{"title":"Branching Out: Harnessing the Power of Decision Trees","authors":"Jay Parsons, John Hewlett, Jeff Tranel","doi":"10.32873/unl.dc.cap044","DOIUrl":"https://doi.org/10.32873/unl.dc.cap044","url":null,"abstract":"In today’s world, full of risk and uncertainty, agricultural producers face a very challenging decision-making environment. Their decisions are often a complex sequence of choices made over time, during which uncertainties are revealed and additional information is gathered. A decision tree or decision flow diagram can aid in the decision-making process by providing a clear graphical representation of the sequence of events and relevant information.\u0000\u0000A decision tree contains the relevant courses of action, event uncertainties, and potential outcomes in the order they are expected to occur through time. Like the decisions they are meant to represent, decision trees can become very complex, very quickly. However, constructing a decision tree forces the decision-maker to think through a road map that summarizes future decision points where they can exercise control and future uncertainties where chance determines the direction taken.","PeriodicalId":118160,"journal":{"name":"Center for Agricultural Profitability","volume":"61 3","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141926802","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Cover Crop Utilization, Implications for Cropland Lease Arrangements in 2024","authors":"Jim Jansen, Jeffrey Stokes","doi":"10.32873/unl.dc.cap041","DOIUrl":"https://doi.org/10.32873/unl.dc.cap041","url":null,"abstract":"When planting a cover crop across Nebraska, the motivation of the landowner or operator may vary depending on the needs of the region or management requirements. Increased interest in cover crops in recent years has come from the perceived benefits to the land and mitigation of environmental issues. Cover crops reduce soil degradation (i.e. erosion) and enhance soil quality (i.e. organic matter and nutrient content). These effects may take multiple years to fully materialize but tend to persist for several years into the future. Grazing the cover crops or harvesting for forage are perceived as viable options for generating benefits on a more immediate basis.","PeriodicalId":118160,"journal":{"name":"Center for Agricultural Profitability","volume":"107 43","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141821646","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"2024 Nebraska Custom Rates: What to Charge?","authors":"Glennis McClure","doi":"10.32873/unl.dc.cap037","DOIUrl":"https://doi.org/10.32873/unl.dc.cap037","url":null,"abstract":"The 2024 Nebraska Custom Rates Report, which offers insights for agricultural producers and service providers, is now available through Nebraska Extension and the University of Nebraska-Lincoln’s Center for Agricultural Profitability. \u0000\u0000The report, published at cap.unl.edu/customrates, compiles survey data from 159 respondents, providing current market rates for 138 different custom operations and services across Nebraska.\u0000\u0000This comprehensive resource serves as an essential guide for those offering and seeking custom agricultural services. While the report offers a detailed overview of market trends, custom service providers are encouraged to consider their own operational costs when determining their rates.\u0000\u0000Agricultural custom rate charges can vary across the state. Therefore, the Nebraska Custom Rates Report provides rate details from survey responses grouped by Nebraska Agricultural Statistics Districts. Several factors contribute to rate differences reported by survey participants, including field and job sizes, soil conditions and the number of responses for the various operations. Some operators may charge lower than market rate prices to neighbors or relatives. Rates can change from year to year due to expense differences and local market forces. \u0000\u0000Determining appropriate charges for custom machine hire and agricultural services includes consideration of various elements such as current market rates reported in the custom rates survey report, market demand in the area for specific types of custom work, and availability of services.","PeriodicalId":118160,"journal":{"name":"Center for Agricultural Profitability","volume":"17 7","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-06-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141348468","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"What Do Ongoing High Interest Rates Mean for Ag Producers?","authors":"Jay Parsons, John Hewlett, Jeff Tranel","doi":"10.32873/unl.dc/cap038","DOIUrl":"https://doi.org/10.32873/unl.dc/cap038","url":null,"abstract":"As we progress through 2024, the agricultural sector faces significant economic pressures from persistently high borrowing costs. \u0000\u0000In the crop sector, smaller cash buffers and the need to preserve working capital due to tightening profit margins resulting from lower crop prices and higher input costs contributed to an increase in farm operating loan activity in the first quarter of 2024 (Kansas City Federal Reserve). Farm machinery and equipment costs also rose considerably in the last few years. As a result, loans to purchase such equipment are larger and the higher interest rates only complicate the purchase decisions even further. Farmers may find themselves prioritizing essential investments in equipment and postponing or scaling back on machinery upgrade and expansion plans. \u0000\u0000Furthermore, in the cattle industry, herd liquidation of the last three years due to drought conditions has resulted in high cattle prices coupled with recovery in pasture conditions and a desire to rebuild the beef cow herd. Likewise, as with the machinery and equipment situation for crop producers, a high price tag coupled with high financing rates will likely prolong the rebuilding task for many producers.","PeriodicalId":118160,"journal":{"name":"Center for Agricultural Profitability","volume":"34 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-06-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141349085","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Kimberly Enger, Elliott Dennis, Galen Erickson, A.K. Watson
