Iowa State University Extension is encouraging local farmers and ag business professionals to attend a free, one-day “Planning for Profitability in a Changing Dairy Industry” workshop. The workshops will be July 31 at Decorah in northeast Iowa and Aug. 1 at Rock Rapids in northwest Iowa. The one-day program will focus on how to plan while facing shrinking margins in the dairy industry.
The workshop will focus on ways to increase profitability when facing shrinking margins, risk management strategies and how they can benefit dairy operations, changes and requirements that ag lenders are asking for when reviewing loan requests, and a review of the milk market.
Fred Hall, ISU Extension dairy specialist, says the program is designed for dairy managers, but those involved in production ag and agribusiness professionals are welcome. “In production agriculture almost all producers are facing, or will face, shrinking margins,” Hall says. “Our dairymen and women are definitely facing it right now, so the program is geared toward them. However, many aspects of the presentations will be relevant to all ag industries.”
“Planning for Profitability in a Changing Dairy Industry” will be 9 a.m. to 2 p.m. and offered in two locations to accommodate as many participants as possible. The program will be hosted July 31 at Pinter’s Gardens & Pumpkins, 2475 State Highway 9, Decorah, and Aug. 1 at the Forster Community Center in Rock Rapids.
The topics and presenters include the following:
- Cash vs. accrual accounting and how it will be affected by changes in tax laws, presented by Tom Thaden, Eric Hofland and Reggie Hostetler, ag consultants from the Northwest Iowa Farm Business Association
- Using FINBIN and DHIA data to predict financial success on small to medium-sized dairies; presented by Joleen Hadrich, a University of Minnesota Extension economist
- Value of a risk management strategy, presented by Cassie Monger, dairy industry specialist with Compeer Financial
- Dairy Market Outlook, by Fred Hall, ISU Extension dairy specialist
The program also features a panel of local ag lenders who will discuss what they look for in the future of ag loans and financial decisions.
In Decorah, the panel will include Andy Ludeking, Cresco Bank, a division of Decorah Bank & Trust Company; Reid Mahoney, Freedom Bank; Compeer Financial and Citizens Savings Bank. In Rock Rapids, the panel will include Brad Bruxvoort, First State Bank Southwest; Chris Kayton, Farm Credit Services of America; Dale Vanderberg, Peoples Bank; and Troy Vander Stouwe, Iowa State Bank.
Meeting details, preregistration
Participants can register online, or call 563-382-2949 for the July 31 meeting and 712-737-4230 for Aug. 1 meeting.
There is no fee to attend either session, and lunch is provided. However, preregistration is required by July 26 to plan for meals and materials. The program is hosted by ISU Extension, as part of I-29 Moo University, a network of dairy Extension and industry personnel from Iowa, Nebraska, Minnesota, South Dakota and North Dakota, working to enhance a sustainable dairy community along the I-29 corridor.
For information, contact your local ISU Extension dairy specialist. In northwest Iowa, contact Fred Hall at 712-737-4230 or firstname.lastname@example.org. In northeast Iowa, contact Jennifer Bentley at 563-382-2949 or email@example.com.