Farmers remain cautious about finances
A financial consultant says more farmers are financially healthy this year, but cautious about the future.
Mark Schmitz with the Wisconsin Department of Agriculture, trade, and consumer Protection says they are seeing more farms in good financial shape this year but, “How long that lasts, we don’t know. Commodity prices have been softening and so you know there’s some concern out there about finances going into next year.”
Schmitz says with the high input prices this year combined with unknown fertilizer prices for next year, farmers should be updating their financial records now. “It’s definitely time to make your plans in advance. Plan around the worst-case scenario. Make sure you have your finances in order before it comes time to visit your bank and make sure your balance sheet is updated and your income and loss statements are up-to-date.”
Schmitz says so far this year, the Wisconsin Farm Center is getting fewer high-stress calls and more questions about transitioning to the next generation. From Wisconsin Farm Technology Days