Farmer and Farmland Owner Income Tax Webinar

Farmer and Farmland Owner Income Tax Webinar
Barry Ward & Jeff Lewis, OSU Income Tax Schools

Are you a farmer or farmland owner wanting to learn more about the recent tax law issues? If so, join us for this webinar on Friday, December 15th, 2023 from 10am to noon. This webinar is a part of our Farm Office Live Series and serves as our Farm Office Live! Webinar for December. To register for this webinar go to:

This webinar will focus on issues related to farmer and farmland owner income tax returns as well as the latest news on CAUV and property taxes in Ohio and the big changes to the Ohio Commercial Activity Tax (CAT). This two-hour program will be presented in a live webinar format via Zoom by OSU Extension Educators Barry Ward, David Marrison and Jeff Lewis along with Purdue faculty member Dr. Michael Langemeier. Individuals who operate farms, own property, or are involved with renting farmland should participate.

Topics to be discussed during this webinar include (subject to change based on tax law change):

  • Economic Outlook
  • Depreciation Update
  • Employee vs. Independent Contractor
  • Corporate Transparency Act/Beneficial Owners Information Reporting
  • 1099-K Changes
  • Charitable Remainder Trusts
  • Basis Allocation Land Acquisition – Allocating Basis to Residual Fertility for Future Deductions
  • Defining Farm Income to Avoid Paying Estimated Tax
  • Keeping an Eye Forward on Estate/Gift Tax Limitation
  • Reminder – Keeping an Eye on Tax Cuts and Jobs Act Provisions Sunsetting After 2025 Tax Year
  • Ohio Tax Update (CAUV/Property Tax Update, CAT Changes, Beginning Farmer Tax Credit, Ohio Tax Law Interpretation – Ohio Supreme Court Issues New Ruling)
  • Indiana Tax Update

To register:

For more information, contact Barry Ward at or Jeff Lewis at

Announcing our “Planning for the Future of Your Farm” Winter Workshops

By: Peggy Hall, David Marrison and Robert Moore, OSU Extension

If you and your family are grappling with the critical issue of how to transition the farm operation and farm assets to the next generation, OSU Extension is here to help.  Attend one of our “Planning for the Future of Your Farm” workshops this winter to learn about the communication and legal strategies that provide solutions for dealing with farm transition needs and decision making.  We’ve scheduled both a webinar version and several in-person options for the workshop, with the first in-person workshops coming up soon on December 7 in Celina, Ohio.

This workshop challenges farm families to actively plan for the future of the farm business.  Learn how to have crucial conversations about the future of your farm and gain a better understanding of the strategies and tools that can help you transfer your farm’s ownership, management, and assets to the next generation. We encourage parents, children, and grandchildren to attend together to develop a plan for the future of the family and farm.

Teaching faculty for the workshop are David Marrison, OSU Extension Farm Management Field Specialist, and Robert Moore, Attorney with the OSU Agricultural & Resource Law Program. Topics which will be covered in the workshop include:

  • Developing goals for estate and transition planning
  • Planning for the transition of control
  • Planning for the unexpected
  • Communication and conflict management during farm transfer
  • Federal estate tax challenges
  • Tools for transferring assets
  • Tools for avoiding probate
  • The role of wills and trusts
  • Using LLCs
  • Strategies for on-farm and off-farm heirs
  • Strategies for protecting the farmland
  • Developing your team
  • Getting your affairs in order
  • Selecting an attorney

Webinar version.  You and your family members can attend the workshop individually from the comfort of your homes.  The four-part webinar series will be February 5, 12, 19, and 26, 2024, from 6:30 to 8:30 p.m. via Zoom. Pre-registration is required so that a packet of program materials can be mailed in advance to participating families. Electronic copies of the course materials will also be available to all participants. The registration fee is $75 per farm family.  Register by January 22, 2024 in order to receive course materials in time. Click here to register

In-person workshops.  Our local Extension Educators are hosting in-person workshops at five regional locations across Ohio. Registration costs vary by location due to local sponsorships. Click on the links below to access the individual registration information for each location:

Registration is required.  Find registration information for all workshops at

We hope you’ll join us to move forward on planning for the future of your farm!  For questions about the workshop, please contact David Marrison at or 740-722-6073.

