Risk Management
Since being confirmed on Feb. 13, Secretary Rollins has been in the Washington D.C., USDA office for a few hours. Most of her time has been spent visiting farmers, ranchers and ag businesses in Kentucky, Kansas and at Top Producer Summit.
Among the secretary’s first public appearances since being confirmed last week, the fireside chat on Tuesday, Feb. 18, will cover key topics driving the future of agriculture.
Agriculture can sometimes act as a buffer during broader economic recessions, as demand for essential food items tends to remain relatively stable. However, when multiple indicators align in the industry, it can signal a recession.
Farmers routinely handle high-dollar transactions — and the nature of the payments, often through unsecure methods, leaves them susceptible to foul play.
How well prepared is your operation to manage risk? Here’s a list of the top 5 risks and ways to mitigate the challenges.
“It’s likely managing a slimmer margin in production agriculture will be closer to the 1980s than the 2010s.”
Proper farm insurance, which can include property insurance, general liability insurance and workers compensation, provide large operations with protection and peace of mind.
In your will or trust documents, you name a power of appointment. This means you grant power to an individual to name recipients of all or a portion of your money and property in the future.
If your spouse dies, look into filing Form 706 Federal Estate Tax Return with the IRS. Taking that step could help you protect farm assets so they pass to your heirs without estate taxes. The process isn’t automatic.
While many tools for managing risk exist for livestock producers today, livestock risk protection (LRP) might be an option for producers to consider no matter how large or small the operation.
How’s the best way to describe the current hog market, including supply and consumer demand? It’s complicated.
More than 50% of farmers intend to grow their operation, based on responses in Purdue’s February 2023 Ag Economy Barometer. If you’re thinking about scaling your farm, it’s important to first ask these questions.
“A commitment to additional financial resources for the farm bill will help to transition our farm and food supplies away from ad hoc support,” the Committee members said in a letter.
A study released by Farm Bureau finds 86% of Americans are concerned about food insecurity, but their trust in farmers remains high at 89%.
Yes, basic insurance for the farm is pricey. But an umbrella policy is usually more palatable, and it could literally save your operation in the event of a wreck or other tragedy, says Purdue’s Fred Whitford.
If you want to disrupt a government, disrupt the food supply. “Ag is critical infrastructure,” says Andrew Rose, strategic advisor. “Three weeks without food and agriculture, and it’s over.”
How well prepared is your operation to manage risk? Here’s a list of the top 5 risks and ways to mitigate the challenges.
Don’t let rising construction costs leave your production facilities underinsured.
If you notice something is not right on the farm or you see evidence of a break-in, it’s time to activate your plan to protect your farm.
Preparation is the best defense, especially when it comes to an animal activist attack. Although no one wants to imagine an animal activist infiltrating their farm, having a plan in place is a wise practice.
FADs are a constant threat to the livestock industry. The country is more tuned in to this struggle than ever before with the recent COVID-19 pandemic. National Pork Board’s Dave Pyburn and NCBA’s Ethan Lane discuss why.
The U.S. economic growth is strengthening and unemployment continues to trend downward, with the result being the Federal Reserve is likely to announce its first interest rate increase of 2018 today
Comparing production measures in a broader group allows us to see where we are as a business and what we should be working to improve.
We still believe rising global income in 2018 will produce record demand for pork, and U.S. offerings will have no difficulty finding a home among that demand.
Urgent, unpredictable events, especially those that involve potential loss of resources or opportunities, can trap us into risky thinking patterns. That can lead to impulsive behavior and put your business at risk.
Comparing production measures in a broader group allows us to see where we are as a business and what we should be working to improve.