Missouri’s Panel Approach
to Evaluate Farm-level
Risks and Returns
Brent Carpenter, Research Associate
College of Agriculture, Food, and Natural Resources
University of Missouri—Columbia
www.fapri.missouri.edu
National Farm Management Conference
June 12, 2007 Rochester, MN
Outline
 Representative farms


The modeling framework
The panel process
 Sample baseline results
 Sample policy scenarios
 Successful outreach efforts
Who We Are
 A consortium of researchers



University of Missouri
Iowa State University
Texas A&M University




National rep farms
Texas Tech University
Arizona State University
University of Wisconsin
 Instituted by the U.S. Congress in 1984
 International components
What We Do





World trade issues
U.S. commodity markets
Environmental modeling
Transportation modeling
Farm-level risks and returns
 We report to Congress, industry, public
 Outreach component
Farm-level questions
 What is the present financial
condition of farms?

by type, by geography, by
size, by . . .
 What does the future look
like under alternative
policies?

Expected payments,
revenues, costs, etc.
Modeling a representative farm
Size, structure,
enterprises, output
variability
Long range price paths,
price distributions,
inflation factors
Existing and
proposed farm
policy
Rep Farm
Projected financial statements and probabilities
The rep farms
 38 representative farms
 200 active panel members
Nodaway
Atchison
Farm numbers by type
 10 Feedgrain-soybean
 3 Rice and cotton
 9 Crop-beef
 4 Pork-crop
 5 Beef
 5 Dairy
 2 Broiler-beef
Worth
Harrison
Scotland
Schuyler
Putnam
Mercer
Sullivan
Gentry
Adair
Clark
Knox
Lewis
Grundy
Holt
Daviess
Andrew
Macon
Linn
DeKalb
Clinton
Caldwell
Chariton
Buchanan
Ralls
Monroe
Randolph
Carroll
Platte
Marion
Shelby
Livingston
Pike
Ray
Clay
Audrain
Saline
Howard
Lincoln
Boone
Montgomery
Lafayette
Jackson
Callaway
Cooper
Johnson
Pettis
Warren
St. Charles
St. Louis
Cass
Moniteau
Osage
Cole
Franklin
Morgan
Henry
Benton
Jefferson
Bates
Miller
Maries
St. Clair
Crawford
Camden
Hickory
Vernon
Gasconade
Dallas
Cedar
Washington
Ste.
Genevieve
Phelps
Pulaski
Perry
Laclede
Dent
Polk
Iron
St. Francois
Madison
Barton
Texas
Dade
Webster
Wright
Cape
Girardeau
Reynolds
Shannon
Greene
Wayne
Jasper
Lawrence
Scott
Bollinger
Christian
Newton
Douglas
Stoddard
Carter
Howell
Stone
Mississippi
Butler
Barry
Oregon
Taney
Ozark
Ripley
McDonald
New Madrid
Dunklin
Pemiscot
Shaded areas are home counties of panel members
Panel process
Model farms are built
by like-producers to
reflect their farm
structure, yields,
production practices,
markets, resources,
etc.
Input data and simulation results are representative of
the panel as a group.
Rep farms are systems
Accounting
 Whole-farm, usually
 Cash-basis, usually
 After-tax
Advantage
 Useful to quantify
changes and keep pulse
of farm economy
 Handles range of
possible outcomes
Disadvantage
 Used alone, not always
sound for isolating
profitable management
practices
Receipts, sample crop-beef farm
2004
2005
2006
2007
2008
2009
Cash income (net of share lease)
1
Cash receipts for crops
480,280
2
Cow-calf receipts
49,606
3
CCP payments
5,427
4
Fixed payments
22,785
5
LDP payments
28,853
6
Indemnity payments
0
7
Custom work
0
8
Total cash receipts
$586,951
200,003
55,210
17,003
22,785
14,528
38,018
0
$347,547
426,998
52,281
12,859
22,785
491
0
0
$515,414
436,190
48,758
0
22,785
0
0
0
$507,733
451,945
45,864
0
22,785
0
0
0
$520,594
457,812
42,988
0
22,785
0
0
0
$523,585
Mean of 500 iterations shown
Includes receipts from all farm business sources:
commodity markets, government program payments,
insurance indemnities, and custom work, if any.
Static enterprise sizes (baseline). No off-farm income.