Summary Paper of the November Coffee and Grain Marketing Webinar Available

By: Seungki Lee, Assistant Professor, Department of Agricultural, Environmental and Development Economics

A summary paper of the “Coffee and Grain” Marketing update which was held on Friday, November 17 has been released by OSUE.  This summary paper shares the market analysis of the November USDA WASDE Report.

Click here to access PDF of the report

The recording of the “Coffee and Grain” Market Update can be viewed at:

This program is sponsored by the Ohio Soybean Council

More information can be obtained by contacting Dr. Lee at:

Seungki Lee Assistant Professor,

Pasture, Rangeland and Forage (PRF) Insurance Enrollment Closes December 1.

by: Eric Richer, Mike Estadt, Aaron Wilson (OSU Extension)

Those producers who have grazing and/or forage production as a part of your operation may consider Pasture, Rangeland and Forage (PRF) insurance as part of a production risk management strategy.  Our colleague, Mike Estadt, Extension Educator, Pickaway County, introduced our readers to the product in this article in November 2021. Extension Livestock Marketing Specialists Dr. Kenny Burdine (Unv. of Kentucky) and James Mitchell (Unv. of Arkansas) have since discussed PRF insurance here: Burdine and Mitchell.

This article shall serve as a quick review of the insurance product.  PRF is a single-peril (rainfall only) and area-based insurance product. It covers less than average rainfall levels in a particular grid up to the level of coverage that a farmer selects. Normal rainfall and deviations from normal rainfall are measured through the National Oceanic and Atmospheric Administration Climate Prediction Center (NOAA CPC). Area-based means that indemnity payments will not be based upon individual producer’s experience, rather, payments will be based upon a grid’s deviation from historically normal rainfall.  A producer will have to make several choices including the coverage level of forage production they wish to insure, the rainfall index (months of precipitation), the productivity level of the field or fields they wish to enroll and the number of acres they wish to insure.

To sign up or find out more about this product, we encourage you to first meet with your crop insurance agent (we are not insurance agents).  If you do not already have an insurance agent, the United State Department of Agriculture-Risk Management Association (USDA-RMA) has an agent locator which may be helpful.

Second, you will want to make sure your pastures, rangelands, or forage (hay) fields have a farm serial number (FSN) at the local Farm Service Agency office (ie. you have reported your crop acres by the required deadlines). Those reported acres will allow you to identify the grid in which your FSN is located. Furthermore, and unlike many other crop insurance policies, you only need enroll a portion of your reported acres. For example, if you only want to enroll 10 acres out of 100 total alfalfa acres, you can. Total reported PRF acres will limit your maximum enrollment.

The third step would be to identify your grid where coverage is sought. A grid in PRF insurance is approximately 17 square miles. Here is RMA’s grid locator tool.

The product then requires you to select at least two but no more than five, 2-month periods in which you want covered.  No one month can be selected in more than one period (ex. you must select June-July or July-August; July cannot be selected twice). Finally, these 2-month periods do not need to coincide with normal forage or pasture production months.

The fifth step is to customize their policy based upon each crop in each grid with a productivity index (PI) ranging from 60% to 150% of the county-based value of production.  For example, a pasture may get a lower PI than a highly productive forage alfalfa crop. Lower PI’s translate into lower premiums and higher PI’s to higher premiums, relatively speaking. Selecting a PI of 100% would assume that you want to insure “normal” production.

Finally, a producer will need to select a coverage level from 70%-90% in 5% increments, like other crop insurance products.  Coverage levels can vary by crop (ex. Alfalfa for forage can have different coverage than red clover for forage).

Indemnities are triggered when the NOAA CPC rainfall falls below the average for the specific 2-month at the level of coverage identified in the policy.  The productivity index (PI) is factored into the indemnity payment at the index level selected. Future articles will address indemnity scenarios.

