Cutting Costs

We've all had to do it. Cut costs. When it comes to the family farm, that can mean a whole lot different approach than the urban home. Farm Journal Media has again surveyed farmers and this time it was about cost cutting measures.

GRAY: Some 700 farmers were surveyed giving us a glimpse into some ideas for cutting back. 20.7% of respondents suggested purchasing fewer pesticides, fungicides or insecticides. Another 21.4% said they reduced energy consumption and they did that through better equipment maintenance and/or power generation.

MARTIN: Another 21.4% went out and negotiated lower land rent with their landlord while 22.4% said they increased their variable rate application of fertilizer and crop protection inputs. 25.3% said they cut back by purchasing less traited seed which reduced overall seed costs. Interestingly another group said they bought MORE traited seed to reduce the additional use of herbicide or insecticide.

GRAY: More people, 30.9% decided to buy and apply less fertilizer while 41.3% used no-till or low-till practices. Some farmers just put off making non-equipment capital purchases. The top way farmers saved money...67.9% said they reduced farm equipment purchases.

There were some other ideas including reducing ag consultants and agronomists, restructuring loans, purchasing less crop insurance and cutting back on hired personnel.

And that's Colorado Ag Today. I'm Greg Martin, thanks for listening on the Ag Information Network of the West.