Profit Center
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What About 2010 Roth Conversions
The ROTH IRA has been around for many years. For many farmers and others that have income over $100,000 annually, they have either been unable to contribute to a ROTH IRA or convert a regular IRA to a ROTH IRA. Starting in 2010, these rules are changing for ROTH IRA’s. Here are 6 things that you […]
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Farmer as CFO
My friend Alex Tiller recently had a great post on how a farmer must be a good CFO in order to be a successful farmer in today’s complex financial world. As I quote him “Most ag producers are their own chief financial officer”. Most farmers are doing this job right now, but many of them do […]
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Farm Credit Services of America Says 2009 Should be “Respectable Year”
Farm Credit Services of America indicated that setbacks in the swine, dairy and ethanol industries will trim this year’s financial results below the record 2008 results, however, they indicate that 2009 will still be a ‘respectable year’. This means that patronage dividends will be less than the record $60 million in 2008, but possibly more […]
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Take Advantage of a Weather Rally
We had a good weather rally back in the spring when it was apparent that the come would be planted lack due to the rain in Illinois and other areas. It appears that we might be having a weather rally due to the frost coming this weekend. I would highly suggest that you review your […]
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Four Key Steps to Expand Your Operation
Top Producer Magazine / Website is a great resource for farmers that are trying to be the “Top Producer”. I recently came across a short article from their editor, Greg Vincent, about expanding a farm. He interviewed former Farm Credit Services of America (FCSA) financial officer turned financial consultant, Roger Schlitter. I thought it had […]
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Minnesota Median Farm Income Down 15% in 2008
The University of Minnesota has a Center for Farm Financial Management that performs an survey of farms in Minnesota. In August, they issued their report for 2008. Some of the key findings are as follows: Median net farm income was $90,039 which was down from $105,489 in 2007. This represents an approximate 14.6% decrease. Median net […]
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Six Steps to Good Marketing
First off, an update on why there have not been any posts for a few days. I went on a four day backpacking trip into the North Cascade Mountains of Washington state. This is some of the best scenery in the whole United States. I went with a friend that was in my wedding many […]
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USDA Says 2009 Farm Income Will be Down!
The USDA reported on their website on Thursday that they expect net farm income for 2009 to be $54.0 billion down from the record 2008 preliminary estimate of $87.2 billion. This equates to a net decrease in farm income of $33.2 billion or an over 38% decrease. What is even more disheartening is that the […]
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Economic Rebound in Farm Sector Still on Hold
For the third straight month, a rural economic indicator has declined. This suggests that a rural economic rebound is still several months away. Creigthon University (located in Omaha) performs a monthly survey of bank CEO’s in an 11-state region which primarily comprises the corn belt region and related states. The Rural Mainstreet Index (RMI) which […]
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Cropland values drop 3.9% in 2008
The USDA issued a report on Land Values and Cash Rents for January 1, 2008 to January, 1, 2009. This is a highly detailed report that summarizes the changes in land values and cash rents by region for calendar year 2008. Some of the highlights are as follows: Average cropland […]