Ask an ag producer what three things they consider key to the overall success of their farming operation, and the prevalent response will be hard work, honesty and family relationships. There isn’t a day that goes by that your farming operation doesn’t rely heavily on each of these key components…
It is hard to remember the last time we had a “normal” year in farming. In fact, you talk with most folks out there, and no one can remember what a normal year even looks like anymore. This year proved that point with 10-year record high wheat prices, scarcity in…
The economic journey that lies ahead is going to be a three-dimensional pathway full of challenges, but also opportunities for the proactive manager. Along this journey, disrupters can occur to bottom-line profits in the form of the three-headed, fire-breathing dragon. If not properly managed, it can lead to burning through…
This is my last Bottom Line column of the year, and I have enjoyed writing them. I hope you have not been too bored reading them! This final article is an unusual topic but one that is often overlooked by most farmers. When most farmers think about liability and insurance,…
By definition, a written agreement is a document that alters the terms of a policy as authorized under the Common Crop Insurance Policy, Basic Provisions, Crop Provisions or Special Provisions of the multiperil crop insurance policy reinsured by the Federal Crop Insurance Provisions. A written agreement is seldom required in…
Rising inflation, interest rate increases, a conflict in Europe, supply chain disruptions, and shifting consumer preferences are creating an environment of unexpected consequences. Managing a farm or ranch business in an economic environment with extreme volatility can be challenging, but also opportunistic. At a recent agricultural conference, Dr. Steve Isaacs,…
For many farmers in Washington state, paying their employees overtime pay has not been required in the past. No matter how long the day, employees earned their hourly pay rate. It was simple, convenient and predictable for the farmer and the employee. However, a November 2020 Washington Supreme Court case…
In the February issue of Wheat Life, I discussed what kind of entity farm ground should be held in. I have had several people follow up, asking how to transition their farm ground without setting up an entity like an LLC. While I believe an LLC has several advantages, it…
Congress initially authorized federal crop insurance back in the 1930s to help agriculture recover from the Great Depression and the Dust Bowl. The Federal Crop Insurance Corporation (FCIC) was created in 1938 to administer the program, which was initially limited to major crops in main production areas of the U.S….
The financial bottom line will be a key element in any farm and ranch game plan in 2022 and beyond. While the past two years have been both financially and mentally challenging, managing through uncertainty has had a silver lining. Prices for many commodities increased dramatically prior to inflating costs,…
