January 29, 2014
www.gfb.org
Vol. 32 No. 4
OUTLOOK FOR AG LOOKS GOOD, FORECAST SPEAKERS SAY Farmers and agribusiness leaders attending the Georgia Ag Forecast meeting at the Georgia Farm Bureau office in Macon Jan. 24 heard 2014 economic outlooks for Georgia’s major commodities and learned about succession planning for family farms and agribusinesses. GFB President Zippy Duvall welcomed the crowd to the organization’s state headquarters saying GFB has been a long-time sponsor of the Ag Forecast meetings because Farm Bureau recognizes the value of the information the College of Agriculture provides farmers. “Our farmers are as good as they are because of the research being done by the College of Agricultural & Environmental Sciences. We’re so appreciative of everything they do to help the farmer,” Duvall said. UGA Extension Economist Dr. Curt Lacy gave the economic outlook for Georgia’s livestock, honey and timber crops. Lacy said as the Lacy overall economy improves, demand for livestock and timber products should increase in 2014. He added that lower grain prices and increasing exports should support livestock and poultry prices. “I’m predicting that things will be as good as they can be this coming year,” Lacy said. “If you can’t make money this year, it’s a problem for you because things are going to be about as good as they can be.” UGA Extension Economist Dr. Don Shurley delivered the row crop economic outlook. He predicts Georgia farmers will plant less acres of corn and wheat, more acres of peanuts and soybeans, and cotton acreage will remain stable to up. On the bright side for row crops, Shurley predicted fertilizer prices will drop in 2014 but cautioned profit margins will be tighter. “We’ve enjoyed some very good years for corn and soybeans but a little bit of that shine is going to come off this year,” Shurley said. “We’re looking at corn prices in the $4.50 to $5 a bushel range.” Shurley said the decrease in corn prices is due to a record corn crop in 2013 and increased supply as ethanol use of corn flattens. Will Thompson, with the Macon law firm of James, Bates, Brannan, Groover LLP, discussed family farm and business succession planning. He said farmers and landowners often bear more of the tax burden because they reinvest their profits into their business to buy more land and equipment. Acknowledging that making succession plans can be sensitive, Thompson encouraged parents to start planning now and stressed the importance of communicating to family members why assets are divided in a certain way to avoid hurt feelings.