BUSINESS OF FARMING
Managing Expenses for the Farm and the Family Commodity prices for row crops have been on a wild ride in recent years. From the decade lows of 2019 to the spike in prices that is reminiscent of record highs in 2011-2013 (see Figure 1). As higher prices have been maintained throughout the first half of 2021, it can be easy to start thinking about the current market situation as a new norm. It’s only natural to want to remember the highs and forget the lows. Thus, I want to take this opportunity to discuss a few important topics in managing expenses for the farm and the family. Figure 1. Average Annual Nearby Futures Market Prices for Corn and Soybeans 12
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