Farm Journal’s PORK asked four industry experts a simple, yet straightforward question. Admittedly, it’s one that doesn’t have an easy answer.
If you could offer up one piece of advice to producers in 2023, what would it be?
“Given the increase in operating costs producers face today, it remains important for producers to manage risk in 2023. Hog profitability has more downside risk as feed and other production costs remain high. General economic factors like consumer income, interest rates and exchange rates may slow demand for pork in 2023.” --Scott Brown, University of Missouri economist
“Producers have a fine opportunity to put risk protection on the books that can isolate their risk profiles to just the production. This does not mean we can waltz into the year without risk, but it does eliminate one of the biggest unknowns and turns it into a known. We still need to pay attention to biosecurity and the fine points that define success. Locking in margins is a fantastic first step.” --Joseph Kerns, Partners for Production Agriculture president
“Don’t get lax on biosecurity. Tight labor markets and higher turnover leave the industry vulnerable to disease challenges. This is a good time to double-down on educating your team and enforcing the strong programs already in place.” --Christine McCracken, Rabobank executive director of animal protein
“Regardless of your agreement with my 2023 outlook for the pork industry, or someone else’s, I encourage everyone to stay informed and make use of available resources to help guide decision making throughout the upcoming year. In general, it’s better to be proactive than reactive. Planning for potential problems will help you save time, money and effort that can be invested in unexpected problems as they arise.” --Lee Schulz, Iowa State University economist
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