In this episode of the Progressive Dairy Podcast, Brad Guse from BMO joins host Kimmi Devaney to discuss the metrics dairy producers should be watching right now, why risk management and contingency plans are vital, how to build a good relationship with your ag lender, and the recent BMO report about eight key economic and market trends that are significantly impacting U.S. farmers right now.

Here’s an overview of the episode:

• [~2:35] BMO report: What is happening right now with trade, the impact is it having on agriculture and how dairy producers can best manage through these uncertainties 
• [~4:05] BMO report: Slower economic growth
• [~5:00] BMO report: Abundant crop supplies, livestock leaner
• [~6:40] Impact of beef-on-dairy
• [~8:45] BMO report: The value of the U.S. dollar 
• [~9:35] BMO report: Some costs decreasing
• [~11:00] BMO report: Interest rates
• [~12:25] BMO report: Labor 
• [~13:15] BMO report: Productivity growth
• [~14:50] The impact of higher butterfat and protein on processing 
• [~17:30] The most important metrics for dairy producers to watch right now as they look at their operation’s financials
• [~23:30] The most important parts of a risk management plan 
• [~25:10] What keeps ag lenders up at night?
• [~29:30] Tips for building a good relationship with your ag lender
• [~32:20] Examples of contingency plans and how to develop them 
• [~38:20] Current topics dairy producers are talking about
• [~41:20] What producers should be asking or talking about with their ag lender that they probably aren’t
• [~43:15] When should producers involve their ag banker in succession planning discussions?
• [~46:30] Rapid-fire questions