Overall, the PRF insurance product allows for significant customization by crop, grid, productivity index, and coverage level. It is important to remember that it only protects against low rainfall periods, not periods of excess precipitation. RMA does provide a decision support tool to evaluate historic weather data by grid and month and potential premiums and indemnities. Decision Support Tool.

A 2024 Weather Outlook from a 10,000-foot view.

NOTE: The following is intended to highlight national climate outlook products. The information in this article is NOT A FORECAST and should not be considered as such when deciding on an individual’s participation in the PRF insurance product.

Predicting the weather more than a few days out comes with a high degree of risk, and using historical observations under certain conditions in the past does not guarantee the same outcomes under similar conditions in the future. However, meteorologists analyze long-term weather patterns to get a sense of what might be expected when similar conditions are present.

Currently, the globe is experiencing a strong ‘El Nino’ – an oceanic-atmospheric phenomenon where the sea surface temperatures in the tropical Pacific Ocean are warmer than usual. This often leads to changes in the weather including weakening trade winds in the tropical Pacific region, an extended Pacific jet stream causing wetter than unusual conditions to spread across the southern United States, and warmer, drier conditions across the northern U.S. during the winter season. [For more information, please visit NOAA: National Ocean Service].

The National Oceanic and Atmospheric Administration recently released its 2023-2024 U.S. Winter Outlook, and updated seasonal outlooks throughout 2024 are available at the Climate Prediction Center. 


Burdine, Kenny. “Consider Pasture, Rangeland, and Forage Insurance as a Risk Management Tool.” Ohio BEEF Cattle Letter. Department of Extension, College of Food, Agricultural, and Environmental Sciences, Ohio State University, November 2, 2022.

Estadt, Mike. “Pasture, Rangeland, Forage (PRF) Enrollment Open; A Risk Management Tool Cattlemen Should Consider.” Ohio BEEF Cattle Letter. Department of Extension, College of Food, Agricultural, and Environmental Sciences, Ohio State University, November 3, 2021.

Mitchell, James. “Introduction to Pasture, Rangeland, and Forage Insurance for Forage Risk Management.” Cattle Market Notes Weekly. Departments of Extension; University of Arkansas, University of Kentucky, Mississippi State University.

“Pasture, Rangeland, Forage Frequently Asked Questions. United States Department of Agriculture-Risk Management Agency. October 14, 2022.

“What are El Nino and La Nina?” National Oceanic and Atmospheric Administration.


Registration Open: Basics of Grain Marketing Workshop February 8 & 9

By: Wm. Bruce Clevenger, Field Specialist, Farm Management

Registration is now open for the Basics of Grain Marketing Workshop, February 8 & 9, 2024 at the OSU Extension Union County Office in Marysville, Ohio.  This in-person workshop offers education and farm ready strategies on topics such as: basis, market carry, margins, cash markets, forward and futures contracts, hedge to arrive and basis contracts, differed price, hedging, storage, and overviews on options, spreads, and crop insurance.  It’s “more than a 2-day workshop”, featuring pre-workshop virtual lesson on calculating grain cost of production and measure of risk comfort. Workshop content will include workshop content and activities, plus a panel of industry professionals.  A post-workshop grain marketing peer group will be offered to strengthen learning into action.  The workshop has 35 limited seats.

Expert instructors: Seungki Lee, The Ohio State University, Grant Gardner, University of Kentucky, and Ben Brown, University of Missouri.  For more information and registration, visit

This workshop is possible by the support of grower checkoff dollars via the Ohio Soybean Council and Ohio Corn & Wheat.  This workshop is led by Ohio State University Extension and the Ohio State University Farm Financial Management & Policy Institute.

Farm Office Live Webinar to be Held November 17 from 10:00 to 11:30 a.m.

The OSU Extension Farm Office Team is pleased to be offering a “Farm Office Live” Zoom webinar on Friday, November 17 from 10:00 to 11:30 a.m.

