Since 2003, all the way to today's post COVID markets, I've watched farmers keep pressing on through corn and cattle prices that at times were hard to comprehend. While I'm not farming full time myself, it seems like I've rode with a lot of farmers on the highs and lows while helping prepare cash flow projections, looking at changes in net worth from year to year, and helping restructure operations.
They say that home is where your heart is; however, I think home should be where the best food is. When I was little, I never really considered the importance of my food or where it came from until I joined the FFA. In this agriculture education based organization, I found a passion for advocating for the industry that is essential to the sustainability of our ever-growing world: agriculture.
Most of the nation's school age children are going to finish out the school year at home -learning from mom and dad, where they are hopefully safe from the global pandemic that is COVID-19. What a difference a few weeks makes. In February, we were optimistic about what new trade agreements would mean to the farm economy and were hopeful for increased prices for the 2020 crop year. A few short weeks ago, we were hearing and reading about a new flu that was affecting residents of Wuhan, China. It seemed very far away and it only deserved a moment of our precious time, because we were so very busy.
If someone told you that you needed to increase revenue this year by 35%, you would probably think they just fell off the turnip truck. However, if they asked you if you could increase your price by 5%, you would probably think that's achievable. This same 35% increase over a three-year span would produce more than a 100% increase in net returns.
Check out these 7 facts about milk and dairy cattle.