Despite Challenges Opportunities Still Exist In Farm Country
As farmers look ahead to 2023, many are concerned about what the financial picture hold in store. While many producers enjoyed record commodity prices last year, there were several headwinds, from high input costs, to trade issues, and of course, weather problems, giving many reason to pause in the months ahead. Heather Malcolm with Montana based Bank of the Rockies says before the growing season gets underway in earnest, it’s important to make time to talk with your Ag banker, about the good, the bad and everything in between.
“I know it's a scary thing to go in and visit with your banker but they really are your ally they want you to succeed as well. Tell them everything, and I know that's a scary thing for people, because finances are so important to people, but tell them everything so that they can be the best advisor that they can be for your operation. So be honest and truthful with them, and they will help you the best that they can. So that's my biggest piece of advice is to have a really good relationship with your Ag banker. And if you don't find an Ag banker that you can have that relationship with it's OK to change it's your business and you need to treat it as such.”
While things are challenging right now, in a variety of ways, Malcom said there’s still opportunity for success in 2023.
“Even in all of the challenges that we have right now with the drought conditions, or input prices, there's still opportunities. There's great marketing opportunities, there's learning opportunities to make your operation better. You just have to look for those opportunities they're not as easy as they used to be you just have to look a little harder and they're still there.”
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