Protecting Your Profits

Markets change and they don’t care about what you think they should look like – or what you might need for your cost of production. Are you setting yourself up for long-term success by capturing opportunities before they’re too late? Are you adapting to changing feed and dairy markets to guide your approach to risk management on your dairy farm? 
 
 In this month’s free “Protecting Your Profits” webinar, hear from Jacob Thompson and Andy McCarty, two experienced dairy business advisors. They will share how to control what you can through a solid risk management plan, no matter the level of volatility or uncertainty in the markets. As we approach the end of the calendar year, they will dive into the four main risk management products available to dairy producers who want to protect their revenue stream: Forward Contracting, Livestock Gross Margin, Dairy Margin Coverage, and Dairy Revenue Protection. Each program has different tiers, levels, and decisions that make it possible to tailor a plan that’s unique to your dairy operation.

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In this month's "Protecting Your Profits" discussion, Rob Goodling from Horizon Farm Credit breaks down 17 benchmarks that are part of the PA Dairy Performance Indicators project. From year to year, these benchmarks help us compare individual dairy operations to how the top dairies in the data set are performing financially. Rob shares an overview of the 2023 data and a comprehensive snapshot of herd performance across various sizes and production types – revealing distinct patterns in milk production, costs, and financial outcomes.

Find out where Pennsylvania stands in terms of herd performance, financial performance and more. Rob also examines how herds participating in both years of the Performance Indicators Project compare to the group averages and shared some of the variation between herd size groups. 

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What daily responsibilities on the farm have the highest risk? The answer might surprise you. From animal handling and manure application to horizontal silos and working with heavy machinery, dairy farmers are exposed to a large amount of risk on a daily basis. According to 2019 data from the US Bureau of Labor Statistics, the agricultural sector is the most dangerous in America. While most dairy farmers accept the risk involved in the profession and enjoy working with their hands, farm safety should still be a top priority on dairy operations to help protect families and employees. As we approach the fall harvest season, Dr. Florence Becot from Penn State University shares the top three farm safety risks – and how we can be proactive with simple precautions that could save a life. 

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In this month's episode, Kathleen Noble Wolfley and Bryce Windecker from Ever.Ag explored market factors that are influencing feed price and shared strategies to help farmers mitigate feed price risk. They gave an update on key feed commodity markets, including corn, soybean meal, canola and cottonseed. They also shared a deep dive into basis trends in the Northeast and ways for livestock producers to manage feed risk.

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If you’ve been wondering about the changes released in the FARM 5.0 Program and how they impact dairy producers, Beverly Hampton Phifer, Senior Director of Animal Care from the National Dairy FARM Program, joined us to talk through key changes and updates. From animal care standards to best practices for human resources, farm safety and overall workforce development, Beverly Hampton Phifer gave a detailed overview of some of these standards and how they can be part of producers’ day-to-day risk management strategies. With new versions (Version 5.0) of the Animal Care and Workforce Development Programs just released on July 1, 2024, she reviewed some of the key updates and how they impact dairy producers — including updates focused on refining and clarifying previous standards surrounding euthanasia, fitness for transport, calf management, and continuing education among others.

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In our June "Protecting Your Profits" discussion, facilitated by Valerie Mason-Faith, Risk Education Manager at the Center, we featured Kathleen Noble Wolfley and Colin Kadis from Ever.Ag. They provide an overview of April’s Pennsylvania Scorecard numbers, Class III and Class IV prices and futures, milk production dynamics, domestic demand, dairy exports, macro markets, and Dairy Revenue Protection. 

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We held a special "Protecting Your Profits" webinar in March. Jayne Sebright, Executive Director at the Center, led the webinar and invited Cynthia Walters, Agricultural Program Specialist with the USDA, to provide an overview of changes in the Dairy Margin Coverage (DMC) Program for 2024. With the Farm Bill extended through December, DMC enrollment is now open, with dairy farmers having until April 29 to enroll in the margin-based insurance coverage program. 

Jayne Sebright also shared a short recap on where dairy markets are and what factors could influence the margins going forward in 2024.

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We hosted a special edition of our monthly “Protecting Your Profits” webinar to kick off a new year.  Rob Goodling from Horizon Farm Credit shared 17 performance indicators that have been gathered and analyzed by the Center, Penn State Extension, and Horizon Farm Credit as part of a joint project. A total of 220 herds of various sizes make up the data set in the findings that Goodling will share in the webinar. Ranging from herd performance metrics to financial performance metrics, the performance indicators can help Pennsylvania dairy farm families and the industry representatives who support them to compare their individual dairy performance against the “state” average.

Sebright also shared updates on dairy markets and market factors influencing dairy in early 2024.

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December is a great time for planning, reflection, and looking at those controllables in your milk price . The Center’s Executive Director Jayne Sebright hosted the November “Protecting Your Profits” webinar. She shares her perspective on milk markets, supply factors, and what risk management programs are offering in terms of margin.

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The Center’s Executive Director Jayne Sebright invited Zach Myers, who now serves as Director of Member Services for Maryland & Virginia Milk Producers Cooperative Association, back to the October “Protecting Your Profits” webinar. He shares his perspective on milk markets, supply factors, and what risk management programs are offering in terms of margin this fall.

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