Sample farm operating expenses
Farm expenses (net of share lease)
9
Seed
10
Fertilizer
11
Crop chem
12
Custom hire
13
Hauling/drying/other harvest
14
Crop insurance premiums
15
Cash rent for cropland
16
Sum listed crop costs
2004
2005
2006
39,702
62,077
26,116
12,593
4,641
5,822
35,040
185,991
42,323
75,258
26,508
13,992
1,990
5,508
38,325
203,904
45,606
77,779
27,175
15,391
4,440
5,359
41,610
217,360
17
18
19
20
21
Cow-calf direct cost
Cow-calf purchased feed and hay
Purchased beef cattle
Cash rent for pastureland
Sum listed beef costs
5,779
3,903
2,040
5,092
16,814
6,139
4,274
2,277
5,896
18,586
6,408
4,136
2,232
6,700
19,476
22
23
24
25
26
27
28
29
30
31
Hired labor
RE and property taxes
Accounting and legal
Unallocated maintenance
Utilities
Whole farm fuel
Farm insurance
Miscellaneous
Conservation work
Sum unallocated overhead costs
12,458
5,840
1,196
25,305
1,932
14,843
5,071
374
470
67,489
12,711
6,259
1,253
26,434
2,535
19,475
5,313
394
494
74,868
13,057
6,421
1,305
27,327
2,739
21,049
5,533
408
512
78,351
32
Sum all listed costs
270,294
297,358
315,187
33
Gross margin
316,657
50,189
200,227
Selected costs of production projections
From FAPRI econometrics, based on multiple sources
Price Index, 1990-92 = 100
300
250
200
150
100
50
2004
2005
Family living (CPI)
Fuels
2006
2007
Nitrogen
Interest
2008
2009
2010
2011
Potash & phosphate
Farm machinery
Sample farm modified cash flow statement
2004
34
35
36
37
Beginning cash reserves
Interest earned on reserve
Gross margin
Cash available
38
39
40
41
42
43
44
45
46
47
48
49
50
51
LT interest
IT interest
Op interest
Carryover op interest
Total interest expense
LT principal payment
IT principal payment
Operating loan carryover
Total debt reduction
Cash difference on cap repl.
Federal income taxes
Missouri income taxes
Self-employment taxes
Total taxes
52
2005
2006
0
0
316,657
316,657
120,964
1,158
50,189
172,311
26,991
267
200,227
227,485
28,130
11,259
15,728
0
55,117
22,308
35,766
0
58,074
375
25,106
8,621
15,400
49,127
26,234
9,056
11,213
0
46,503
24,205
39,721
0
63,926
774
0
0
0
0
24,177
9,337
17,878
0
51,392
26,262
49,638
0
75,900
0
0
881
3,145
4,026
Sum listed cash demands
162,693
111,203
131,318
53
Return to family living
153,964
(61,014)
68,909
54
Annual owner withdrawal
33,000
34,117
35,232
55
Annual net earnings
120,964
(95,131)
33,677
56
Cumulative cash position
120,964
26,991
60,935
Nodaway
Atchison
Worth
Harrison
Barton County crop-beef farm
Scotland
Schuyler
Putnam
Mercer
Sullivan
Gentry
Adair
Clark
Knox
Lewis
Grundy
Holt
Daviess
Andrew
Macon
Linn
DeKalb
Clinton
Caldwell
Chariton
Buchanan
Ralls
Monroe
Randolph
Carroll
Platte
Marion
Shelby
Livingston
Pike
Ray
Clay
Audrain
Saline
Howard
Lincoln
Boone
Montgomery
Lafayette
Jackson
Callaway
Cooper
Johnson
Pettis
Warren
St. Charles
St. Louis
Cass
Moniteau
Osage
Cole
Franklin
Morgan
Henry
Benton
Jefferson
Bates
Miller
Maries
St. Clair
Crawford
Camden
Hickory
Vernon
Gasconade
Ste.
