By Jonathan LaPorte
Are farm input prices better now or should you wait to make a purchase?
Answering that question presents quite a challenge. Historically, farms that prioritize purchasing inputs early will lower total input costs. However, the long-term outlook for many markets can remain unclear if domestic and global uncertainty impact supply chains and product availability. In order to decide whether buying now is right for your farm, you need to think a bit more strategically about your buying options.
Each year you develop a crop plan that identifies what you will grow. Crop plans look at acres, yield goals, nutrient needs and pest concerns. While crop plans are not a new concept for most farms, they are an important part of being strategic and maximizing your use of available cash. Cash is often limited to working capital or loan funds. Since they are used for numerous purchases throughout the year, efficient use of these dollars is important.
Source : msu.edu