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penciling profit in a lean year<br />
Penciling<br />
profit<br />
in a lean year<br />
Managing input costs and minimizing risk are<br />
crucial to maximizing profit when prices<br />
have been stagnant for a few years in a row.<br />
In these slim times farmers are being more<br />
cautious about not only what they plant and spread on their<br />
fields; they’re also making more conservative choices in<br />
terms of machinery, building plans and land management.<br />
Protecting the cash flow needed to run an operation that<br />
has specific fixed costs is forcing farmers to make other choices, too. For example,<br />
should they lock in early on grain and livestock prices? Should they adjust their<br />
marketing philosophy? Should they sell their grain, or hold on to it for their own<br />
livestock?<br />
Farm management professionals say there is a fine line between trying to<br />
manage costs while still maximizing yield. The down market is especially hard<br />
on people who were just getting by when prices were solid.<br />
Lean times call for even more attention to detail. Here are some ways farmers<br />
in eastern <strong>Iowa</strong> are working at penciling a profit.
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