Genevieve
Phelps
Pulaski
Dallas
Cedar
Washington
Perry
Laclede
Dent
Polk
Iron
St. Francois
Madison
Barton
Texas
Dade
Webster
Wright
Cape
Girardeau
Reynolds
Shannon
Greene
Wayne
Jasper
Lawrence
Scott
Bollinger
Christian
Newton
Douglas
Stoddard
Carter
Howell
Stone
Mississippi
Butler
Barry
Oregon
Taney
Ozark
Ripley
McDonald
New Madrid
Dunklin
Pemiscot
CHARACTERISTICS
FINANCIALS (2007-11)
2385 acres operated
79% owned
19% share leased
2% cash leased
Operator assets (market)
Return on oper. assets
Term debt capacity (median)
150 beef cows, raise steers to 700 lbs
Crop 1800 acres, plant 2400
Dryland corn
360 acres
Irrigated corn
160 acres
Grain sorghum
180 acres
st
Soybeans (1 )
500 acres
Wheat
600 acres
Dry DC beans
440 acres
Irrigated DC beans 160 acres
Grass hay
Pasture
185 acres
370 acres
Cash risk score (20%)
$ 4.4 mil
10.1 %
~ 43 %
Low
Low
Net cash farm income
Operating exp/receipts
Gov payments/receipts
$ 325,000
62 %
8.0 %
2007 net returns
2011 net returns
$ 143,000
$ 119,300
Costs and returns per acre
Barton County 1800 acres + 150 beef cows
$400
Annual returns, $ per acre
2004
2005
2006
82
40
26
2007
61
2008
53
2009
55
2010
56
2011
50
Average
55
$350
$300
$250
$200
$150
$100
2004
Receipts
2005
2006
2007
Operating expenses
2008
2009
2010
2011
Total costs no operator draw
Baseline, Jan 2007
Operator costs and returns per acre
10 feedgrain rep farms, averaged 2007-2011
Feedgrain-soybean farms
$600
$500
$400
78
$300
104
$200
$100
198
$0
NWFG2500 NWFG2300
NCFG890
NCFG2050
Operating expenses
NCFG3630
NEFG2600
NEFG2300
NEFG1300
WCFG1800 SWFG1100
Debt service, taxes, cap. replacement
Average
Cash margin
Baseline, Jan 2007
Cash risk ratings for feedgrain group
Farm
Region
Crop acres
1
NW
2500
2
NW
2300
3
NC
890
4
NC
2050
5
NC
3630
6
NE
2600
7
NE
2300
8
NW
1300
9
WC
1800
10
SW
1100
Low
2007-08
Moderate
25%
2009-2011
High
50%
Severe
75%
Baseline, Jan 2007
Operator costs and returns per cow
Average of 5 cow-calf rep farms
Cow-calf farms
$900
$800
$700
$600
$500
$400
$300
2004
Receipts
2005
2006
2007
2008
Operating expenses
2009
2010
2011
Total costs, no draw
Baseline, Jan 2007
Operator costs and returns per cwt
Average of 1250 and 1500 sow farrow-to-finish farms
Multi-site farrow-t0 finish farms
$60
$55
$50
$45
$40
$35
$30
$25
$20
2004
2005
Receipts
2006
2007
2008
Operating expense
2009
2010
2011
Total cost, no draw
Baseline, Jan 2007
Operator costs and returns per cwt
Osage County 200 sows + 125 beef cows + crop acres
Diversified farrow-to-finish—family labor
$70
$65
$60
$55
$50
$45
$40
$35
$30
2004
2005
Receipts
2006
2007
2008
Operating expense
2009
2010
2011
Total cost, no draw
Baseline, Jan 2007
Operator costs and returns per house
Average of two broiler-beef farms
4 and 6 house broiler farms—different integrators
$40,000
$35,000
$30,000
$25,000
$20,000
$15,000
$10,000
$5,000
$0
2003
2004
Receipts
2005
2006
2007
Operating costs
2008
2009
2010
Total costs, no draw
Baseline, Jan 2007
Dairy costs and returns per cwt.
$20
0.51
$15
2.85
$10
12.77
$5
$0
-$5
ECDY150
SWDY85
Operating expenses
SWDY110
SWDY400
SWDY230
Debt service, taxes, cap replacement
Avg
Cash margin
Baseline, Jan 2007
Cash risk trend, nearby 2 years
Low
Moderate
25%
Feedgrain
& Soy
Cotton &
Rice
High
50%
CropBeef
Severe
75%
PorkCrop
Beef
Farms
Dairy
Farms
100%
50%
0%
Nearby, two-year outlook for successive baseline projections:
2005, 2006, and 2007, respectively.
Baseline, Jan 2007
Dairy farms: term debt capacity,
median risk
30
$800
Percent of Operator Assets
25
$600
20
$500
15
$400
$300
10
$200
5
$100
0
$0
ECDY150
SWDY85
SWDY110
SWDY400
SWDY230
Farm Debt Capacity (X $1000)
$700
Debt vs. cash flow risk for sample farm
Term debt capacity is 40 percent, mkt value, oper. assets
Given the five year
outlook, IF the farm has
20 percent term debt on
Jan 1, 2007, THEN the
probability of generating
cash to meet all
obligations is 83 percent.
