Negotiating the terms of seed and chemical purchases, keeping detailed farm records and considering the long-term picture are among recommendations made by Kansas State University agricultural economists in response to the historic farm-economy downturn currently occurring across the U.S.
Setting goals and working to achieve them is more important than ever, said Allen Featherstone, head of K-State’s Department of Agricultural Economics, citing a dramatic drop in net farm income in 2015.
“Farm costs are 90 percent of revenue. Can we cut them to 80 percent?” Featherstone asked participants at a recent conference, “Top 10 Considerations to Navigate a Struggling Farm Economy.” K-State is hosting several of the programs in locations across the state to help farmers think critically about how their farms might withstand the tough times.
Conference presentations will address some of the most critical aspects of farming operations – especially important in this time of low commodity and livestock prices. Kansas Farm Management Association data showed average net farm income, on an accrual basis in 2015, at $4,568 – down more than 95 percent from $128,731 in 2014.
Upcoming program dates, locations and telephone numbers to call for registration include:
• Feb. 6 – Hays – K-State Agricultural Research Center, 1232 240th Ave. – 785-628-9430
• Feb. 7 – Dodge City – Knights of Columbus Hall, 800 Frontview – 620-227-4542
• Feb. 8 – Colby – City Limits Convention Center, 2227 S. Range – 785-460-4582
• Feb. 15 – El Dorado – Butler County Community (4-H) Building – 316-321-9660
Each program starts with sign-in at 8:30 a.m. followed by presentations beginning at 9 a.m. Lunch is included. Registration is requested at least eight days prior to the specific program you plan to attend.
Details about the program are available online at www.agmanager.info/events/top-10-considerations-navigate-struggling-farm-economy