Modern agriculture requires savvy financial planning and strategy.
All Markets/Prices Content
Marketing for profit may not seem new to producers, but the way they look at their marketing plans should be.
The SDSU Extension Interactive Grain Report Tool provides a real-time and historical grain situation report for corn, soybeans, hard red spring wheat, and winter wheat. The tool gathers data on average state elevator cash bids, export cash bids, rail and barge costs, grain stock levels, rail cars loaded by state with grain, grain barge movements, and marketing year export inspections.
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Effective marketing and risk management techniques often rely on sound benchmarks. Those marketing cattle need reasonable metrics to evaluate received and expected prices.
Price rallies, general price volatility and concern that prices may move lower could lead producers to insure livestock prices. Livestock Risk Protection is an insurance program that covers the single-peril or risk of lower prices on fed cattle and feeder cattle.
There is an excellent reason why ranchers use early weaning as a drought management tool: Weaning calves early reduces the amount of feed required to maintain the cow.
Soybeans are one of the major crops in South Dakota in terms of both acres planted and sales values. To determine the potential to increase net profit from soybean production, individual producers are encouraged to compare their own yields and input costs with benchmark levels.
Farm and ranch businesses have a sizeable investment in equipment, buildings, land, and livestock. These investments require their owners and managers to remain knowledgeable about the financial condition of their business. The information to calculate measures of financial performance can be found in their farm record books or accounting system.