By: Barry Ward, Leader, Production Business Management, Department of Agricultural, Environmental and Development Economics
Cropland values in Ohio have increased again in 2014. Data from the Oho National Ag Statistics Service (NASS) shows an increase of 8.9% for bare cropland in Ohio for 2014. According to NASS data, bare cropland averages $5650/acre, up from $5190/acre the previous year.
The Western Ohio Cropland Values and Cash Rents Survey (AEDE) conducted in January 2014 found that the value of average western Ohio cropland in 2014 would be $7142 per acre. Other data from this survey can be found at: http://ohioline.osu.edu/ae-fact/pdf/Western_Ohio_Cropland_Values_AEDE-15-14.pdf
The Chicago Federal Reserve Bank and Purdue University both conducted land value surveys in 2014. The Chicago Fed survey (October 1) of bankers found Indiana land values of “good” farmland increased by 3% year-over-year (the entire 7th Fed Dist... Read More »
COLUMBUS, OH, Dec. 9, 2014 – The U.S. Department of Agriculture’s Natural Resources Conservation Service (NRCS) is accepting new applications for the Environmental Quality Incentives Program (EQIP) from Ohio farmers and non-industrial private forest land owners who want to improve the natural resources on their land. Applications received by Friday, January 16, 2015, will be considered for funding this fiscal year.
A conservation plan created by the NRCS local conservationist and the EQIP applicant provides a foundation for the EQIP application. The conservation plan includes the natural resource concerns on the land under consideration, the conservation practices that will improve or enhance natural resources on that land, the schedule for carrying out the conservation practices in the plan, and the cost of the conservation practices.
For example, soil erosion caused by water leaving a bare field may negatively impact bot... Read More »
By David Marrison. OSU Extension Educator
The United States Senate passed the Tax Extenders Bill (HR 5771: Tax Increase Prevention Act of 2014) by a vote of 76-16 on Tuesday, December 16 and now is on its way to President Obama for his signature. This bill was passed by the House of Representatives by a vote of 378-46 on December 3, 2014. This bill “extended” a number of key tax relief provisions that expired either at the end of calendar year 2013 or during 2014. In total the bill includes 72 individual, business and energy tax extenders. It should be noted the extenders are only good for 2014. Congress will have to go back to the drawing board in 2015 to see if they wish to extend any of the tax extender provisions for 2015 and beyond.
The two major portions of this legislation which farmers, and other business owners, were waiting anxiously for include the extension of bonus depreciation and Section 179 Expensing. T... Read More »
By: Dianne Shoemaker, OSU Extension Field Specialist, Dairy Production Economics and Barry Ward, OSU Extension, Leader, Production Business Management, Department of Agricultural, Environmental, and Development Economics
Was 2014 a profitable year for your farm? Which enterprises were profitable? Which were not? How does your farm compare to similar farms in efficiency? In profitability? What does the competition look like? Recent volatile feed, grain, milk, land and rental markets have created uncertain profit margins and financial security concerns.
Completing a farm financial analysis is an effective way for farms to know their costs of production, profitability, and financial ratios. Farms can track year-to-year changes, identify problems early, and benchmark against peer farms as well as control information critical to effective participation in risk management programs.
The Ohio Farm Business Analysis and Benc... Read More »
By: Barry Ward, OSU Extension, Leader, Production Business Management, Department of Agricultural, Environmental, and Development Economics
Preliminary Enterprise Budgets for 2015 Ohio field crops have been completed and posted to the Farm Management Website of the Department of Agricultural, Environmental and Development Economics.
Yield projections are based on the Ohio trend line yield using USDA National Ag Statistic Service (NASS) yield estimates for the period 1970 through 2014. This yield projection is used as the average (middle column) yield in budget projections (Ohio corn yields are projected to be 163.1 bu/acre using this data). Low and high yield scenarios are located in columns to the left and right of the average column and are set at 20% lower and 20% higher than the calculated Ohio average trend yield.
