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Three things to take from 2012

As 2012 comes to a close, Purdue University ag economist Chris Hurt says there are three take-a-ways from this year. 

“Weather is still pretty predominant to what happens to us in agriculture.  We had a lot of talk just a few years ago that genetics had largely displace any kind of biological or weather problems.  That is simply not the case,” he says.  “I think the second big take away is that crop insurance is the foundation of our Risk Management program for crop producers.  Most knew that – but now everyone knows that.  The third thing would be the drought.  It was so predominant this year that we need to recognize that we could be in a period, or era, of drought.

Which, he says, could lead to wide swings in the markets in 2013. 

Hurt adds farmers will need to be prepared to manage those wide ranges in the coming year.

AUDIO: Chris Hurt, Purdue Ag Economist (1:46mp3)