Farmers and all of the agricultural industry are certainly sailing in uncharted territory. Beyond the recession we now find ourselves, some of the many factors causing this include:
- Turbulence in agricultural markets—both product and input markets.
- Turmoil in financial markets.
- Large fluctuations in oil markets.
- Uncertainties around the world.
- Farm Decision Making in the Current Economic Climate - Slides (pdf)
Extension Specialist and Professor Kent Olson describes how farmers can prepare their farm for the decisions they need to make in the current econmic climate of uncertain prices, uncertain credit, and uncertain future times.
- Farm Earnings Improve but Risk Worsens by Bill Craig (pdf)
Description: Extension Educator Bill Craig describes current projections of farm income for 2008 and then looks ahead to 2009. He present 8 tips on how to manage today’s risk.
- Farm Rental Agreements by Kent Olson (pdf)
Description: Extension Specialist and Professor Kent Olson describes the basic forms of rental agreements: the basic share and cash agreements as well as different forms of flexible cash rental agreements.
Links to information from other sources
Agricultural economists at the University of Illinois recently prepared five articles to illustrate the impact of the current financial crisis on the agricultural economy and decision-making. We provide links to these papers because they provide good information for farmers here in Minnesota as well as Illinois.