Purdue Commercial AgCast

Human Resource Risk Management & Contingency Planning

Farms and agribusinesses are confronted by many different types of risk, but consideration to human resource risk is overlooked by far too many. If critical functions cannot be completed due to a death, disability, disaster, divorce, or disagreement the farm business cannot operate at full efficiency. One way to combat HR risk is by writing a contingency plan to help decide what to do if key operations are disrupted or key personnel is not available. In this first episode of a new series on Farm Risk Management, Maria Marshall, Renee Wiatt, and Kelly Heckaman join Brady Brewer to discuss contingency planning and human resource risk management. 

This series is based on the Six Pillars of Farm Risk Management course, funded by the North Central Extension Risk Management Education Center.

Podcast provided by Purdue University's Center for Commercial Agriculture. Find the rest of this farm risk management series and resources at https://purdue.ag/farmriskmgmt. More information on contingency planning is on the Purdue Institute for Family Business' website https://purdue.ag/fambiz.

If you are enjoying the podcast, tweet us using #PurdueCommercialAgCast.

Ag Barometer Insight: November 2022

Farmer sentiment was unchanged in November as the Purdue University-CME Group Ag Economy Barometer came in at a reading of 102, the same as in October. There was however a slight shift in underlying sentiment as the Index of Current Conditions declined 3 points this month to a reading of 98 while the Index of Future Expectations rose 2 points to 104. This month’s survey was conducted from November 14-18, 2022. The full report is available at https://purdue.ag/agbarometer.

Podcast provided by Purdue University's Center for Commercial Agriculture. For more economic information and insights on the Ag Economy Barometer, visit us at http://purdue.edu/commercialag.

Tax Planning & Working Capital in a Strong Income Year

For many crop and livestock producers, 2021 and 2022 were both strong net farm income years making tax planning strategies important. Purdue agricultural economists Brady Brewer and Michael Langemeier discuss strategies that will help reduce tax liabilities while also maintaining working capital. Strategies to consider include deferring income, prepaying expenses, retirement plan contributions, bunching itemized contributions, or hiring your children all of which won’t drain your farm’s working capital as much as using accelerated depreciation. Preserving working capital for family living and principal payments may be necessary for 2023 if higher breakeven prices and lower cash flows hold true to current 2023 projections. Slides from the discussion can be found at https://purdue.ag/3XuIx4D.

If you are enjoying the podcast, tweet us using#PurdueCommercialAgCast. 

Podcast provided by Purdue University's Center for Commercial Agriculture. For more farm information and news visit us at http://purdue.edu/commercialag.

November Corn & Soybean Outlook Update

Purdue ag economists Michael Langemeier, Nathan Thompson and James Mintert discuss the corn and soybean outlook following USDA's November Crop Production and World Agricultural Supply and Demand Estimates (WASDE) reports along with current export and ethanol grind estimates. Updated corn and soybean basis information and a look at estimated corn and soybean breakeven prices for the 2023 crop are discussed in the outlook update. Slides from the discussion can be found at https://purdue.ag/webinar111122. 

Podcast provided by Purdue University's Center for Commercial Agriculture. For more information on the current ag outlook and farm economy, visit us at http://purdue.edu/commercialag.

Ag Barometer Insight: October 2022

Farmer sentiment weakened again in October as the Purdue University-CME Group Ag Economy Barometer fell to a reading of 102, down 10 points compared to a month earlier. Both of the barometer’s sub-indices, the Index of Current Conditions and the Index of Future Expectations, declined this month. This month’s survey was conducted from October 10-14, 2022. The full report is available at https://purdue.ag/agbarometer.

Podcast provided by Purdue University's Center for Commercial Agriculture. For more economic information and insights on the Ag Economy Barometer, visit us at http://purdue.edu/commercialag.