Probability of Cashflow
1.0
0.9
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0.0
0
20
40
60
80
Term Debt to Asset Ratio Entering Outlook
100
Administration's farm bill proposal
Baseline
 The administration’s
proposal would make
relatively small adjustments to direct payment
rates and loan rates.
 The current counter
cyclical program, would
be triggered by revenue
rather than price.
 Changes are not quite as
simple as the table
implies.
Direct payment rates
Corn, $ per bu
Wheat, $ per bu
Soybeans, $ per bu
Rice, $per cwt
Upland cotton, $ per lb
Proposal
0.28
0.52
0.44
2.35
0.0667
0.28 to .30
0.52 to .56
0.47 to .50
2.35 to $2.52
0.1108
Loan rates (average of 500 outcomes)
Corn, $ per bu
1.95
Wheat, $ per bu
2.75
Soybeans, $ per bu
5.00
Rice, $per cwt
6.50
Upland cotton, $ per lb
0.5200
1.89
2.58
4.92
6.50
0.4185 to .4724
Countercyclical revenue trigger
Corn
Soybeans
Wheat
Upland cotton
Rice
$/acre
344.11
219.74
140.39
517.00
548.05
Northeast 2600 crop acres
Plant 1250 corn, 1250 beans, 100 wheat
Nodaway
Atchison
Worth
Harrison
Scotland
Schuyler
Putnam
Mercer
Sullivan
Gentry
Adair
Clark
Knox
Lewis
Grundy
Holt
Daviess
Andrew
Macon
Linn
DeKalb
Clinton
Caldwell
Chariton
Buchanan
Ralls
Monroe
Randolph
Carroll
Platte
Marion
Shelby
Livingston
Pike
Ray
Clay
Audrain
Saline
Howard
Lincoln
Boone
Montgomery
Lafayette
Jackson
Callaway
Cooper
Johnson
Pettis
Warren
St. Charles
St. Louis
Cass
Moniteau
Osage
Cole
Franklin
Morgan
Henry
Benton
Jefferson
Bates
Miller
Maries
St. Clair
Crawford
Hickory
Vernon
Gasconade
Camden
Ste.
Genevieve
Phelps
Pulaski
Dallas
Cedar
Washington
Perry
Laclede
Dent
Polk
Iron
St. Francois
Madison
Barton
Texas
Dade
Webster
Wright
Wayne
Lawrence
Christian
Douglas
Oregon
Taney
Ozark
New Madrid
Pemiscot
870
$1,000
865
860
855
850
845
840
835
Baseline
2011
Proposal
Ripley
Dunklin
875
2010
Mississippi
Butler
Barry
McDonald
Marketmarket
Receipts receipts
Whole-farm
2009
Stoddard
Carter
Howell
Stone
2008
Scott
Bollinger
Newton
Implications of three provisions of administration’s proposal
Cape
Girardeau
Reynolds
Shannon
Greene
Jasper
2012
Northeast MO 2600 crop acres
Nodaway
Atchison
Plant 1250 corn, 1250 beans, 100 wheat
Worth
Harrison
Scotland
Schuyler
Putnam
Mercer
Sullivan
Gentry
Adair
Clark
Knox
Lewis
Grundy
Holt
Daviess
Andrew
Macon
Linn
DeKalb
Clinton
Caldwell
Chariton
Buchanan
Ralls
Monroe
Randolph
Carroll
Platte
Marion
Shelby
Livingston
Pike
Ray
Clay
Audrain
Saline
Howard
Lincoln
Boone
Montgomery
Lafayette
Jackson
Callaway
Cooper
Johnson
Pettis
Warren
St. Charles
St. Louis
Cass
Moniteau
Osage
Cole
Franklin
Morgan
Henry
Benton
Jefferson
Bates
Miller
Maries
St. Clair
Crawford
Hickory
Vernon
Gasconade
Camden
Ste.
