The farm economy isn’t the strongest with low commodity prices and record crops. In the Purdue/CME Group October Ag Economy Barometer, it reached its second lowest reading to date.
As a result, farmers are looking to cut costs any way they can. During AgriTalk Wednesday, Dave Nichols, a farmer from Bridgewater, Ia. said his farm decided to take bids.
He wanted to be clear his suppliers weren’t overcharging, he wanted to “send a signal” to suppliers that they’re partners and in it together.
Derek Haigwood, a farmer from Newport, Ark. said the first thing he worked on was trying to find where to trim spending. He said he markets crops as best as he can and uses grain bins “trying to hit home runs” to ship to the Mississippi River.
Listen to Nichols and Haigwood discuss different management practices on AgriTalk above.