Nebraska FARMcast - Farm and Ranch Management

With lower commodity prices and tight margins for agricultural producers this year, paying attention for Farm Bill Commodity programs like ARC and PLC will be an important part of a farm risk management plan. On this episode, we're discussing the future of the Farm Bill safety net with Brad Lubben, associate professor and extension policy specialist at the University of Nebraska-Lincoln. In a pair of recent articles for Nebraska Farmer and the Center for Agricultural Profitability, Brad dives into the complexities of federal farm programs, especially as Congress works toward a new Farm Bill. We'll explore the policy decisions and economic factors shaping these critical support systems for producers, and what changes might mean for agriculture in Nebraska and beyond.

Dr. Lubben's articles:

Sizing Up the Farm Bill Safety Net: https://cap.unl.edu/policy-legal/sizing-farm-bill-safety-net

A Look at the Farm Bill Safety Net (via Nebraska Farmer): https://cap.unl.edu/policy-legal/look-farm-bill-safety-net

Anastasia Meyer, an extension agricultural economist with the Center for Agricultural Profitability has a new article on communicating estate plans to family when assets are divided unequally. She joins to discuss strategies for how families can handle these sensitive discussions and plan ahead for a smooth transition.

https://cap.unl.edu/succession/how-communicate-your-estate-plan-family-when-dividing-assets-unequally

On October 3, 2024, the Nebraska Cooperative Development Center and Nebraska Grocery Industry Association are hosting the second annual Grocery Industry Summit in Kearney. This event brings together a wide range of stakeholders — from grocers and vendors to policymakers and more — to discuss strategies for navigating these challenges and building stronger, more resilient grocery markets in our state.

Joining on this episode is Ansley Fellers, executive director of the Nebraska Grocery Industry Association, and Charlotte Narjes, director of the Nebraska Cooperative Development Center at the University of Nebraska-Lincoln.

More: https://cap.unl.edu/rural/grocery-industry-summit-address-retail-technology-competition

On this episode, Glennis McClure, an Extension Educator and Farm and Ranch Management Analyst at the University of Nebraska-Lincoln, discusses her article, “Determining a Fair Rent for Farm Buildings,” which outlines the key factors involved in establishing a fair and equitable rental agreement for farm buildings.

From calculating fixed and variable costs to considering depreciation and local market conditions, determining rent for these valuable assets is a nuanced process that requires careful evaluation. We'll discuss how property owners can make informed decisions and why understanding both the owner’s and the renter’s perspectives is crucial in setting fair rent.

https://cap.unl.edu

On this episode, we're joined by Dr. Brad Lubben, agricultural policy specialist at the University of Nebraska-Lincoln. The major party conventions are over and election season is in full swing, bringing speculation about what a new congress and administration could mean for agriculture policy. In his latest Policy Report column for Nebraska Farmer magazine, Dr. Brad Lubben, extension ag policy specialist with the University of Nebraska of Nebraska-Lincoln, explores some of the questions facing agriculture as Americans prepare to head to the ballot box in November.

Looking ahead from now in the late summer of 2024, the agricultural landscape faces a mix of challenges and uncertainties. Lower commodity prices, rising production costs, and tighter margins are creating a difficult environment for producers across the country. The financial pressure is reminiscent of the hurdles faced by the ag sector a decade ago, but today’s high-interest rate climate adds another layer of complexity.

That’s according to Dr. Brad Lubben, associate professor and extension policy specialist here at the University of Nebraska-Lincoln.

He’s joining me to explore some of these risks facing producer and to discuss some tools and strategies available to help navigate these challenges.

More at cap.unl.edu.

This episode dives more into decision-making in agriculture, focusing on a powerful tool that can help farmers navigate the complexities and uncertainties they face. Jay Parsons, a professor in Nebraska’s Department of Agricultural Economics and Director of the Center for Agricultural Profiability, joins to discuss his article "Branching Out: Harnessing the Power of Decision Trees." It is co-authored with John Hewlett at the University of Wyoming and Jeff Tranel at Colorado State University, and first published in the July 2024 edition of RightRisk News, which you can find at rightrisk.org. The article delves into how decision trees can aid agricultural producers in making more informed choices amidst risk and uncertainty.

More: https://cap.unl.edu/management/decision-trees-branching-out

Anastasia Meyer, an agricultural economist with the Center for Agricultural Profitability, discusses her new article on estate planning, which focuses on stepped-up tax basis and its role in estate planning. She talks about how this adjustment can significantly reduce capital gains taxes for heirs and explores its implications for the transfer of farmland and other assets to the next generation.

This year’s Nebraska Farm Real Estate Market Highlights Survey, recently published by the University of Nebraska-Lincoln, includes a special feature section that takes a closer look at the emerging trends and considerations for cover crops and their implications on lease arrangements. Jim Jansen, an ag economist with UNL and co-author of the annual real estate report, delves into these findings and explores the motivations and benefits of cover crops for landowners and operators across the state.

Read more: https://cap.unl.edu/land/cover-crop-utilization-implications-cropland-lease-arrangements-2024

A recent Supreme Court ruling overturning the 1984 Chevron doctrine put a stop to the decades-long precedent that federal courts defer to federal agencies for interpreting statutory provisions set by Congress, and the Farm Bill could be one of the first tests of the decision’s impact. Brad Lubben, extension policy specialist and associate professor with the Center for Agricultural Profitability wrote about the ruling and its possible implications in his Policy Report column for Nebraska Farmer Magazine’s August issue. He joins to discuss more on this episode.

Read more: https://cap.unl.edu/policy-legal/what-does-supreme-court-chevron-doctrine-ruling-mean-ag