Profit margins have been tight for Kentucky’s grain producers, and they’re expected to stay tight in the coming year. Luckily, University of Kentucky agricultural economist Todd Davis has some tips and information for farmers who are struggling in this market:
- Manage your fertilizer: Use the university’s fertilizer recommendations in order to keep crops full of nutrients and reaching maximum yield potential, while not over-fertilizing and wasting expensive resources.
- Cut costs with your farm equipment: Evaluate your current set of farm equipment and make sure that you invest where it matters. It is important that your equipment is safe, efficient, and long-lasting, but be aware of the money you’re spending on tools versus how much value they’re really providing.
- Keep a close eye on your expenses: Stay up-to-date with the market, your per-bushel costs, and your rental rates with your property owners. With such a fragile market, it is important to be aware of these current numbers and trends so that you don’t miss out on a potential profitable situation.
For more tips on managing the grain market, read more here.More From: University of Kentucky
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