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THE COST OF FARMING<br />
“There’s also a trucker<br />
shortage,” Welter said. “We<br />
feel it. I have some small<br />
seed suppliers from Oregon,<br />
and they had a two-week<br />
turnaround usually. At one<br />
point, it was taking five to six<br />
weeks.”<br />
And the war in Ukraine<br />
impacted their energy costs.<br />
“The majority of impact<br />
was fuel costs when they<br />
spiked,” Paulson said. “There<br />
was already a run-up in fuel<br />
costs. The hangover from<br />
COVID has been a bigger<br />
issue than war. But the war<br />
didn’t help.”<br />
They also expect to see a<br />
bigger demand for seed wheat<br />
as farmers in the United States<br />
look to fill demand left by<br />
the uncertainty in Ukraine’s<br />
ability to grow and ship its<br />
product. n<br />
Pictured, left to right: Julie Hansen,<br />
Phyllis Hofer, Justin Stolk,<br />
Mike Hofer and Michael Schaeffer<br />
‘Make sure you’ve<br />
got your pencil sharp’<br />
Knowing operation well helps farmers plan strategy<br />
for marketing, inputs and more as margins tighten<br />
BY NANCY MAYFIELD<br />
EASTERN IOWA FARMER<br />
Among those who work in the numbers<br />
side of the local farming industry,<br />
the consensus is that 2021<br />
was a strong year for agriculture.<br />
Prices for corn and soybeans were up, and<br />
input costs were low. The scenario shifted<br />
this year, with input costs rising – some at<br />
remarkable rates and levels – as expected<br />
trends unfolded and other extraordinary incidents<br />
developed.<br />
With some good strategic planning, farming<br />
should be profitable in 2023, but margins<br />
will tighten, experts said.<br />
“From a profitability standpoint, it all<br />
comes down to producers knowing their<br />
numbers and being able to make decisions,”<br />
said Joel Lasack, first vice president of agriculture<br />
loans with Maquoketa State Bank.<br />
“That’s the same thing I’ve been telling<br />
everybody for the 12 years I’ve been in lending.<br />
Make sure you’ve got your pencil sharp.<br />
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eifarmer.com FALL 2022 | EASTERN IOWA FARMER 63
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