Farm Business - General
Production of hay and forage machinery will come to a halt in Ottumwa for a month, plus new planting equipment and a big grain cart will hit the fields soon.
“The agricultural economy is inherently cyclical, and ag lenders are navigating the changing conditions across the sectors they serve,” said Jackson Takach, chief economist of Farmer Mac.
Attributing his strong work ethic and leadership skills to his farming background, Jeff Rowe, who took the reins as CEO of Syngenta Group earlier this year, values the deep connection it fosters with customers and employees.
The shift to climate-smart farming emphasizes low-carbon crop yields for biofuels, with 45Z tax credits starting Jan. 1, 2025. Farmers should consider profitable changes while documenting their existing sustainable practices.
As harvest ends, focus on next year’s crop planning by understanding break-even costs and budgeting inputs. This will boost profitability and enhance your negotiating power.
Limestone is a cost-effective input, often yielding the highest ROI when correcting soil pH. Soil tests reveal that low pH is a prevalent issue, affecting around 40% of Illinois farmed acres.
Emily Oberbroeckling, farmland appraiser at Peoples Company, joins the Top Producer podcast to explain three methods for listing farmland.
Farm CPA Paul Neiffer details a few examples of how tax-deferred exchanges of farm real estate are taxed.
“No matter what your opinion is about climate smart farming or the government initiatives and industry incentives out there, they are potentially an avenue to square up some revenue income,” says Ken Ferrie.
Now is the time to evaluate your land goals, decide what physical assets will bring value to your business and invest in what you personally value to live a purpose-driven life.