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Financial planning ahead of the 2023 crop year

A regional leader with Farm Credit Mid-America is encouraging growers to begin financial planning to help manage uncertainty for the 2023 crop year.  

Rudi Pitzer-Perry is the regional vice president of ag lending based in Ohio.  

“Some things we’re looking at, include managing your downside so we’re talking a lot about long term fixed rates,” she says. “Rates are continuing to rise. That is the projection, so we’re looking at locking in as much as we can and giving them products where if the rates come down in the future, we can convert that really quickly and easily.”

Speaking to Brownfield at Farm Science Review, she also discussed managing input costs.

“And some of the margin that they have in there with their crop insurance products that we’re able to help them with,” she says. “And also looking at cost structure and managing some of their working capital. We want to preserve that for any volatility, and where they can work on their cost structure to help them maximize their income.”

Farm Credit Mid-America serves 135,000 farmers, producers, agribusinesses, and rural residents in Indiana, Ohio, Kentucky, and Tennessee.