Management

Thanks to tight margins on commodities like milk, corn and soybeans, producers are searching for returns wherever they can find them. For some, that means exploring value-added opportunities outside their core operations.

“They either catch on or they don’t.” Those were the words from a farm manager when asked to share with me his new employee training technique.

Farmers are problem-solvers and fixers, but I don’t think we anticipated the ripple effect of a pandemic on our families, our farms and our future. I’ve spent the last few weeks anchored at my farm office calling out to farmers, listening and drilling deep to share a well of hope.

I’d like to dive a bit deeper into the concept that I mentioned in a previous article and which I frequently teach – infinite banking.

Navigating the issues of farming are complicated enough during a normal year, but this year the COVID-19 pandemic has added an extra layer of complexity.

Compared to other livestock commodity futures, milk futures rebounded somewhat faster than expected from the COVID-19 price dive in late March and April. Cautious optimism began to creep into the dairy market as milk futures rose through May and June. Of course, mailbox prices do not equal futures prices.