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Cornhusker Economics

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Meeting Cash Flow Needs, Roger Selley Nov 1998

Meeting Cash Flow Needs, Roger Selley

Cornhusker Economics

In the March 11, 1998 issue of this newsletter we discussed how projected cash requirements for the year could be distributed between enterprises. The objectives of that discussion were to arrive at 1) a budgeted cash requirement on a per acre basis to help determine crop insurance needs, and 2) a target price for each enterprise to help in pricing decisions. We suggested, however, that prioritization of cash requirements may be needed because yield and price protection may not be available at those levels or may cost more than you are willing to spend. The low prices we are currently …

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Some Thoughts - Farm Business Management - Fall 1998, Larry L. Bitney Oct 1998

Some Thoughts - Farm Business Management - Fall 1998, Larry L. Bitney

Cornhusker Economics

Crop and livestock prices have been universally low for Nebraska farmers and ranchers in the last few months. There have been conversations about whether the current conditions constitute a crisis, and how it is different from the farm financial crisis of the 1980's. Regardless of the differences or similarities with the 80's, many farm and ranch families are facing drastic reductions in income. There are, of course, exceptions. In view of the current situation which most families are facing, I was recently asked to speak on the topic of “Strategies for Dealing with Low Prices.” Following is a brief summary …

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The Occupation Of Farming, Bruce B. Johnson Sep 1998

The Occupation Of Farming, Bruce B. Johnson

Cornhusker Economics

Farming is one of the world’s oldest occupations. It has been hailed as one of the most noble of occupations by Thomas Jefferson and countless others throughout recorded history. Tilling the soil and husbanding the livestock as a resource steward in the seemingly-endless cycle of seasons, this remains in the minds of many as the basic stereotype of a farmer.

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Grain Storage: Value, Costs, And Returns, Roger Selley Sep 1998

Grain Storage: Value, Costs, And Returns, Roger Selley

Cornhusker Economics

Promise of a good crop and low prices at harvest has increased the interest in storage. Many elevators are requiring that 20% or more of the grain be sold upon delivery or be placed under a deferred pricing contract so they can move the grain. Commercial storage rates are expected to be 2½ to 3 cents or more per bushel where available. Farm storage rental charges may approach commercial rates.

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Strategies For Sustainable Economic Development, Duane Olsen Aug 1998

Strategies For Sustainable Economic Development, Duane Olsen

Cornhusker Economics

During a conference highlighting "sustainable Communities," Margaret Thomas presented a paper based upon a 1994 research project designed to explore economic development strategies that would increase local prosperity and also protect the environment and protect natural resources. She described the economy and ecology as two sides of the same coin and proposed reconsidering human systems and industrial systems in the light of these two natural laws: 1) resources are to be used no faster than they are replenished, and 2) matter is ultimately recycled for reuse in biological or physical systems.

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Estimating And Using Probabilities In Farm And Ranch Decisions, Al Wellman Jul 1998

Estimating And Using Probabilities In Farm And Ranch Decisions, Al Wellman

Cornhusker Economics

A probability is a number that measures the likelihood or chance that a particular event will occur. This number, in terms of fractions or percentages, must be between zero (0) and one (1). Zero means there is no chance that the event will happen, and one means it is certain to happen. In between are all the possible probabilities that it will or will not happen. The sum of the probabilities of all the possible events that can occur in a given situation must add up to one.

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Farming — Can You Make A Living At It?, Larry Bitney Jun 1998

Farming — Can You Make A Living At It?, Larry Bitney

Cornhusker Economics

I’ve observed that many families are running harder and faster to make ends meet on the farm. Farms that produced living expenses for a family ten years ago are no longer doing so. Many families who found it necessary to supplement farm earnings with an off-farm job in the 1980's have kept that job, and are now struggling again financially. Other families have expanded their farming operations to increase their sales volume, but seem to be reaching their limits of physical and mental energy, and are also struggling.

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Beef Industry Productivity, Prices And Profits, Dillon M. Fuez May 1998

Beef Industry Productivity, Prices And Profits, Dillon M. Fuez

Cornhusker Economics

Cattle numbers in the U.S. peaked in 1975 at about 130 million head. Since that time, cattle numbers have generally been declining. Numbers are affected by the cattle cycle, but peak numbers are declining with each new cycle. The January 1, 1998 inventory of cattle was less than 100 million head.

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Changing Technology And Share Leases Some Observations, Larry L. Bitney Apr 1998

Changing Technology And Share Leases Some Observations, Larry L. Bitney

Cornhusker Economics

The most popular method of leasing cropland in Nebraska is the share lease. Under this arrangement, the tenant and landowner both contribute to the production of a crop, which they share and market. The landowner’s contribution may be only the land, or he/she may also pay a share of the crop production expenses.

