There is a lot of uncertainty in today?s farm sector.
United States farmers and ranchers tackle market disruptions, all while pushing through a tough farm economy. An agribusiness is stepping up and helping farmers bring power and profitability back to the farm.
AUDIO: Kevin McNew, Farmers Business Network (FBN)
Farmers Business Network is putting Farmers First in helping them make critical business decisions. Kevin McNew, chief economist with Farmers Business Network, says the company is working hard to ?bring power and profitability back to the farm.?
?As an economist, my job is to help farmers within our network improve their bottom line, whether it?s in seed choice, cropping practice or the complexities of the market,? McNew said. ?Right now, we have many unknowns and wild cards. Whether it?s local basis or trade wars, I?m trying to help synthesize and help farmers make a better decision.?
Farmers Business Network started gauging the potential impacts a trade war with China could have on the grain markets early. McNew encourages farmers to research ways to maintain ownership of recently harvested beans.
?We saw this coming in August and advised farmers to figure out what they have to do to physically maintain ownership of those beans. They?ll be able to capture better basis later in the season (and) have upside optionally, in terms of future prices,? McNew said. ?We think that?s going to pay off, not in huge returns, but better than what we saw a few weeks ago, in terms of flat price for the farmer.?
FBN also recommends getting a head start on pricing the 2019 crop.
?We are expecting a fairly big shift in the current trade environment, to see much more corn acres in 2019. Will we have a chance to sell four-dollar corn? We may not. Right now, the board is slightly above four-dollars, so we would encourage farmers to start moving the needle on new crop, ?19 corn,? McNew said.
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