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Showing posts from November, 2016

Where Can Farmers Lower Cost?

By David Bau, Extension Educator

Average 2017 corn and soybean budgets for cash rented farmland look unprofitable at projected input costs and current market prices available.  In 2007, prices were similar to what is available in 2017 for corn and soybeans. The table below compares actual figures for 2007 and 2015 from the FINBIN database for southern Minnesota and compares them to trends for 2017.

Corn and Soybean Input Costs Comparison between 2007, 2015 and 2017

The figures for 2017 indicate losses on both corn and soybeans. Even with crop insurance and government payments and corn lost money in 2015. Examine the fourth line from the bottom: Total direct expense per bushel you will see that in 2007 Southern Minnesota farmers needed $2.37 per bushel of corn to cover the direct costs and $5.12 per bushel for soybeans. Comparing these to the trend figures for 2017 of $3.43 for corn and $8.16 for soybeans, this represent a 45% increase for corn costs and 59% increase for soybean costs w…

Women in Ag Network Announces December Event!

Women in Agriculture Network (WAGN) is excited to announce its quarterly seminar, being held in December: "Taking Charge of YOUR Finances- How to Survive and Thrive".  
The event will be December 6, 2016 at the Farmington Regional Extension office (located at the Dakota County Extension and Conservation Center, 4100 220th St. West, Farmington, MN 55024).  Registration is at 8:30 AM with the program running from 9:00 AM-3:30 PM.  The fee is $20, which covers the cost of lunch.  Payment can be made the day of event.
"Financial management is the key to a successful farming operation," Pauline Van Nurden, Extension Educator, shared.  "Having an understanding of farm finances impacts all management decisions.  Attending our 'Survive & Thrive' workshops will give producers a base understanding of the major financial statements and how to put them into action in their operation."  This program will use an interactive approach to learning about financia…