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Creating A Business Plan, Allen Prosch Jan 1998

Creating A Business Plan, Allen Prosch

Cornhusker Economics

A business plan is becoming an increasingly important tool as farm operators need to explain complex operations to their associates. It has long been necessary to have good information for lenders. But in the current business environment there are many more persons such as crop consultants, landlords, employees and family members who may not always be present, but are involved in the operation.

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Development Of New Generation Cooperatives, Mike Turner Aug 1997

Development Of New Generation Cooperatives, Mike Turner

Cornhusker Economics

Dr. Mike Cook, Professor of Agricultural Economics at the University of Missouri and his students have interviewed over 50 newly created agricultural cooperatives. The purpose of this study was to determine the steps taken to establish a new business. In each case the newly formed business was to establish a value-added opportunity for agricultural producers. The steps taken included the following:

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Factors Affecting The Coordination Of Agricultural Production And Marketing, Jeffrey S. Royer Aug 1997

Factors Affecting The Coordination Of Agricultural Production And Marketing, Jeffrey S. Royer

Cornhusker Economics

Agricultural markets depend considerably less on open market transactions than 40 years ago. Increasingly, the production and marketing of agricultural products have been coordinated by forward contracting, production and marketing contracts, and vertical integration. The degree to which these alternative marketing mechanisms have been employed varies across commodities and products. Production contracts, marketing contracts, and vertical integration dominate in several livestock markets, including broilers, turkeys, eggs and milk, and in most specialty crop markets, including fruits, vegetables and sugar beets. Market transactions have continued to be more important for field crops and the cattle and hog markets although contract production …

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Production And Financial Standards For The Pork Industry, Allen Prosch, Larry Bitney May 1997

Production And Financial Standards For The Pork Industry, Allen Prosch, Larry Bitney

Cornhusker Economics

The 1996 summary for the Nebraska Swine Enterprise and Analysis Program shows that there is a lot of difference between average, the high 1/3 and the low 1/3 of producers when it comes to a profit. Producers in the average group showed a 27% rate of return on capital, while those in the top 1/3 showed a return of 49%. Total cost per cwt. for an average producer on the records program was $50.71 while the producers in the high profit 1/3 produced that pork for $44.96 per cwt.

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Coping With Potholes In Your Farm Transition Pathway, Part Ii*, Paul H. Gessaman May 1997

Coping With Potholes In Your Farm Transition Pathway, Part Ii*, Paul H. Gessaman

Cornhusker Economics

Transferring a family-operated farm or ranch between generations presents many challenges. Typically, the transfer requires inter-generational transitions in management, ownership, and control of the operating unit. These transitions can occur a little at a time over a period of years. Or, they can happen very quickly when a divorce, a death, a disability, a dispute, or a departure quickly remove a person from production unit activities. Whether the transition is slow or quick, the life situations of two or more generations of individuals and families are changed.

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Multi-Year Hedging Of Corn, 1973-1995, Dennis M. Conley Apr 1997

Multi-Year Hedging Of Corn, 1973-1995, Dennis M. Conley

Cornhusker Economics

Multi-year hedging involves placing a hedge for more than one year and then unwinding it as physical product is sold. A recent study analyzed two-year hedges for corn in an attempt to capture the higher prices that occurred over the 23-year period of 1973- 1995. Cash prices were for No. 2 yellow corn at Omaha on October 15, or the nearest business day. Futures prices were from the December contract month at the Chicago Board of Trade.

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Coping With Potholes In Your Farm Transition Pathway, Part I, Paul H. Gessaman Apr 1997

Coping With Potholes In Your Farm Transition Pathway, Part I, Paul H. Gessaman

Cornhusker Economics

Sooner or later transitions emerge in personal and business life. Some are based on opportunities: land or other resources become available at an affordable cost, family members acquire and use new skills, new markets open, new technology is released, someone joins the family through marriage or adoption, or another form of good fortune occurs.

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Another Look At Farm Size And Concentration, Roy Frederick Jan 1993

Another Look At Farm Size And Concentration, Roy Frederick

Cornhusker Economics

One of the legacies of the 1977 farm bill is that USDA is required to make an annual report to Congress on the status of family farms. This year's report (Peterson, R. Neal and Nora L. Brooks, 'The Changing Concentration of U.S. Agricultural Production During the 20th Century," Economic Research Service, Agriculture Information Bulletin Number 671, July, 1993) was issued a few weeks ago.

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