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The Farm Economy and Managing Uncertainty

Agriculture is full of uncertainties. Most decisions are impacted by future outcomes producers have no control over. No one can predict the future, but there are tools to help navigate uncertainties. During GrowingOn® 2020, Brent focuses on the key uncertainties facing crop production in 2020 and strategies for managing uncertainties.

  • Develop and implement a marketing plan.  Cut through the noise around short-term market fluctuations and focus on if the price will make you money.  Know and recognize your biases.
  • Manage working capital and monitor your trends over time. Strive for balance between deploying capital and building working capital. 
  • Be strategic and develop a capital expenditure plan.  Start simple then map-out multiple years.  Don’t forget to include expected costs in your budget
  • Get a little bit better every year.  Focus on the next generation to help them get better as well.
  • Think critically about uncertainties.  Consider the probability of uncertainties instead of thinking in terms of ‘yes’ or ‘no’.

Brent Gloy presented in North Platte, NE on January 14, 2020.

 

brent gloyDr. Brent Gloy is an agricultural economist specializing in agricultural finance and business management. Previously, Dr. Gloy held tenured faculty positions at Cornell and Purdue University, and co-founded Agricultural Economic Insights, LLC in 2014. 


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