This month’s webinar will feature the following topics:

  • Ohio’s role in organic grain production – Eric Richer, OSU Extension Field Specialist, Farm Management  
  • Using Charitable Remainder Trusts – Robert Moore, Attorney and Research Specialist, OSU Agricultural and Resource Law Program
  • Agronomy and Farm Management Podcast – Josh Winters, OSU Extension Educator and Bruce Clevenger, OSU Extension Field Specialist, Farm Management 
  • Farm Business Analysis — Clint Schroeder, Program Manager, OSU Extension Farm Business Analysis Program
  • Farmer Mental Health Concerns and Resources — Bridget Britton, Behavioral Health Field Specialist, Agriculture and Natural Resources
  • Foreign Ownership of Farmland – Panel discussion — Peggy Hall (Attorney and Director, OSU Agricultural & Resource Law Program) with Micah Brown (Attorney with National Agricultural Law Center)

To register for this program (or to access replays of previous programs):

More information about this program can be accessed at


Coffee and Grain Marketing Talk Scheduled for Friday November 17

OSU Extension invites Ohio soybean and corn producers to grab a cup of coffee this Friday morning, November 17,  and tune in for Coffee and Grain Marketing with Dr. Seungki Lee from 7:30 to 8:00 a.m. via Zoom.

The latest World Agricultural Supply and Demand Estimates (WASDE) crop report was released last week. Tune in to see what this month’s report might mean for producers and their marketing strategies as work to complete harvest across Ohio. Attend and learn more about:

1) US Production Estimates (based on the Nov 9 WASDE report)

2) Continuous low water level in the Mississippi River

3) Brazil production forecast

Farmers and ag business personnel are encouraged to bring their questions to this early morning conversation. There is no fee to attend any of these webinar sessions. Pre-register at:

Click here to access a program flyer

The sponsors of this event include: OSU Extension, the  Ohio Soybean Council, Farm Financial Management & Policy Institute (FFMPI), and the Department of Agricultural, Environmental and Development Economics (AEDE)

Register Now for the January 4-5 Ohio State Organic Grains Conference

By: Eric Richer, Field Specialist-Farm Management

Registration is open for the 2nd annual Ohio State Organic Grains Conference, January 4-5, 2024 at the Maumee Bay Lodge and Conference Center near Toledo, Ohio. The 2024 conference offers programming for experienced organic growers, growers transitioning to or considering organic, and consultants or educators who support these growers. Featured speakers will include Klaas Martens from Lakeview Organic Grain in New York; Léa Vereecke from Rodale Institute; former Ohio State soil fertility specialist Steve Culman; and Eugene Law, currently of USDA-ARS, but soon to be an Ohio State assistant professor in weed ecology.

Take advantage of Early Bird pricing and register now. The cost of $100 per person includes two days of quality programming, meals throughout the event, and opportunities to network with organic farmers in the region as well as speakers and trade show vendors.

This event is brought to you by Ohio State University Extension and Ohio State’s Organic Food & Farming Education and Research (OFFER) program. Continuing education credits will be available for Certified Crop Advisors (CCAs). For more information, visit

For more information, contact:

Eric Richer, The Ohio State University

Assistant Professor / Farm Management Field Specialist



Farm Office Live to be held on October 20 at 10:00 a.m.

The OSU Extension Farm Office Team is pleased to be offering a “Farm Office Live” Zoom webinar on Friday, October 20 from 10:00 to 11:30 a.m.

This month’s webinar will feature the following topics:

Federal Farm Program Assistance Update

Legislative Update

A Look at Upcoming Farm Management Programs

Crop Input Outlook for 2024

Handing an Insurance Claim

Farm Bill Update

Featured Farm Office Team members include Bruce Clevenger, Jeff Lewis, David Marrison, Eric Richer, and Barry Ward.

To register for this program (or to access replays of previous programs):

More information about this program can be accessed at

Post-Black Sea Grain Deal: What’s Happening to Wheat Prices?  

