Managing costs is critical with today’s tough margins
Another year of large corn and soybean supplies will limit price improvement and keep margins tight. Managing crop costs and making effective in-season input management decisions is critical to overall profitability.
"A farmer will likely need to focus the big three fixed costs: land, machinery and family living as most of the variable input costs remain ‘sticky,’" said Steve Johnson, farm management specialist, Iowa State University Extension and Outreach.
To help make a profit in 2017, he suggests three steps:
•Determine your 2016 actual costs and cost of production
•Separate your fixed costs and variable costs.
•Develop a 2017 crop break-even...
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