FARGO, N.D. — Planning for the future can be a very frustrating process but one that typically pays high dividends. For most farm and ranch managers, developing realistic commodity price expectations is one of the most difficult and complex tasks of the planning process.
“With the downturn in commodity prices, planning is more critical than ever,” says Ron Haugen, NDSU Extension Service farm economist.
To ease the burden of forecasting planning prices, the Extension service has prepared a summary of projected short- and long-term planning prices.
The publication shows 2017 price projections for crops and livestock produced in the state and price estimates for future years. Price projections are given for the major crop commodities, including wheat, durum, oats, feed barley, malting barley, oil sunflowers, non-oil sunflowers, corn, soybeans, canola, flaxseed, winter wheat, dry beans, dry peas, lentils, alfalfa hay and mixed hay.
Price projections for livestock and livestock products include beef steers and heifers at various weights, cull cows, slaughter steers, slaughter hogs, slaughter ewes, slaughter lambs, feeder lambs and milk. The publication also provides historical prices as a reference.
“The estimated short-term planning prices should be used as a guide in setting price expectations for 2017 production,” Haugen says. “These planning prices can be used for preparing annual enterprise budgets and annual whole-farm cash-flow projections. Cash flow projections are very critical with today’s tight margins. Short-term prices should not be used for planning capital purchases or expansion alternatives that would extend beyond the next production year.”
To obtain this publication, “Plotting a Course 2017” (EC1090), call 701-231-7882 or write to NDSU Agriculture Communication, Distribution Center, Dept. 7070, Box 6050, 10 Morrill Hall, Fargo, ND 58108-6050, or contact a county office of the NDSU Extension Service.
Requests also may be faxed to 701-231-7044 or emailed to. The publication also is available online at .
— NDSU Agriculture Communication
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