On the winter farm meeting circuit, “return on investment” is an often-heard phrase during new product announcements, reports Phyllis Coulter on IowaFarmerToday.com.
“Farmers are thinking about return on investment instead of trying to farm more acres. We want to farm the ones we have, better,” said John Boylen, who farms with his two brothers near Mt. Sterling.
“We are looking at a different chemical program that will save us more.”
That’s just one of the actions the Brown County corn and soybean farmer is taking in recognition of lower commodity prices.
“We aren’t making any equipment purchases. We’re fixing what we have,” he said.
Boylen was one of about 700 farmers from 20 states attending the Precision Planting winter conference in Tremont, IL, on January 19.
At his first conference at the company’s Central Illinois research center, Boylen said he was interested in seeing what new products are being developed for the future.
His friend, Alan Koch, said he has been coming to the meetings for years. Koch isn’t discouraged by the current commodity prices, even though they remain on his mind.
“Inputs are high and prices are low, but we are determined to plow through this and be efficient,” said Koch, whose family farm includes corn, soybeans, hogs and cattle.
“This year much of the focus is on cutting costs so that profitability can be obtained. These prove to be difficult discussions and decisions,” said Gary Schnitkey, University of Illinois professor in farm management.