“Are you becoming complacent?” This is the question posed by Nate Franzen, agribusiness division manager at First Dakota National Bank in Yankton, SD, at the South Dakota State University (SDSU) Extension "Cattle Marketing: An Explorative Approach" meeting held on June 5 at the Mitchell Region Extension Center, Mitchell, SD. Franzen was referring to producers not staying on top of their game and relaxing in profitable times. He offered advice for ranchers to take advantage of during times of great opportunities, as well as some words of caution in managing risk.
According to Frazen, “While cattlemen realize some of the most rewarding times in the history of their industry because of unprecedented price levels, they might need to guard against complacency as there are several factors that could threaten that status. What if interest rates increased by 2-3%? What if the U.S. dollar increased in value? What if feeder and fed cattle prices moderated? What if input costs continue to increase?”
Franzen summarizes the key points in his presentation in this video. Take a minute to check it out.
How are you taking advantage of new opportunities in agriculture? What are you doing to manage risk?
Also, in an effort to better serve you, BEEF Daily now has the market quotes, which can be viewed on the right-hand side of each blog post. The market quotes are also still available on the beefmagazine.com home page. This new addition to BEEF Daily is thanks to reader requests as indicated in our latest BEEF Daily survey, where producers also indicated a desire to read more about production tips and consumer trends.
If you didn’t have time to take the survey, what topics are you most interested in reading more about?