Farm Journal Economist Bob Utterback kept the crowd on their toes Thursday, Feb. 10 at National Farm Machinery Show during the Marketing Outlook Seminar. He foresees a change in attitude and mindset on the horizon for farmers to combat cyclical markets and ag economy.
“We currently treat marketing like a chore that we are required to hassle with,” Utterback says.
Moving into 2016, Utterback says bigger is not always better—especially when costs are above return. He recommends making existing units more efficient rather than getting bigger to spread costs over the entire fleet—noting this only works when revenue is greater than the cost.
Watch the video below to hear the top three ways Utterback recommends spending discretionary funds in the current ag economy.