Today’s cattlemen and women are well aware of the ever-increasing risks that could affect profitability. But when managing risk, there are still misperceptions around futures contracts.
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MANAGEMENT
Read how to improve your supervision of employees, financial matters, identification and record keeping. Learn more about land use issues that affect your operation.
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Although concerns over trade and unexpected weather conditions continue to be top-of-mind for those in the agricultural industry, there is always value in farmland. According to the U.S. Department of Agriculture, average agricultural land values nationwide are trending up. Average farm real estate value has increased 1.9 percent to $3,140 per acre from 2017 values. Cropland and pasture values have also increased over 2017, 1 percent to $4,130 per acre and 3 percent to $1,390, respectively. Gains in land values signal that investors are focused on farmland as a long-term investment and that they may consider trade tensions to be short term.
An important issue at the forefront of agriculture is succession planning. Agriculture and the beef cattle industry take great pride that the highest percentage of farms and ranches are family-owned.
When hiring a family member to return to the family farm after high school or college, we need to be very clear about our expectations, our justification for bringing them on as a full-time employee and the criteria for consideration.
For producers who grow up on a family operation with the expectation of taking the reins one day, day-to-day ranch life may seem solidly based on common sense and logic – and includes an innate skill set that comes as natural as riding a bike.
Gelbvieh and Balancer® cattle help feed the world. Not only are the cows profit drivers at the ranch, but they convert at the bunk and they grade on the rail. At the end of the day, the goal of the beef industry is to produce a product that consumers can enjoy during a nutritious dinner at the family table. It requires many different factors to get a product to the consumer. Gelbvieh and Balancer cattle are more in demand and are fulfilling their role in producing a good product for the consumer.
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Progressive Cattle provides practical beef operation management articles, timely news, cutting-edge technology information and thought-provoking opinions to you at no cost.
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