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Managing financial stress in low economic times

A regional vice president at Farm Credit MidAmerica says farmers should be strategic when making management decisions in tighter farm economy.

Brock Burcham says net farm income has come down from the historic levels in 2019.

“With commodity prices down and some weather issues here in Ohio, we’re definitely looking and preparing for what could be a decline in that income is further from 2023,” he says.

He tells Brownfield farmers should keep accurate records of farm financials.

“Understanding that things are looking a little bit down for the coming year, it’s good to really assess where you are, particularly your input cost and and so forth,” he says. “Try to figure out a break even point, so when it comes time to sell grain, you know where a positive is for your operation.”

Brownfield interviewed Burcham at the 2024 Farm Science Review in London, Ohio.

AUDIO: Brock Burcham, Farm Credit