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Farming to survive in 2018

Some farmers are looking at 2018 hoping to survive to farm another year.

Farm business management analyst Kent Thiesse says with continued tight margins on the horizon, all options need to be on the table.

“And sometimes that means bringing in a third party.  Whether it’s a lender, a farm business management person, or some other private analyst to really look at the operation.  Kind of like getting an analysis from the doctor if you’ve got health issues.  Get a third opinion in there.”

He tells Brownfield as the financial downturn in agriculture wears on, tough decisions will have to be made.

“Maybe you rented that farm in the neighborhood, but you’re paying rent that’s well above the going average rate.  You can maybe afford it one year to lose $75 or $100 dollars an acre on some rented ground, but you can’t afford to do it three or four years in a row.”

Thiesse says as farmers navigate this economic environment, other considerations should include selling non-essential assets, scaling back the operation, off-farm employment, and restructuring debt.