U of M Extension event is from 9 a.m. to noon at the American Legion.
• Session is 9 a.m. to noon at the Legion
What is the number one concern of crop producers? The answer is farmland. On Friday, Dec. 14, there will be a Farm Management and Marketing Update session at the Crookston American Legion from 9 a.m. to noon. Developed by University of Minnesota Extension educators Bret Oelke and Bill Craig, the session will be held to address agricultural challenges and to offer strategies for use in planning for the 2013 crops.
Some questions heard around the region are: Farmland rental rates are increasing, will I be able to hold onto the land I’ve always rented? How can my neighbor pay that much to rent that farm? How much can I afford to pay to keep my base intact? What can I do to reduce my financial risk as my production costs rise? How can I defend my land base? Other concerns for 2013 are: how much will it cost to produce my next crop? Also, how much grain should I be pre-harvest selling, and when should I sell my old crop?
Section 179 and Bonus Depreciation have been good tools for reducing taxes while adding equipment to the farm business. But what is the true cost of that line of equipment on your farm? Am I making the best financial choice when I add equipment and several years of debt payments just to defer paying taxes this year? How many acres should I farm to maximize my equipment investment? The update session will consist of:
• A review of 2012 crop production and cost projections for 2013
• Crop profitability – Which crops look profitable in 2013
• Marketing strategies for the 2012 and 2013 crops
• Calculating Machinery Costs—the real cost of owning machinery.
• Defending Your Land Base—how much can you afford to lose?
To register for the workshop or to obtain more information, contact Anna at the Extension Regional Center in Crookston at 281-8027 or email@example.com or Bill Craig at 218 201-1686 or firstname.lastname@example.org.