By Mason Grahame
Successful farming is as much about having the proper knowledge as having capable equipment. There is no substitute for proper business planning and a financial understanding of your agricultural atmosphere. The University of Maryland Extension has updated several useful tools, to help Maryland farmers better manage their finances and plan for the future. Collectively, the use of these tools can help owners be more efficient managers and leaders.
The University of Maryland Extension has provided field crop budgets as well as organic crop budgets. These budgets help farmers plan for upcoming crops, address crop feasibility, and predict profit from a certain crop. The Maryland corn basis tables reflect important information about supply and demand for corn in the state. This data and accompanying interpretation can be used to better understand costs and benefits of storing a crop, as well as the optimal time to sell.
Custom rate information is useful when determining negotiations between farmers and contractors, budgeting an equipment purchase, and financial planning. Custom rates for 2017 are based off a recent survey of custom applicators and includes data from the cost of livestock hauling to corn planting. Leasing information includes not only the average rates per acre in Maryland but also the types of leases available. It is necessary for the modern farmer to know not only the dollar amount on a lease, but the rights associated with that document, and how these rights will affect their financial plan.
For more information please contact Shannon Dill sdill@umd.edu.