Page 16 2024 Fall Farm Outlook Lincoln Daily News Oct 2024 In the report Glass predicts that the trend of lower sales will continue. The Glass Management Group has been tracking data on tractor sales for 55 years and forecasting annual trends, so they seem to have a clear understanding of the way the trends are going. Even with lower income, there are helpful ways to deal with less money coming in. An October 8, 2024, FarmdocDaily article titled “Perspectives and Strategies for Dealing with Low Farm Incomes in 2024 and Beyond” provides various suggestions for managing with less income. This article suggests reviewing farming practices to see where expenses could be cut. Among the suggestions listed in the article are reducing phosphorous, potassium and fungicide applications. Another idea is to “[r]educe overhead. Overhead costs include hired labor, building repair and rent, building depreciation, insurance, misc., and interest costs. Low cost producers often have considerably lower overhead items than high-cost producers.” Instead of purchasing new machinery, the article says, “[p]riority should be given to those operations that have the potential to more directly increase revenue, such as drainage projects, on-farm storage, and farmland purchases.” With the likelihood of decreased income continuing, it is important to be prepared by developing strategies for dealing with challenges. Making wise spending decisions and deciding what to prioritize should help. [Angela Reiners] Resources: Bauer, Will. “Farmers are making less money this year, which could have larger economic consequences Harvest Public Media. 7 Oct. 2024. https://www.nprillinois.org/2024-10-07/ farm-income-down-ag-economy Conterra Ag. “At a Crossroads: American Farmers Under Stress.” Conterra Holdings LLC. 23 May 2024. https://www.conterraag. com/at-a-crossroads-american-farmers-understress/#respond Glass, Charlie. “Why the Decline in the Heart of Farm Tractor Sales in 2024.” 14 Sept. 2024. https://www.farm-equipment.com/ articles/22822-why-the-decline-in-the-heartof-farm-tractor-sales-in-2024 Robinson, Lindsey. “Top Challenges for Modern Agriculture in 2024. https://vlsci.com/ blog/top-issues-in-agriculture-2024/ Schnitkey, Gary et al. “Perspectives and Strategies for Dealing with Low Farm Incomes in 2024 and Beyond.” Department of Agricultural and Consumer Economics. 8 Oct. 2024. https://farmdocdaily.illinois. edu/2024/10/perspectives-and-strategies-fordealing-with-low-farm-incomes-in-2014-andbeyond.html
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