Four Questions to Answer in Preparing Your Farm for 2021

Government payments, crop insurance and a fall grain market rally helped farmers salvage some profitability after the majority of 2020 ratcheted up the pressure on revenue potential for growers around the country. Now, many are looking ahead to 2021 and the next chapter in the farm financial story. One expert this week offered four key questions to answer in clearing up your crystal ball for the coming year. The potential for more government payments, operating expenses, the commodity marketplace and risk management strategies are all important to consider in planning for 2021. The more you can stay on top of budgeting and operating costs, the better you’ll be able to ensure you’re maintaining your balance sheet and positioning your operation on solid footing in a year that looks to at least start out with the uncertainty common in much of 2020. See what questions you can answer to prepare for 2021.