October Corn & Soybean Outlook Update

Purdue agricultural economists Michael Langemeier, Nathanael Thompson, and James Mintert discuss the corn and soybean outlook following USDA's October Crop Production and World Agricultural Supply and Demand Estimates (WASDE) reports along with current export and ethanol grind estimates. Updated corn and soybean basis information and a look at estimated corn and soybean breakeven prices for the 2023 crop were discussed during the podcast. Slides from the discussion can be found at https://purdue.ag/outlook101422. 

Podcast provided by Purdue University's Center for Commercial Agriculture. For more information on the current ag outlook and farm economy, visit us at http://purdue.edu/commercialag.

Ag Barometer Insight: September 2022

The Purdue University-CME Group Ag Economy Barometer index drifted lower to a reading of 112 in September which was 5 points lower than a month earlier. These results stand in contrast with future expectations in September which were only 2% weaker than a year ago. The Purdue University-CME Group Ag Economy Barometer sentiment index is calculated each month from 400 U.S. agricultural producers’ responses to a telephone survey. This month’s survey was conducted from September 19-23, 2022, a week or more following USDA’s September Crop Production and World Agricultural Supply and Demand Estimates (WASDE).  The full report is available at https://purdue.ag/agbarometer.

Podcast provided by Purdue University's Center for Commercial Agriculture. For more economic information and insights on the Ag Economy Barometer, visit us at http://purdue.edu/commercialag.

Farm Impact from Rising Inflation and Interest Rates: September Update

Purdue agricultural economists Brady Brewer and Michael Langemeier discuss updated inflation numbers and interest rates and the impacts on agriculture in this episode. Farm inputs like fertilizer, diesel, machinery and building supplies are discussed, as well as capital investments like land and real estate, and how the cost of debt is affecting budgets and operating interest rates. They also discuss the choice of variable interest rate loans vs fixed interest rate loans, a decision many farmers may be facing.  Near the end of the conversation, they discuss the impact to net farm income prospects. Slides from the discussion can be found at https://purdue.ag/3fqPgeu.

If you are enjoying the podcast, tweet us using #PurdueCommercialAgCast. 

Podcast provided by Purdue University's Center for Commercial Agriculture. For more farm information and news visit us at http://purdue.edu/commercialag.

10 Tips for Communications in Your Farm Business

Communication in any business is important, especially in your farm business when many times family is involved. Purdue ag economist Brady Brewer hosts a discussion with Purdue's Farm Succession Planning team that will provide you with 10 tips for better communication within your farm business. Team members Renee Wiatt, Family Business Management Specialist, Kelly Heckaman, Purdue Extension Area XI Director, and Heather Caldwell, Fayette County ANR Educator, discuss their tips for better communication with recognizing family roles, exploring feelings, discussing issues, responsibilities and goals, actively listening and transparency in this farm succession episode.

A pdf of the 10 Tips can also be downloaded from our website at https://purdue.ag/3T2QpYi. More farm succession and transition planning episodes can be found here. More resources can also be found at the Purdue Institute of Family Business. 

If you are enjoying the podcast, tweet us using #PurdueCommercialAgCast. Podcast provided by Purdue University's Center for Commercial Agriculture.

September Corn & Soybean Outlook Update

Purdue ag economists Michael Langemeier, Nathan Thompson and James Mintert broadcasted the September Crop Outlook webinar on Friday, September 16, 2022. The webinar featured information from USDA’s September Crop Production and World Agricultural Supply and Demand Estimates (WASDE) reports along with current export and ethanol grind estimates. The webinar also included updated corn and soybean basis information, a first look at estimated corn and soybean breakeven prices for the 2023 crop and a comparison of flexible cash leasing of farmland to traditional fixed cash rent leasing.

 

Slides from the discussion can be found at https://ag.purdue.edu/commercialag/home/resource/2022/09/september-corn-soybean-outlook-update-2/

 

 

Podcast provided by Purdue University's Center for Commercial Agriculture. For more information on the current ag outlook and farm economy, visit us at http://purdue.edu/commercialag.