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Financial Management: The Key to Farm-Firm Business Management

Danny Klinefelter and, Jose Pena (October, 2008)

Summary

Most farmers and ranchers still prefer to concentrate on production rather than planning, record-keeping and marketing. However, the escalation in input costs, the ability to access capital, and greater volatility in commodity markets make financial and risk management skills very important. Reductions in the government farm program safety net, advances in biotechnology and information technology, and the increasing globalization of competition will continue to strain traditional approaches to management as we move further into the 21st Century.