If there was one thing that U.S. producers could count on in this period of uncertainty in agriculture, it was their skill as growers. But just planting a crop has proven challenging in 2019. Now more than ever, it is important to focus on what you can control.
For those adversely impacted by weather, that means making the right financial decision for your operation during this late planting period. For all producers, it means keeping marketing top of mind to maximize profitability.
Delayed Planting Decisions
The usual applications of fertilizer, chemicals and seed have been disrupted for many producers by wet conditions that stretch back to last fall. The current inputs they carry might be limited to equipment, cash rent, real estate payments and taxes. Producers in this situation need to assess how taking prevent plant payments vs. planting a different crop than originally planned affects their ability to meet their financial obligations.
This can be an emotional decision for men and women whose livelihood depends on growing and selling a commodity. The key is to talk to your crop insurance agent about your unique financial obligations and how your planting decisions impact that.
While still lagging, planting has picked up the past couple of weeks and producers have crop in the ground. Take advantage of upswings in the market and use your Revenue Protection coverage to market with confidence. The more you make marketing part of your daily decision-making the more control you will have over your operation and its finance well-being.