Moe Russell of Russell Consulting explains what every young farmer should know about managing farm costs below. He will deliver a general session presentation titled "Best Financial Practices for Young Top Producers" at the 2016 Tomorrow's Top Producer conference June 16-17 in Nashville. Read more expert guidance for young farmers in our new e-book.
“As one of the four major drivers of change, the aging farmer demographic offers numerous opportunities for young farmers.
The challenge lies in the two generations working in an orderly manner to pass on knowledge, experience, management skills and assets. Only then can we maximize the older generation’s proven talent to build stronger farm operations.
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"In my experience, change only happens when our back is against the wall and we’re either going to change or fail. How many of us have made meaningful changes to our business during good times? Although crop production margins are disappointing right now, there are key leverage points that can sharpen our focus, reduce stress and make farming easier and more enjoyable.
"The first is marketing, specifically selling your crops in the top third of the market. For example, if you can capture another 50¢ per bushel in corn that could result in about $100 per acre profit.
"Then comes machinery and labor costs per acre and agronomic management. It’s impossible to run an “A” game in all aspects of financial management. In my observations, though, farmers who focus on these four areas add at least $100 per acre to their bottom line.”
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