Production Risk Management & Contingency Planning

In this second episode of a new series on Farm Risk Management, Jenna Nees, Ed Farris, and Michael Langemeier join Brady Brewer to discuss contingency planning for production risk. Minimizing risk through management practices, reducing production variability, and managing ways to transfer some of the production risk should be reevaluated every year. Implementing diversification, flexibility, vertical integration, and new technology while managing costs can help migrate risk for farms and agribusiness'. Having a written contract in place for production and marketing as well as carrying insurance are important strategies to transfer risk to a third party. This series is based on the Six Pillars of Farm Risk Management course, funded by the North Central Extension Risk Management Education Center. Podcast provided by Purdue University's Center for Commercial Agriculture. Find the rest of this farm risk management series and related resources at https://purdue.ag/farmriskmgmt. More information on strategic business planning is on the Purdue Institute for Family Business' website, https://purdue.ag/fambiz. If you are enjoying the podcast, tweet us using #AgCast.