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Apr. 7, 2017 AgWeb.com reports: There's more than one way to stretch a dollar. In fact, according to a March 2017 Farm Journal Media survey of more than 500 farmers, they've identified more than a dozen ways they plan to reduce or economize input costs in 2017. Seven in particular were the most popular. Here were the top responses. (Note: Respondents were able to give more than one answer.) 1. Reduce farm equipment purchases (67%) 2. Delay non-equipment capital purchases (46%) 3. Employ no-till or low-till farming practices (43%) 4. Purchase less traited seed to reduce seed costs (29%) 5. Negotiate lower land rents with landlords (26%) 6. Increase variable-rate application of fertilizer and crop protection inputs (26%) 7. Reduce energy consumption (through better equipment maintenance and/or power generation (20%) Other ideas farmers shared about reducing input costs include switching acres to another crop, purchasing fewer in-season inputs, reducing the use of agronomists or outside consultants, purchasing less crop insurance, restructuring loans to improve cash flow and firing or not re-hiring some personnel. This study has been conducted annually each spring since 2012. Tweet |
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