Strategies to deal with low farm incomes

By Greg LaBarge

“Net incomes on many Midwest grain farms will be negative in 2024, some of the lowest in the past 30 years.”

This statement opened the 10/8/2024 article from the University of Illinois, farmdocdaily staff is sobering and compounded in Ohio by the 2024 drought. The article titled Perspectives and Strategies for Dealing with Low Farm Incomes in 2024 and Beyond is worth a read to start the conversation on your farm about strategies to meet the challenges ahead. The article identifies eight strategies to deal with low returns.

Here, we will focus on one of the eight strategies, “be a low-cost producer,” along with Ohio-specific information.

• Focus seed selection on proven hybrids and varieties that solve problems you have experienced on your farm. The value of good genetics can save you on in-season input costs or reduce yield loss from adverse environments.

• Keep nitrogen rates within university recommendations.… Continue reading