Experts predict strong demand for crops will continue to warrant record-high prices over the next decade and increased net returns in the livestock industry. And, consumers' continued demand for agricultural products, despite the country's economic state, has proven agriculture as more financially stable than other sectors of the U.S. economy.
"Farmers will play a key role in getting the country back on track," says Luther Tweeten, Emeritus Andersons Professor in Ohio State University's Department of Agricultural, Environmental and Development Economics.
While he's optimistic, Tweeten warns that farmers should continue to be cautious due to recent financial upheavals that have boosted worries about foreclosures on property, equipment and personal assets.
Tweeten is one of several presenters at the 49th annual Farm Science Review who will lead financial programs geared toward the professional farmer. Tweeten's seminar, "Income and Employment," is geared specifically to larger farming operations and will be held on Tuesday, Sept. 20 at 11:30 a.m. on the stage in the OSU area on Friday Avenue.
"The positive agricultural economy yields opportunities for farms to become more profitable and financially stable," says Chuck Gamble, Farm Science Review Manager. "At the same time, farmers will have to be more diligent than ever in their planning and preparation to ensure they get the most out of advantageous market conditions and invest in the right technologies for their operations."
The 2011 Farm Science Review, Sept. 20-22, will provide financial strategies, tools and resources to help farmers achieve stability and success in the agricultural industry. Other such sessions include:
Barry Ward, Ohio State University Extension leader in production business management and assistant professor in AEDE will share his insight of farm production management in "Crop Input Costs" on Tuesday, Sept. 20 at 11:15 a.m. and "Working Your Farm Budget" on Thursday, Sept. 22 at 12:40 p.m., both in the OSU area on Friday Avenue.
Other farm finance sessions, "Income and Employment," Tuesday, Sept. 20 at 11:30 a.m., and "Estate Planning and Transfer," Wednesday, Sept. 21 at 9:45 a.m., will provide farmers with valuable insight in preparing their operations for the future. Both also take place on Friday Avenue.
For farmers who run small operations, OSU Extension educator Bruce Clevenger will present "Useful Farm Recordkeeping Strategies for Small Farms" on Tuesday, Sept. 20 at 11 a.m. This presentation will take place in the Center for Small Farms on Corn Avenue.
"Whether you are simply looking to make your production more cost efficient or you are hoping to increase your net profit of crop sales, learning from leading professionals and innovators can improve the financial stability of any farm production," says Gamble.
Farm Science Review is sponsored by the College of Food, Agricultural, and Environmental Sciences, OSU Extension and the Ohio Agricultural Research and Development Center. It attracts upwards of 140,000 visitors from all over the country and Canada, who come for three days to peruse 4,000 product lines from 600 commercial exhibitors, and learn the latest in agricultural research, conservation, family and nutrition, and gardening and landscape.
Farm Science Review pre-show tickets are now on sale for $5 at all OSU Extension county offices. Tickets will also be available at local agribusinesses. Tickets are $8 at the gate. Children 5 and younger are admitted free. Hours are 8 a.m. to 5 p.m. Sept. 20-21 and 8 a.m. to 4 p.m. Sept. 22.For more information, log on to http://fsr.osu.edu. For the latest news and updates, follow Farm Science Review on Twitter or on Facebook