University of Missouri Extension Farm Management Minute

Crop production input prices are high however cost of production estimates indicate farmers can still make money on row crops. Ray Massey, agricultural economist with University of Missouri Extension, explains that while fertilizer and fuel prices have dropped from their highs several months ago, they are still higher than they were a year ago. Obtaining sufficient cash to put a crop into the ground in 2023 will be important.

For more information on the estimated costs and returns from Missouri row crops planted in 2023 go to Mizzou.us/budgets

American agriculture continues to evolve, and every five years the Census of Agriculture provides the most detailed look at these changes. Mallory Rahe, Associate Extension Professor, explains the Census of Agriculture provides insight into our nation’s farms and ranches, including total farm size, number of farms, age of producers, and land in different types of agricultural production.

Watch your mailbox and fill out your census of Agriculture survey form arriving soon. For more information go to agcensus.usda.gov

Due to weather, livestock producers in parts of Missouri sold animals this year as forage supplies dwindled and feed prices rose. Mary Sobba, field specialist, with University of Missouri Extension explains, these sales do have tax implications.

To see the Missouri farm income estimates, go to https://mizzou.us/WeatherTax

Find more about the Farm Management Minute series at https://extension.missouri.edu/programs/agricultural-business-and-policy-extension/farm-management-minute

Landowners who lease property for solar farms should carefully consider offers before signing the first document. In this University of Missouri Extension Farm Management Minute, field specialist Joe Horner explains that while solar energy leases can be lucrative, landowners should understand the various terms and documents before entering into a long-term agreement. These documents include the letter of intent and the lease agreement.

For more on solar energy leases, go to https://mizzou.us/solarenergy

Verbal leases make up roughly half of all Missouri farm leases. If you are a party to a verbal farm lease, then know your rights and responsibilities. In this University of Missouri Extension Farm Management Minute, field specialist, Denice Ferguson, discusses the various obligations of landowners and tenants.

For more on Verbal Farm Rental Agreements, go to https://mizzou.us/verballease

Diversifying a livestock farm to co-graze multiple species can pay off. Jennifer Lutes explains how a recent MU Extension analysis found that a farm co-grazing cattle and goats would earn more profit per acre than a farm raising only cattle or only goats.

For more on co-grazing economics, go to mizzou.us/cograzing

#ExtendMU #2xAg2030 #AgBusinessMU

The Rural and Farm Finance Policy Analysis Center projects Missouri net farm income will rise to a record $4.2 billion in 2022. In this University of Missouri Extension Farm Management Minute, agricultural economist Bob Maltsbarger explains that the result of high crop and livestock receipts in relation to high expenditures is a tighter farm income outlook. To see the Missouri farm income estimates, go to https://mizzou.us/StateFarmIncome

Landowners approached by wind energy developers need to understand the legal, business and family impacts of a wind lease before they sign an agreement. In this University of Missouri Extension Farm Management Minute, field specialist Joe Horner explains that wind energy agreements often include a combination of long-lasting leases and easements that may significantly impact surrounding land.

For more on wind energy agreements, go to https://mizzou.us/windenergy

Individuals who are part of family-owned businesses face a difficult challenge — that is, how to navigate their family roles and business roles.

In this University of Missouri Extension Farm Management Minute, field specialist Wesley Tucker suggests several steps to distinguish between family and business roles.

To learn how to solve other role-related challenges, go to https://mizzou.us/farmroles

Double-check that your farm complies with the Occupational Safety and Health Act. In this University of Missouri Extension Farm Management Minute, agricultural economist Ryan Milhollin explains how the act applies to farms in order to keep agricultural workers safe.

Read more about the Occupational Safety and Health Act at mizzou.us/FarmSafety.