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2024 Contingency Planning For Your Farm

Mother holding her daughter outdoors

It's always important to take a moment to reflect.

While the majority of our area enjoyed good crop yields last year, considering some of the headwinds that agriculture may continue to face in the near future is important, too.

In recent years, we have grown accustomed to higher input costs, but had the benefit of sufficient grain prices to cover them. The trends, high yields, and global market factors suggest that agriculture may experience a downturn in grain prices in 2024 and beyond.

As we look ahead to the new year, we'd like to share an article from farmdoc daily, Contingency Planning with Cash Flow Shortages. It reinforces the need for an annual cash flow projection, as well as a contingency plan should things change – and they usually do! The article includes examples of effects of price declines on cash flow, too.

Should you have questions, please call, email, stop by, or schedule a meeting with a Relationship Banking Officer today.