Updated Enterprise Budgets can be viewed and downloaded from the following website: http://aede.osu.edu/resear... Read More »
Grain marketing will be increasingly more important to future success of the farm business in the next few years due to tighter profit margins associated with lower grain prices. Ohio State University Extension and the OSU Department of Agricultural, Environmental and Developmental Economics are offering a grain marketing series titled Grain Marketing in Challenging Times. This series, offered through a weekly webinar for five weeks, will allow farmers to learn how to set critical grain pricing targets and strategies from the comfort of their home. The series of classes will focus on using futures and options; making a marketing plan to fit your farm business; utilizing crop insurance as a grain marketing tool; and financial statement analysis in relationship to your grain marketing plan.
The series will kick off on Tuesday, February 3 starting at 11:30 am and running through 1:30 pm and will cost $69.00. The class will meet virtuall... Read More »
by Peggy Hall
OSU’s Agricultural & Resource Law Program is pleased to announce its inaugural webinar, Big Data and UAVs: Legal Issues for Agriculture, scheduled for Friday, December 12 at 1 pm. This is the first webinar in the program’s new “Ohio Food, Agriculture and Environmental Law Webinar Series,” offering monthly legal webinars on issues of importance to Ohio agriculture.
The webinar will feature John Dillard, an Associate Attorney with the law firm of Olsson Frank Weeda Terman Matz, PC in Washington, DC and a leading expert on legal issues with technology and agriculture. With a background in agriculture and experience advising clients in the food and agricultural industries, Dillard will present a practical analysis of the legal issues raised by agriculture’s increasing use of large data sources and UAVs. Dillard authors a blog, Ag in the Courtroom, on AgWeb.com and Legal Ease, a column in Farm Jo... Read More »
Carl Zulauf, Ohio State University, and Gary Schnitkey, Jonathan Coppess, and Nick Paulson, University of Illinois at Urbana-Champaign
Price is the focus of almost all discussions about the one time irrevocable opportunity to choose among Agriculture Risk Coverage - county (ARC-CO), Agriculture Risk Coverage - individual (ARC-IC), and Price Loss Coverage (PLC). This article instead focuses on the forgotten variable ▬ yield. Yield can play an important role in the decision.
Yield Types Impacting Crop Program Choice
► Program Yield ▬ fixed yield on file with the Farm Service Agency (FSA) used to calculate PLC payments
■ It is either (1) the updated program yield [90% of 2009-2012 FSA farm average yield], (2) current program yield [default yield], or (3) FSA update replacement yield [75% of 2008-2012 average county yield].
► Yield component of A... Read More »
By: Brad Bergefurd, Extension Educator
There are nearly 8,000 farmers markets in the U.S., an increase of more than 150 percent since 2000. Direct-to-consumer agriculture sales produce $1.2 billion in annual revenues. To be successful in your agricultural business an important thing is to have a good marketing plan. The Ohio State University South Centers leads Ohio’s Direct Agricultural Marketing program and has many resources available to assist producers with resources and educational opportunities to assist with their direct agricultural marketing plans.
Launched in 2008, one very important resource is Ohio MarketMaker which currently hosts one of the most extensive collections of searchable food industry-related data in the country. The web based program contains demographic, food consumption, and business data that users can search to find products to buy, or find a place to ... Read More »
by David Marrison
Farm buildings and livestock facilities often outlast their owner’s need for them, but can still provide usable service. Other farmers in the community may wish to use these buildings instead of investing in new facilities. Both parties can benefit from a leasing arrangement. However, they must agree on the amount of the rental payment and the use and care of the property. However, information about common rental rates for farm buildings is not easily obtainable. To help provide information for farmers, a survey was recently conducted by the North Central Farm Management Extension Committee. The survey was conducted across the Midwest and was completed by farm operators, farm owners, professional farm managers and rural appraisers.
The survey assumed that building tenants would provide labor and management and pay the cost of utilities and minor upkeep. Owners would generally be responsible for major repa... 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