Genevieve
Phelps
Pulaski
Dallas
Cedar
Washington
Perry
Laclede
Dent
Polk
Iron
St. Francois
Madison
Barton
Texas
Dade
Webster
Wright
Cape
Girardeau
Reynolds
Shannon
Greene
Wayne
Jasper
Lawrence
Scott
Bollinger
Christian
Newton
Douglas
Stoddard
Carter
Howell
Stone
Mississippi
Butler
Barry
Oregon
Taney
Ozark
Ripley
McDonald
New Madrid
Dunklin
Pemiscot
Implications of three provisions of administration’s proposal
Whole-farm
direct payments
Direct Payments
46
45
$1,000
44
43
42
41
40
39
2008
2009
2010
Baseline
2011
Proposal
2012
Northeast MO 2600 crop acres
Nodaway
Atchison
Plant 1250 corn, 1250 beans, 100 wheat
Worth
Harrison
Scotland
Schuyler
Putnam
Mercer
Sullivan
Gentry
Adair
Clark
Knox
Lewis
Grundy
Holt
Daviess
Andrew
Macon
Linn
DeKalb
Clinton
Caldwell
Chariton
Buchanan
Ralls
Monroe
Randolph
Carroll
Platte
Marion
Shelby
Livingston
Pike
Ray
Clay
Audrain
Saline
Howard
Lincoln
Boone
Montgomery
Lafayette
Jackson
Callaway
Cooper
Johnson
Pettis
Warren
St. Charles
St. Louis
Cass
Moniteau
Osage
Cole
Franklin
Morgan
Henry
Benton
Jefferson
Bates
Miller
Maries
St. Clair
Crawford
Hickory
Vernon
Gasconade
Camden
Ste.
Genevieve
Phelps
Pulaski
Dallas
Cedar
Washington
Perry
Laclede
Dent
Polk
Iron
St. Francois
Madison
Barton
Texas
Dade
Webster
Wright
Cape
Girardeau
Reynolds
Shannon
Greene
Wayne
Jasper
Lawrence
Scott
Bollinger
Christian
Newton
Douglas
Stoddard
Carter
Howell
Stone
Mississippi
Butler
Barry
Oregon
Taney
Ozark
Ripley
McDonald
New Madrid
Dunklin
Pemiscot
Implications of three provisions of administration’s proposal
Marketing
Loan Benefits
Whole-farm
marketing
loan benefits
2.5
$1,000
2
1.5
1
0.5
0
2008
2009
2010
Baseline
2011
Proposal
2012
Northeast MO 2600 crop acres
Nodaway
Atchison
Plant 1250 corn, 1250 beans, 100 wheat
Worth
Harrison
Scotland
Schuyler
Putnam
Mercer
Sullivan
Gentry
Adair
Clark
Knox
Lewis
Grundy
Holt
Daviess
Andrew
Macon
Linn
DeKalb
Clinton
Caldwell
Chariton
Buchanan
Ralls
Monroe
Randolph
Carroll
Platte
Marion
Shelby
Livingston
Pike
Ray
Clay
Audrain
Saline
Howard
Lincoln
Boone
Montgomery
Lafayette
Jackson
Callaway
Cooper
Johnson
Pettis
Warren
St. Charles
St. Louis
Cass
Moniteau
Osage
Cole
Franklin
Morgan
Henry
Benton
Jefferson
Bates
Miller
Maries
St. Clair
Crawford
Hickory
Vernon
Gasconade
Camden
Dallas
Ste.
Genevieve
Phelps
Pulaski
Cedar
Washington
Perry
Laclede
Dent
Polk
Iron
St. Francois
Madison
Barton
Texas
Dade
Webster
Wright
Wayne
Lawrence
Christian
Douglas
Oregon
Taney
Pemiscot
$1,000
1
0.8
0.6
0.4
0.2
0
Baseline
Proposal
Ripley
New Madrid
1.2
2011
Ozark
Dunklin
1.4
2010
Mississippi
Butler
Barry
McDonald
Whole-farm
countercyclical payments
Countercyclical
2009
Stoddard
Carter
Howell
Stone
2008
Scott
Bollinger
Newton
Implications of three provisions of administration’s proposal
Cape
Girardeau
Reynolds
Shannon
Greene
Jasper
2012
Northeast MO 2600 crop acres
Nodaway
Atchison
Plant 1250 corn, 1250 beans, 100 wheat
Worth
Harrison
Scotland
Schuyler
Putnam
Mercer
Sullivan
Gentry
Adair
Clark
Knox
Lewis
Grundy
Holt
Daviess
Andrew
Macon
Linn
DeKalb
Clinton
Caldwell
Chariton
Buchanan
Ralls
Monroe
Randolph
Carroll
Platte
Marion
Shelby
Livingston
Pike
Ray
Clay
Audrain
Saline
Howard
Lincoln
Boone
Montgomery
Lafayette
Jackson
Callaway
Cooper
Johnson
Pettis
Warren
St. Charles
St. Louis
Cass
Moniteau
Osage
Cole
Franklin
Morgan
Henry
Benton
Jefferson
Bates
Miller
Maries
St. Clair
Crawford
Hickory
Vernon
Gasconade
Camden
Ste.
