by: Barry Ward, Leader, Production Business Management
Department of Agricultural, Environmental and Development Economics
Cropland values in Ohio have increased again in 2013. Data from the Oho Ag Statistics Service shows an increase of 12% for bare cropland in Ohio for 2013. According to their data, bare cropland averages $5600/acre, up from $5000/acre the previous year.
The Ohio Cropland Values and Cash Rents Survey (AEDE) conducted in January 2013 shows that the increase in value of Western Ohio cropland in 2013 would be 6.8 to 15.4% depending on region and land class. The Chicago Federal Reserve Bank and Purdue University both conducted land value surveys in 2013. The Chicago Fed survey (October 1) of bankers found Indiana land values of “good” farmland increased by 18% year-over-year (the entire 7th Fed District increased 14%) while Purdue (June 30) found that the Indiana statewide annual increase in cropland values ran... Read More »
by: Carl Zulauf, Professor
Ohio State University, November 2013
Overview: Since 2006, crop insurance has been the dominant crop safety net program. However, the prosperity that has characterized this period may be coming to an end. Thus, crop insurance may perform differently in the future than during the past few years. Therefore, this post examines the performance of crop insurance since 1980 on an important metric: how well has insurance covered the cash plus land cost of producing corn and soybeans.
Data: Beginning with 1975, the U.S. Department of Agriculture (USDA), Economic Research Service has surveyed farmers about their cost of producing the major program field crops, including corn and soybeans (see http://www.ers.usda.gov/data-products/commodity-costs-and-returns.aspx). This study specifically examines cash cost plus the charge for land. Cash costs include, among others, seed, fertilizer, chemicals, custom ope... Read More »
Litigation that arose from a drainage improvement project completed in 2002 has finally ended with a decision by the Ohio Supreme Court. The court announced today that it will not accept the case for review, which allows the ruling by … Continue reading
Farmers and agribusiness need to keep tuned into market trends, production economics and farm policy issues affecting farm profitability. Farmers, agribusinesses and others in the agricultural industry have the opportunity to learn more about the current farm outlook at an Ohio State University Extension 2012 Farm Outlook Program. Thirteen programs are scheduled beginning December 12. Meetings are coordinated by local OSU Extension office and/or local agri-business to deliver Ohio State University’s foremost authorities. Contact the local host for registration and the speakers presenting.
December 12, 2013, Wayne County, Fisher Auditorium OARDC, 1680 Madison Ave. Wooster, 9:30 am – 3:00 pm, $10/person, Pre-register by December 5, call the Wayne County Extension office at 330-264-8722, or RSVP by email to: email@example.com
December 12, 2013, Erie, Huron, Sandusky and Seneca Counties, Bellevue VFW Hall, 6104 US Route20, ... Read More »
By: David Marrison, Associate Professor and Extension Educator
Over the past decade, Congress has repeatedly allowed faster depreciation of capital assets to stimulate business investment by providing a “bonus” depreciation allowance in the year the asset is purchased. The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 extended the depreciation bonus through 2012 to encourage new equipment purchasing. This was then extended through the end of 2013 by Congress in early 2013. This Accelerated First Year Depreciation or Bonus Depreciation allowance coupled with I.R.C. § 179 Expensing have allowed business to write off capital expenditures immediately minimizing taxable income or creating a loss from these schedules.
Accelerated First Year Depreciation for 2013 is limited to 50% of the purchase price. To qualify, the asset must have its original use begin with the taxpayer (only new equip... Read More »
By: Gigi Neal, OSU Extension-Clermont County, Agriculture and Natural Resources Educator
Ohio Annie’s Project team is making plans for upcoming programs. Programs consist of Risk Management Assessment through the original Annie’s Project curriculum and complimented by Farm Finance and Farm Transition through the Annie’s Project- Managing for Today and Tomorrows Success curriculum.
Annie’s Project is an educational program dedicated to strengthening women’s roles in the modern farm enterprise. Through six educational sessions, Annie’s Project fosters problem solving, record keeping, and decision making skills in farm women. Annie’s Project RMA workshops are open to all women in any facet of agricultural life, from the novice individual starting fresh in agriculture to the veteran production farmer. Women will gain valuable knowledge into the six sessions of the course including: human resources and time man... Read More »
By: Chris Bruynis, Assistant Professor & Extension Educator
Agriculture industry leaders have expressed their concern for the financial health of farmers over the next few years. Are we looking at another period similar to the early 1980’s? Most everyone agrees farmers are in better financial health and have better debt to assets ratios than in the eighties. However, that does not mean there won’t be financial stress and some farms will not survive the financial tightening that appears to be coming quickly.
Data from the University of Minnesota’s FINBIN Farm Financial Database was used to examine the trend in financial positions of over 300 crop farms between 1,500 and 10,000 acres (average 2,500 acres) in the Midwest states of Ohio, Wisconsin, Minnesota, Michigan, and Missouri from 2009 through 2012. The data shows a nice upward trend in gross farm income and good growth in net farm income from operations. Net farm in... Read More »
What is your biggest legal concern for your farm? That’s the question we posed to farmers who visited our Agricultural & Resource Law Program booth at OSU’s Farm Science Review this fall. The results of our informal survey are both … Continue reading
Peggy Hall, Asst. Professor, OSU Extension Agricultural & Resource Law Program We often explain the Ohio Recreational User’s Statute to farmland owners because the law provides liability protection when someone asks to hunt, fish, snowmobile or conduct other recreational activities … Continue reading
Do you have a concrete plan in place to transition the family farm to the next generation? OSU Extension will offer a Farm Transition, Estate and Retirement Seminar on Tuesday, December 10 in New Philadelphia. This event is for all generations involved with the family farm.
