Author: Shane Bogle
Planning Unit: Caldwell County CES
Major Program: Farm Management
Plan of Work: Local Commodities Provide Agriculture Income
Outcome: Intermediate Outcome
"What is risk management? Risk Management involves choosing among various risk management strategies and tools designed to reduce the financial effects of the uncertainties of weather, yields, prices, government policies, global economies, human factors, and other conditions that can cause dramatic fluctuations in farm income." (USDA Risk Management Education).
In response to the 2018 Farm bill and low commodity prices, a regional risk management education series was offered thanks to grant funding from USDA. The series targeted marketing strategies to help producers with farm management during tough financial times. Dr. Todd Davis, UK Extension Grain Marketing Specialist and representatives Kentucky Farm Business Management Program delivered timely, critical, and county relevant information to producers in Caldwell County. Producers were provided County specific information on grain marketing, financial record analysis, and other business planning strategies. Program participants represented over 36,000 acres of grain crops in Caldwell County and reported a 10% increase in farm revenue thanks to strategies learned through the programming efforts.
The success of this program series is due to its ability to increase awareness of the importance of improved farm management strategies by providing timely information and discussion opportunities through research based presentations and hands on learning.
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