Planning for the future can be a very frustrating process, especially in times of market volatility. However, planning typically pays high dividends. For most farm and ranch managers, developing realistic commodity price expectations is one of the most difficult and complex tasks of the planning process.To make the planning process easier, NDSU Extension has released its 2021 short- and long-term agricultural planning price projections for North Dakota. The publication shows 2021 price projections for crops and livestock produced in the state and price estimates for future years.
The estimated short-term planning prices should be used as a guide in setting price expectations for 2021 production. These planning prices can be used for preparing annual enterprise budgets and annual whole-farm cash flow projections. Cash flow projections are very critical with today’s tight margins.
Short-term prices should not be used for planning capital purchases or expansion alternatives that would extend beyond the next production year.The “Plotting a Course 2021” publication (EC1090) is available online at http://bit.ly/PlottingACourse2021 or by contacting your NDSU Extension county office
