Economics
Marketing friend or foe?
I was asked if I would write an article explaining the basis relationship between soft white wheat (SWH) and CBOT wheat futures, so here we go! I felt that this relationship could be best explained if I compared/contrasted the hard red winter wheat (HRW) KCBOT basis relationship with the SWH…
Building a behavioral mindset for uncertain times
The inspiration for this article occurred on the convention floor of the recent Berkshire Hathaway annual meeting. This was a historical event as the CEO, Warren Buffett, announced his retirement. In his four hours of questions, answers, and profound thoughts, he mentioned managing a business in an unsettling type of…
Forward pricing: A neglected marketing tool
A question that I’ve used in the past as an ice breaker for discussion was, “Would you sell wheat if the market price was $10 a bushel?” Growers have actually had the opportunity to do this, and some of you may have accomplished this goal as prices went higher than…
Tips for surviving a difficult farm economy
The ag commodity market has never been for the faint of heart, and today’s farm economy is testing even the most seasoned farmers. Between rising input costs, low grain prices, and high interest rates, many producers are tightening belts and looking for every possible edge. Surviving — and even thriving…
Turbulent economics: It’s a time to buckle up
With over 10 million miles of air travel — equivalent to 18 trips to the moon and back — I still find turbulence unsettling. The same applies to managing an agricultural business amid today’s economic uncertainties, driven by geopolitics, conflicts, societal trends, and Mother Nature. Navigating this requires a focus…
Marketing at a glance
In mid-February, producers had the opportunity to hear marketing updates at both the macro and micro levels from two experts: Allison Thompson, owner of The Money Farm, and Randy Fortenbery, a professor and the Thomas B. Mick Endowed Chair in Grain Economics at Washington State University. The session was part…
5 ways to (finally) kick-start your financial plan
For many people, the idea of long-term financial planning may seem like that dentist visit or home repair project you keep putting off — you know you’ll have to do it eventually, but actually sitting down and organizing your budget, portfolio, estate, and retirement plans, all while juggling a career,…
Improving the odds
“When should I sell my wheat?” This question is something every wheat grower has to work through each crop year, but there is an implied condition that is not stated. “When should I sell my wheat and get a good price!” No one wants to sell their wheat at a…
Colfax business takes advantage of Whitman County’s bounty
Jaimie Appel was admiring the view of wheat fields from her home in Whitman County when the idea for a new business started to germinate. “I love being part of a farming family, but I wanted something of my own. My dad or my husband suggested making flour out of…
The many uses of LLCs in business operations
The author and his son, Corey, utilize hundreds of Limited Liability Companies, or LLCs, in their respective practices to help solve clients’ various needs. I break down such uses between: An LLC is often used as the business entity of choice vs. a corporation for its simplicity of forming. The…