Genevieve
Phelps
Pulaski
Dallas
Cedar
Washington
Perry
Laclede
Dent
Polk
Iron
St. Francois
Madison
Barton
Texas
Dade
Webster
Wright
Wayne
Lawrence
Christian
Douglas
Oregon
Taney
Ozark
New Madrid
Pemiscot
400
$1,000
395
390
385
380
375
Baseline
2011
Proposal
Ripley
Dunklin
405
2010
Mississippi
Butler
Barry
McDonald
Whole-farm netNCFI
cash farm income
2009
Stoddard
Carter
Howell
Stone
2008
Scott
Bollinger
Newton
Implications of three provisions of administration’s proposal
Cape
Girardeau
Reynolds
Shannon
Greene
Jasper
2012
Cotton farm 1600 acres
670 cotton + 610 beans + 270 rice + 50 milo (520 irrigated)
Nodaway
Atchison
Worth
Harrison
Implications of three provisions of administration’s proposal
Scotland
Schuyler
Putnam
Mercer
Sullivan
Gentry
Adair
Clark
Knox
Lewis
Grundy
Holt
Daviess
Andrew
Macon
Linn
DeKalb
Clinton
Caldwell
Chariton
Buchanan
Ralls
Monroe
Randolph
Carroll
Platte
Marion
Shelby
Livingston
Pike
Ray
Clay
Audrain
Saline
Howard
Lincoln
Boone
Montgomery
Lafayette
Jackson
Callaway
Cooper
Johnson
Pettis
Warren
St. Charles
St. Louis
Cass
Moniteau
Osage
Cole
Franklin
Morgan
Henry
Benton
Jefferson
Bates
Miller
Maries
St. Clair
Crawford
Camden
Hickory
Vernon
Washington
Ste.
Genevieve
Phelps
Pulaski
Dallas
Cedar
Perry
Laclede
Dent
Polk
Whole-farm netNCFI
cash farm income
Gasconade
Iron
St. Francois
Madison
Barton
Texas
Dade
Webster
Wright
Cape
Girardeau
Reynolds
Shannon
Greene
Wayne
Jasper
Lawrence
Scott
Bollinger
Christian
Newton
Douglas
Stoddard
Carter
Howell
Stone
Mississippi
Butler
Barry
Oregon
Taney
Ozark
Ripley
McDonald
New Madrid
Dunklin
Pemiscot
180
160
140
$1,000
120
100
80
60
40
20
0
2008
2009
2010
Baseline
2011
Proposal
2012
Rice farm 2000 acres
630 rice + 640 beans +630 corn + 100 wheat-beans
Nodaway
Atchison
Implications of three provisions of administration’s proposal
Worth
Harrison
Scotland
Schuyler
Putnam
Mercer
Sullivan
Gentry
Adair
Clark
Knox
Lewis
Grundy
Holt
Daviess
Andrew
Macon
Linn
DeKalb
Clinton
Caldwell
Chariton
Buchanan
Ralls
Monroe
Randolph
Carroll
Platte
Marion
Shelby
Livingston
Pike
Ray
Clay
Audrain
Saline
Howard
Lincoln
Boone
Montgomery
Lafayette
Jackson
Callaway
Cooper
Johnson
Pettis
Warren
St. Charles
St. Louis
Cass
Moniteau
Osage
Cole
Franklin
Morgan
Henry
Benton
Jefferson
Bates
Miller
Maries
St. Clair
Crawford
Camden
Hickory
Vernon
Gasconade
Pulaski
Dallas
Cedar
Washington
Ste.
Genevieve
Phelps
Perry
Laclede
Dent
Polk
Iron
St. Francois
Madison
Whole-farm net NCFI
cash farm income
Barton
Texas
Dade
Webster
Wright
Cape
Girardeau
Reynolds
Shannon
Greene
Wayne
Jasper
Lawrence
Scott
Bollinger
Christian
Newton
Douglas
Stoddard
Carter
Howell
Stone
Mississippi
Butler
Barry
Oregon
Taney
Ozark
Ripley
McDonald
New Madrid
Dunklin
Pemiscot
215
210
$1,000
205
200
195
190
185
2008
2009
2010
Baseline
2011
Proposal
2012
Extension Outreach
 Panel facilitators
 Direct to producer meetings



Farm bill specific education
Market outlook, risk management
Over 1000 producers last year
 In service education and interactions with
field faculty
On our website…
Find the latest reports at:
www.fapri.missouri.edu