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Preparing for 2014
With the books finally closing on harvest around much of the Corn Belt, Terry Heinz, senior vice president at Normal, Illinois based 1st Farm Credit Services says it’s time for farmers to assess their overall financial position. “It’s sitting down and outlining what their balance sheet looks like and assessing their needs for capital next year,” he says. “They need to do an overall financial review and make sure that they’re financially ready to go into next year.”
And with the recent decline in commodity prices, Heinz says it’s vitally important to be prepared for 2014. “Farmers really need to pencil it out,” he says. “We’ve had fantastic years the last two or three years on the income side and we need to use a sharper pencil when looking at everything this year and make sure there aren’t any surprises.”
He says right now balance sheets look really strong right now and if farmers do a good job of planning – they should be okay.
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