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DEWEY — Dewey Bank held an ag breakfast last week to provide help to area farmers and manage the risk they face every business day.
David Prahl from Premier Cooperative, Inc.; Mitchell Fruhling from East Central Farm Business Farm Management; Nick Paulson, professor in the University of Illinois Agriculture and Consumer Economic Department; and Brian Blasting from Advance Trading Inc. explained how to manage the risk of farming.
Farmers learned how storage needs have changed. Today’s combines harvest more in one day than the average elevator could process a few years ago. Elevators and farmers must plan for larger harvests and the ability for the storage process to handle the speed of harvest.
A large part of the planning is preparing a sound financial plan involving record keeping, cash flow analysis and tax planning. The farmer today must deal with the crop insurance, and the decision of when to take the income in the current year or carry it over to the new year.
The farmer today is concerned with the process of succession planning from one generation to the next. The farmers were told to sell individual equipment; not, farm machinery when selling to a one of their children and to lease the equipment to them until they pay their debt off.
Farmers also learned the pros and con of cash rents.
Additionally, farmers were reminded that in December, January and February, corn and soybeans are being grown in South America, and that is the time to watch for weather reports and yield forecasts that will have an impact on price in our market.
They were also reminded of what is happening in Europe, China as other factors that could affect grain prices and not to mention world catastrophes such as another tsunami or terrorist attack.
Art Murray, chairman of the Dewey Bank board, told 50 area farmers that when they do well the bank does well.
He said the bank believes it would benefit local farmers to gain insight to risk they face every business day, and the bank believes by putting experts in the field and farmers together can benefit everyone.
The Dewey Bank presented a donation to Fisher High School FFA attendees Cole Stalter, Nick Harmon, Nick Cotter, Wade Williams, Courtney Delaney and teacher Ariel Bunting.