{"title":"Comparison of Hedging Cost with Other Variable Input Costs","authors":"J. M. Riley, John D. Anderson","doi":"10.22004/AG.ECON.96378","DOIUrl":"https://doi.org/10.22004/AG.ECON.96378","url":null,"abstract":"Recent spikes in commodity prices have led to higher margin amounts and option premiums. For the most part, producers have always attributed their lack of use in reducing risk via futures and options markets to the high cost associated with the use of these markets. This study determines the relative costs of hedging with futures and options and compares these with the costs of other variable inputs. We find that with the exception of hedging corn with both tools and soybeans with options the costs of hedging has increased at roughly the same rate as all other inputs.","PeriodicalId":326734,"journal":{"name":"Journal of the ASFMRA","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132033081","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}
Freddie L. Barnard, P. Ellinger, Christine A. Wilson
{"title":"Measurement Issues in Assessing Farm Profitability through Cash Tax Returns","authors":"Freddie L. Barnard, P. Ellinger, Christine A. Wilson","doi":"10.22004/AG.ECON.96408","DOIUrl":"https://doi.org/10.22004/AG.ECON.96408","url":null,"abstract":"It is widely accepted that net farm income reported on an accrual-adjusted income statement is a more appropriate profitability measure than net farm income reported on Schedule F of the federal tax return, which is prepared using cash basis accounting. However, a common practice among agricultural lenders is to use Schedule F net farm income, which uses the cash basis of accounting, as a proxy for accrual-adjusted net farm income. A study of 1,045 individual Illinois farms’ records from 2002 through 2006 found the median absolute annual percentage difference between a three-year average cash and a three-year average accrual-adjusted net farm incomes is 57 percent for farms of stable size; 43 percent for farms with annual gross revenue increasing at rates of less than 5 percent, 50 percent at rates of 5-10 percent, and 58 percent at rates over 10 percent; and 61 percent for farms with a debt-to-asset ratio greater than 40 percent.","PeriodicalId":326734,"journal":{"name":"Journal of the ASFMRA","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117340639","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":"Construction and Operating Costs for Whitetail Deer Farms","authors":"E. DeVuyst","doi":"10.22004/ag.econ.161480","DOIUrl":"https://doi.org/10.22004/ag.econ.161480","url":null,"abstract":"Commercial whitetail deer farming is a growing industry in the U.S. The size of operations ranges from a few head to hundreds. Management ranges from small, part-time farmers to professionally-managed operations. There is, however, a lack of published information documenting investment costs, operating costs, cash flow, and profitability of whitetail deer enterprises. This article provides that information. Based on interviews with the Board of Directors for Whitetails of Oklahoma, small and mid-sized farms are modeled, providing construction and operating costs for both. Projected cash flow budgets and net present values under various sale price assumptions are also reported. The likelihood of profitability is directly tied to the sale price of bucks. At prices less than $2,750 for a smaller-sized farms and $3,000 for mid-sized farms, profitability is highly unlikely.","PeriodicalId":326734,"journal":{"name":"Journal of the ASFMRA","volume":"66 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116014000","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}
D. Stonehouse, L. Gao, T. Hamilton, J. Buchanan-Smith, A. Weersink
{"title":"Improving the Competitiveness of Beef Production in the Northern Contiguous United States and Canada","authors":"D. Stonehouse, L. Gao, T. Hamilton, J. Buchanan-Smith, A. Weersink","doi":"10.22004/AG.ECON.198079","DOIUrl":"https://doi.org/10.22004/AG.ECON.198079","url":null,"abstract":"Beef cow-calf operations in many northerly regions of North America traditionally calve in the winter (February-March), feed stored feeds in confinement from October through midMay, and sell offspring as weaned calves. We investigated the alternative management practices of calving in summer (June-July), extending the grazing season into the autumn using stockpiled pasture, and selling offspring as yearlings, feeders or heavy feeders, and compared them with the traditional practices for cost-effectiveness and profitability. Our findings indicated that it was unequivocally more profitable to extend the grazing season into the fall, rather than feed in confinement, because of lower costs of pasture feeding. Summer calving was more cost-effective than winter calving because of savings in bedding, labor, veterinary treatments, and barn amortization, but generated lower revenues and was less profitable than traditional winter calving when offspring were sold as weaned calves. When offspring were retained to heavier marketing weights, summer calving in general became more profitable than winter calving, but only for the case of confinement feeding. Retaining offspring to higher marketing weights did not generally pay. For winter calving, under either confinement feeding or extended fall grazing, it was more profitable to sell offspring as weaned calves. For summer calving with confinement feeding, selling offspring as feeders was \"most profitable\" (i.e. generated the least net loss), but with extended fall grazing, selling offspring as weaned calves was most profitable. The most profitable combination across all three sets of management practices was winter calving with extended fall grazing with offspring sold as weaned calves.","PeriodicalId":326734,"journal":{"name":"Journal of the ASFMRA","volume":"109 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132848564","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":"Computerized Technology Adoption Among Farms in the U.S. Dairy Industry","authors":"J. Gillespie, T. Mark, C. Sandretto, R. Nehring","doi":"10.22004/AG.ECON.189866","DOIUrl":"https://doi.org/10.22004/AG.ECON.189866","url":null,"abstract":"This article examines the rate of adoption of four computerized technologies in U.S. dairy production: an on-farm computer to manage dairy records, accessing the internet for dairy information, computerized milking systems and computerized feed delivery systems. Data from the USDA-Agricultural Resource Management Survey were used for the analysis. Computers for managing records were used by most farmers, but adoption rates for the remaining technologies were much lower. Adoption rates differed by demographics, financial status, farm size and adoption of other technologies. Farm profitability differed by adoption status.","PeriodicalId":326734,"journal":{"name":"Journal of the ASFMRA","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126811690","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":"Effect of IRC Code 1031 on Texas Agricultural Land Price","authors":"Beam Su Park, J. Richardson, Charles J. Gilliland","doi":"10.22004/AG.ECON.96376","DOIUrl":"https://doi.org/10.22004/AG.ECON.96376","url":null,"abstract":"In this paper, we examine the effect of Section 1031 tax deferred payment on Texas agricultural land price. To analyze the effects, we estimate the market equilibrium price function using the dynamic panel model and Texas agricultural land sales for 1965-2007. We argue that Section 1031 increases both demand and supply of agricultural land by its tax reducing effect. Our empirical estimation shows that Section 1031 decreases the market price which means the supply curve shifted to the right more than the demand curve.","PeriodicalId":326734,"journal":{"name":"Journal of the ASFMRA","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133300949","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":"Factors Affecting Succession Decisions in Family Farm Businesses: Evidence from a National Survey","authors":"A. Mishra, H. El-Osta","doi":"10.22004/AG.ECON.190674","DOIUrl":"https://doi.org/10.22004/AG.ECON.190674","url":null,"abstract":"Succession planning is a component of a household’s risk management strategy for its farm business in as much as it is aimed at continuity of the business' management team. The family farm sector relies heavily on intergenerational succession. Succession and retirement are inter-linked and are reflective of the life cycles of the farm household and the farm business. This study uses Agricultural Resource Management Survey (ARMS) of the USDA to examine farm, operator, and family characteristics that affect farm succession within the family. Results indicate that large farms are more likely to be transferred within families. Level of farm debt, education, and being engaged in farm enterprises like other crops and dairy, affect within-family transfers of the farm business.","PeriodicalId":326734,"journal":{"name":"Journal of the ASFMRA","volume":"2007 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130129467","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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