Tips for Surviving Tight Farm Times

  • 01

    Farm incomes are down, but not all hope's lost. There are steps you can take to cut how severely the downturn will hit your farm. One way, one expert said this week, may be to change what you plant next year.

  • 02

    The most likely leader of lower expenses -- a major key in surviving the downturn in grain prices -- will be machinery depreciation. How can you capitalize on lower depreciation to trim your budget?

  • 03

    One area where your budget likely won't move much is in land costs. Just because crop prices fall won't necessarily mean lower land prices, one expert says.

  • 04

    So, why isn't the land market following farm income lower? Though there is a strong connection between the 2 markets, that doesn't mean every move in the latter will be followed by similar movement in the former. The answer lies in the variables that make up the land market.

  • 05

    Sometimes we get distracted by the big-ticket items and forget to watch our 'nickels and dimes' on the farm. But, they can add up too, farmers say. Here are a few ways you can keep up with the little things.

  • 06

    What should you be paying for cash rent this year? Crop revenues will be well off the last few years' screaming pace, but what exactly should that mean to what you pay for your land? Here are a few numbers to help you nail that down.

  • 07

    Land's a big part of the cost equation for the coming year, but fertilizer's a big variable to watch moving forward, too. These costs have fallen a bit, but it will be important to watch them even more closely than normal in the next few months, one expert says.

  • 08

    While falling machinery depreciation will help with some budgets, there are other iron-related savings in some cases. One is leasing machinery instead of buying. See if that will help out on your place here!

Times are tight on a lot of Midwestern grain farms these days. Here are a few steps you can take to help make the lean times easier.

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