, those surveyed want milk produced from cow
USDA released its monthly Dairy Products report on Jan. 6, summarizing November 2015 production estimates.
Dairy margins continue to project negative through the first half of the year on heavy milk production and high supplies of dairy products, while expectations for this balance to shift in late 2016 helped support deferr