What is the number one concern of crop producers? The answer is farmland. Some questions heard around the region are: farmland rental rates are increasing, will I be able to hold onto the land I've always rented? How can my neighbor pay that much to rent that farm? How much can I afford to pay to keep my base intact? What can I do to reduce my financial risk as my production costs rise? How can I defend my land base?
Other concerns for 2013 are how much will it cost to produce my next crop? Also, how much grain should I be pre-harvest selling, and when should I sell my old crop? Section 179 and Bonus Depreciation have been good tools for reducing taxes while adding equipment to the farm business. But what is the true cost of that line of equipment on your farm? Am I making the best financial choice when I add equipment and several years of debt payments just to defer paying taxes this year? How many acres should I farm to maximize my equipment investment?
A farm management and marketing update session developed by University of Minnesota Extension Educators Bret Oelke and Bill Craig will be held to address current agricultural challenges and offer strategies for use in planning for the 2013 crops. The update session will consist of:
· Crop production cost projections for 2013
· Crop profitability - which crops look profitable in 2013
· Crop insurance update
· Marketing strategies for the 2012 and 2013 crops
· Calculating machinery costs--the real cost of owning machinery
· Defending your land base--how much can you afford to lose?
THE UPDATE SESSION ADDRESSING THESE TOPICS WILL BE HELD LOCALLY:
When: Thursday, February 14, 2013
Where: Backroads Steakhouse
(106 Co Rd 82 NW, Evansville, MN 56326)
Time: 1:00 p.m. - 4:00 p.m.
Pre-registration is not required - make plans now to attend this important meeting!
The workshop and refreshments are free thanks to the following sponsors:
First Security Bank and Douglas County Corn & Soybean
For additional information contact Bret Oelke at 218-770-2428 or email him at firstname.lastname@example.org