The purpose of the program is to offer tools and education to farm owners who are preparing to transition the farm to the next generation. Topics include trusts, gifting, protecting farm and personal assets, federal estate taxes, insurance options, retirement income and security, family communication and much more.
Speakers include Robert Moore, Attorney, Wright Law Company; Larry Gearhardt, OSU Extension Taxation Field Specialist; Chris Zoller, OSU Extension Educator Tuscarawas County; and Emily Adams, OSU Extension Educator Coshocton County.
Seminar check-in begins at 9:30 am with the program scheduled from 10:00 am until 3:00 pm. Cost of registration is ... Read More »
by: Chris Zoller, Extension Educator, ANR
A farm manager recently discussed with me concerns he was having with an employee and wanted suggestions for disciplining his employee. Following is an article written by Dr. Bernie Erven, Professor Emeritus and OSU Extension Specialist, that describes ways to effectively discipline employees.
Discipline is an unpleasant responsibility. Doing it poorly only compounds the unpleasantness. Doing it well, on the other hand, reduces employer frustration, increases employee morale, makes the firing of an employee rare, and reduces the threat of legal action by disgruntled former employees.
Effective discipline can be made a management strength. Building a reputation as a fair but tough disciplinarian is a goal with many long-run benefits.
1. Take effective preventive action to promote employ... Read More »
By: Amanda Douridas, Extension Educator
Women in agriculture who are interested in taking a more active role in farm operations may sign up for Annie's Project, a multi-part risk-management course offered by Ohio State University Extension. The workshop is being sponsored by OSU Extension offices in Champaign, Delaware and Union counties. The six-week workshop will be held at the Union County Extension Office beginning January 15, 2014 from 6:00 p.m. to 9:00 p.m. and running consecutive Wednesdays through February 19th.
Annie's Project is designed to strengthen women's role in modern farm enterprises. The project's namesake was a woman who grew up in a small rural community and spent her adult life learning how to be an involved, successful business partner with her husband. Annie's daughter, Ruth Hambleton, became an Extension educator in Illinois and developed the program in 2000 in honor of her mother's life experience. It is... Read More »
by: David Marrison, OSU Extension Educator
Farm accidents, cancer, disability, heart attacks, failing health, and death are all words farmers do not like to hear. Farming is the nation’s second most dangerous occupation in the United States. This combined with the aging farm population, could mean that your farm business might lose one of its key managers un-expectantly. Is your farm ready for the unexpected? Have you prepared the next generation to run your farm business after you are gone?
To help address the “ah-crap” moments caused by the unexpected, OSU Extension is pleased to be offering a webinar workshop, titled “Getting your Farm & Family Affairs in Order.” This webinar is open to farmers across the country and will be held three times. Farm Families are encouraged to choose the one which works the best for their family. These webinars will be held on:
Saturday, December 14, 2013 from 12:00 noon to 1... Read More »
Bruce Clevenger & Rory Lewandowski, OSU Extension Educators
OSU Extension has scheduled four Agricultural Lender Seminars across Ohio in October. The purpose of the program is to update agricultural lenders on current agricultural issues and topics and to provide them with a knowledge base that will help them to understand potential clientele agricultural financing needs. The agenda is based on evaluations from previous seminars, input from lenders and Agricultural Extension Educators on high priority topics. Program locations and dates follow. All programs run from 9:30 am until 3:00 pm. Lenders, lending support teams and bank board of directors are encouraged to attend these informative and satisfying seminars.
Frankfort, OH – Ross County, October 23rd
Ottawa, OH – Putnam County, October 25th
Urbana, OH – Champaign County, October 28th
Wooster, OH – Wayne County, October 30th
Keynote speakers at all four 2... Read More »
By: Douglas Southgate, Professor, Ohio State University Department of Agricultural, Environmental, and Development Economics and Associate Director of the Subsurface Energy Resource Center at Ohio State University
Hydraulic fracturing combined with horizontal drilling have unlocked untold volumes of oil and natural gas in deep shale formations – first in the United States, where the energy industry has taken the lead in this game-changing advance, and more recently in other parts of the world.
The impact on rural Ohio has been profound. In the eastern part of the state, hundreds of wells have been drilled into the Utica and Marcellus formations, with a thousand or more to follow. Pipelines have been or are being constructed within and beyond areas with active drilling, to carry the dry natural gas (or methane) used to heat homes and businesses and to generate electricity as well as the ethane and other natural gas liquids (NGL... Read More »
Information presented above and where trade names are used, they are supplied with the understanding that no discrimination is intended and no endorsement by Ohio State University Extension is implied.
Ohio State University Extension embraces human diversity and is committed to ensuring that all research and related educational programs are available to clientele on a nondiscriminatory basis without regard to race, color, religion, sex, age, national origin, sexual orientation, gender identity or expression, disability, or veteran status. This statement is in accordance with United States Civil Rights Laws and the USDA.
Keith L. Smith, Ph.D., Associate Vice President for Agricultural Administration and Director, Ohio State University Extension TDD No. 800-589-8292 ( Ohio only) or 614-292-1868