Nebraska FARMcast - Farm and Ranch Management Center for Agricultural Profitability

Strategic planning can usually be beneficial to any business, and farm and ranch operations are no exception. Coming up with clear missions, visions, and goals for the business can provide a roadmap to achieve a farm’s objectives and get everyone on the same page. But are farmers and ranchers taking the time for strategic planning? 

Jay Parsons, professor and farm and ranch management specialist in the University of Nebraska-Lincoln’s Department of Agricultural Economics, looks at this topic in a new article posted on our Center for Ag Profitability’s website, cap.unl.edu. He discusses the importance of strategic planning and some barriers to the process that farmers and ranchers should seek to overcome for a healthier business.

Read more: https://cap.unl.edu/management/what-value-strategic-planning-farmers-and-ranchers.

Three significant ag law bills are being heard in the Nebraska Unicameral in 2023, dealing with agricultural leases, livestock nuisance lawsuits, and mesonet weather stations. Dave Aiken, professor and ag law specialist in the Department of Agricultural Economics at the University of Nebraska-Lincoln, walks through each of these and their potential implication for agriculture in Nebraska. 

Read more at https://cap.unl.edu/policy-legal/2023-nebraska-ag-law-legislative-update.

Producers have until March 15 to enroll in crop insurance coverage for 2023. Two elections that have recently been getting new attention are the Supplemental Coverage Option – or S-C-O — and the Enhanced Coverage Options — or E-C-O.

Cory Walters, an associate professor in Agricultural Economics at the University of Nebraska-Lincoln, encourages caution and careful consideration before purchasing either S-C-O or E-C-O coverage.

Read more at: https://cap.unl.edu/crops/caution-needed-when-purchasing-supplemental-coverage-option-and-enhanced-coverage-option.

The cattle industry right now is seeing decreases in the number of beef cows, as well as in the number of heifers held back for retention heifers expected to calve this year. Weather in the Northern Plains region continues to impact the availability of hay following an already shortened grazing season, and many input costs for cattle producers are likely to be high again this year. With feeder cattle supplies reduced nationally, the bred cow market may be appealing for producers looking to rebuild herds. For more on what considerations should be made before making this decision, Elliott Dennis, Assistant Professor and Livestock Economist with UNL’s Center for Ag Profitability joins us.

Read more at https://cap.unl.edu/livestock/risk-management-workshops-cattle-producers-set-march

For older farmers and ranchers, the decision to retire and pass the operation along to the next generation can be a difficult one. Oftentimes, the older generation can find it difficult to give up the power and control they have accumulated over their careers, and may not know what else to do. However, as Nebraska Extension Educator Allan Vyhnalek points out in his work on transition and succession issues, it’s important for the older generations to train and incorporate the younger generations into the operation. And doing so with planning and care, especially in management and decision-making roles.

Read more at https://cap.unl.edu/succession/recognizing-power-and-control-estate-planning.

The U.S. economy in the upper Midwest and great plains is driven heavily by agriculture, with the seven-state region made up of Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota and South Dakota, being responsible for producing over 30 percent of the nation’s agricultural output. Nebraska continues to be a leader in the sector, with significant impact and high output, while occupying a substantial amount of cropland and pastureland in the region.

A new analysis on our website, cap.unl.edu, breaks down Nebraska’s position as an economic force in agriculture in both the region and the country. Tatum Brunkow is a Graduate Research Assistant in the University of Nebraska-Lincoln’s Department of Agricultural Economics. Hi, Tatum. And Brad Lubben is an associate professor and extension ag policy specialist with UNL.

Read more at https://cap.unl.edu/policy-legal/nebraska-agriculture-leader-region-and-country.