Focus on technology, economist says01/05/2011 - 01/14/2011
As volatile as they've been the last few years, it's not easy to stay on top of the crop and input markets. So, how do you know where to focus your efforts to make the most of your farm management energy?
"While it is hard to argue that risk management is not important, it can mean many different things and thus it is beneficial to know which aspects of risk management we should focus on," says Kansas State University ag economist Kevin Dhuyvetter in a recent report.
So, what's important? Dhuyvetter recommends keeping up on the latest technology. The highest-profit farms, he says, are those that adopt the "appropriate technologies and also apply inputs in a profit-maximizing manner.”