{"title":"2021 Nebraska Feedlot Labor Survey","authors":"Kimberly Enger, Elliott Dennis, Galen Erickson, A.K. Watson","doi":"10.32873/unl.dc.cap036","DOIUrl":"https://doi.org/10.32873/unl.dc.cap036","url":null,"abstract":"The Nebraska Feedlot Labor and Management survey, conducted by Nebraska Extension and Nebraska Cattlemen., reveals notable changes in labor costs and compensation within the state's feedlot industry. From 2015 to 2021, total employee compensation across all feedlots nearly doubled, highlighting significant financial shifts in the sector. Despite this increase, wages have not kept pace with inflation, indicating ongoing economic challenges. The survey, which also sheds light on hiring difficulties and management practices, provides a crucial benchmark for feedlot operators to navigate labor costs and industry trends effectively.","PeriodicalId":118160,"journal":{"name":"Center for Agricultural Profitability","volume":" 12","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141373844","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Ideas For Estate and Transition Planning: Gift Leaseback","authors":"Jessica Groskopf","doi":"10.32873/unl.dc.cap033","DOIUrl":"https://doi.org/10.32873/unl.dc.cap033","url":null,"abstract":"Simply gifting assets helps reduce estate value and potential taxes for the owners and increase the wealth of the heirs. However, some families are hesitant to engage in gifting strategies because the farm or the ranch needs access to those assets to remain viable. This article expands on gifting strategies by combining gifts with a lease agreement.","PeriodicalId":118160,"journal":{"name":"Center for Agricultural Profitability","volume":" 54","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141000399","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Net Farm Income Impacts Net Worth Growth","authors":"Glennis McClure","doi":"10.32873/unl.dc.cap032","DOIUrl":"https://doi.org/10.32873/unl.dc.cap032","url":null,"abstract":"The beginning of the year is busy for businesses in finalizing records and filing annual income taxes. Farm and ranch operations are no exception. Beyond the net income or loss showing on the farm’s Schedule F, analyzing the true picture of the operation’s net farm income, and earned net worth change for the year is important.\u0000\u0000Preparing an income statement using accrual adjustments will tell us more about the operation’s profitability and performance beyond what income tax statements provide. The income statement tells the story of revenue, expenses, and depreciation between the beginning of year balance sheet and the end of the year balance sheet. Hence, an important use of an income statement is to relate true profitability from the beginning of the period to the end as we observe changes in the balance sheets.","PeriodicalId":118160,"journal":{"name":"Center for Agricultural Profitability","volume":"55 9","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-04-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140726429","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Ideas for Estate and Transition Planning: Gifting","authors":"Jessica Groskopf","doi":"10.32873/unl.dc.cap031","DOIUrl":"https://doi.org/10.32873/unl.dc.cap031","url":null,"abstract":"For many farm and ranch families, bringing children or grandchildren into the operation is the ultimate goal. Successfully bringing additional family members into the operation may require some creativity as all parties need to maintain a viable standard of living. This article is part of a series that will highlight ideas and tactics for bringing another family member into the operation. If this is the first article you are seeing in this series, I would encourage you to go back to the previous article for background and additional guidance.\u0000\u0000The second tactic to transfer wealth between generations is gifting. The U.S. tax code has two main laws that apply to gifting: the annual gift tax exclusion and the gift and estate tax basic exclusion amount.” In this article, the person gifting assets is going to be called the donor, and the person receiving the gift is going to be called the donee","PeriodicalId":118160,"journal":{"name":"Center for Agricultural Profitability","volume":"6 4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-04-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140727686","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Bull Value Cow-Q-Lator (BVCQL): What It Is and How To Use It","authors":"Shannon Sand, Randy Saner, Matt Stockton","doi":"10.32873/unl.dc.cap029","DOIUrl":"https://doi.org/10.32873/unl.dc.cap029","url":null,"abstract":"It’s that time of year when commercial ranchers and cattle producers are looking to make bull purchases for their operation. With so many different breeds and types of bulls available, picking the right bull at the right price is not easy. To help in making the best selection possible the University of Nebraska-Lincoln Beef Economics Team created the Bull Value Cow-Q-Lator (BVCQL). This tool can be used to compare your current bull value with up to 10 bulls. The Bull Value Cow-Q-Lator is a spreadsheet available to download at https://cap.unl.edu/livestock/tools.\u0000\u0000Each ranch or farm is going to have different goals, values, and resources available to purchase bulls. For the BVCQL, 14 key input variables (KIVs) (Figure 1) are entered into the spreadsheet by the user. In addition to costs, users make a value judgment on the effect individual bulls are expected to have on calf value and calving rate of cows. Users are expected to provide estimates for all these values.","PeriodicalId":118160,"journal":{"name":"Center for Agricultural Profitability","volume":"203 ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140448414","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Paying Family Members on the Farm or Ranch","authors":"Jessica Groskopf","doi":"10.32873/unl.dc.cap028","DOIUrl":"https://doi.org/10.32873/unl.dc.cap028","url":null,"abstract":"For many farm and ranch families, bringing children or grandchildren into the operation is the ultimate goal. Successfully bringing additional family members into the operation may require some creativity as all parties need to maintain a viable standard of living. This is the first in a series of articles that will highlight ideas and tactics for bringing another family member into the operation.\u0000\u0000One tactic is to provide new family members with monetary compensation, such as an hourly wage or salary. The total compensation should be comparable to the market value of wages to hire a non-family member to do the same work.","PeriodicalId":118160,"journal":{"name":"Center for Agricultural Profitability","volume":"280 ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139839879","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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