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New Century Farmers: Pay attention to global markets and trends

Agriculture.com Staff 07/17/2009 @ 3:05pm

As economic times are hard for all the world, Bill Cordingley of Rabo AgriFinance told the young farmers at the New Century Farmer Conference to remember the fundamentals of farming. "This crisis has happened before, but the fundamentals are the same," he says.

Cordingley, who comes from a family farm in Australia, says the current economic situation is the worst banking crisis since the Great Depression. He states the global trading market has contracted 10% from where it was before the crisis.

He left the students with three thoughts to help them in the future:

  1. Ag markets are highly globalized and will increase in number. Cordingley says by 2030, the population of the world will grow by 1.4 million people. He states China and Asia have large urbanization, which will cause a demand for higher food value.
  2. Farmers need to be aware of their business, as well as global business. "The United States economy is looked at by the rest of the world with setting prices, but they also play a large role in trade," Cordingley explains. He stresses farmers need to be up-to-date on world affairs to better markets themselves.
  3. There is an intense battle for resources and demand on ag to produce more with less. With no more land being created, Cordingley says farmers need to figure out how to keep up with demands as population increases.

The New Century Farmer Conference is sponsored by Pioneer Hi-Bred International, Inc., Successful Farming magazine, Rabo AgriFinance and Case IH as a special project of The National FFA Foundation.

As economic times are hard for all the world, Bill Cordingley of Rabo AgriFinance told the young farmers at the New Century Farmer Conference to remember the fundamentals of farming. "This crisis has happened before, but the fundamentals are the same," he says.

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