News

Increasing risk management for beginning farmers

A crop insurance specialist says in the current ag economy all farmers need some sort of risk management – but it’s even more important for those just starting out.

Cody Gault, vice-president of crop insurance for Farm Credit Mid-America says input costs continue to rise and that puts an even bigger squeeze on margins.  “We have to be knowledgeable and have that risk management tool in place as you start out and not pick it up later,” he says.  “Because any little hiccup throughout a crop cycle can be devastating as you’re trying to get started.”

He tells Brownfield it’s important for beginning farmers and ranchers to surround themselves with industry professionals that can help put together a sound business plan.  “As questions,” he says.  “And understand your financial situation.  Know what kind of risk management tool you need to make sound decisions for your operation.”

The crop insurance deadline – is March 15^th.

AUDIO: Cody Gault, Farm Credit Mid-America