By: Ian Sheldon, Professor and Andersons Chair of Agricultural Marketing, Trade, and Policy, Agricultural, Environmental, and Development Economics, Ohio State University and Chris Zoller, Associate Professor and Extension Educator, Agriculture & Natural Resources, Ohio State University Extension – Tuscarawas County

Click here for PDF version of this article

Aftermath of Grain Deal Ending

The Black Sea grain export deal originally signed by Ukraine, Turkey, Russia, and the United Nations (UN) on July 22, 2022 (USDA, Foreign Agricultural Service, Grain: World Markets and Trade, August 2022) was abandoned on July 17, 2023, when Russia formally withdrew from the deal (Financial Times, July 17, 2023).  Despite bilateral diplomatic efforts by Turkey’s President Erdogan to renew the deal, President Putin has continued to restate his opposition until Russian concerns about its own grain exports are addressed (New York Times, September 4, 2023), a position recently reinforced by Russian Foreign Minister Sergei Lavrov at the UN, where he rejected their most recent proposal on reviving the grain deal as “unrealistic” (Reuters, September 23, 2023).  At present, it seems very unlikely that the Black Sea deal will be revived, one that saw close to 33 million metric tons of grains and oilseeds being shipped to 45 countries (Black Sea Grain Initiative Joint Coordination Center, July 2023).  Critically, in the aftermath of the deal collapsing, a series of events have impacted wheat price volatility.

Attacks on Ukrainian Ports

There have been successive Russian attacks on Ukrainian port facilities and its grain handling infrastructure, aimed at stopping their exports.  These attacks began immediately after the grain deal collapsed, with Russian shelling grain terminals in the ports of Odesa and Chornomorsk, destroying 60,000 tons of grain in the process (Bloomberg, July 19, 2023).  At the same time, Russia resumed its blockade of Ukrainian ports on the Black Sea, warning that any vessel operators attempting to run the blockade would be considered as “potential carriers of military cargo” (New York Times, July 20, 2023).  Not surprisingly, this was followed by a significant jump in wheat futures (Bloomberg News, July 19, 2023).  Subsequent to this, the Russians attacked the ports of Kherson in southern Ukraine, and the ports of Reni and Izmail on the Danube River in late-July/early-August (Reuters, July 24, 2023; New York Times, July 29, 2023; Financial Times, August 2, 2023), the latter being a key part of Ukraine’s alternative grain export route, all three attacks generating upward pressure on wheat futures (Wall Street Journal, July 24, 2023; Bloomberg News, August 2, 2023) (see Figure 1)

Figure 1: Key Black Sea Ports

Retaliatory drone attacks by Ukraine on a Russian naval vessel near the port of Novorossiysk (Bloomberg News, August 4, 2023), and an oil tanker in the Kerch Strait near Crimea (Financial Times, August 5, 2023) in early-August only served to ratchet up tensions in the Black Sea, wheat futures rising in both instances (Bloomberg News, August 4 and 7, 2023), with observers suggesting that “…the Black Sea has become an increasingly dangerous cauldron of military and geopolitical tensions…” (New York Times, August 9, 2023).  This pattern has continued, a Russian naval vessel firing a warning shot at a cargo ship in the southwestern Black Sea (Reuters, August 14, 2023), as well as drone strikes on grain elevators at the ports of Reni and Izmail (Reuters, August 16, 2023; Reuters, August 2023), all three attacks causing wheat futures to push up (Bloomberg News, August 14, 16, 23, 2023).  Most recently, the Russians repeated their attacks on the ports of Odesa (Financial Times, September 25), and Izmail (New York Times, September 26, 2023).

Efforts to Maintain Ukrainian Exports

While Russia has been attacking Ukrainian port facilities, there has been an effort to establish a safe corridor for merchant shipping from Ukrainian ports of Pivdennyi, Odesa, and Chornomorsk through the Black Sea and onward.  Moves to develop a “humanitarian” corridor for merchant shipping began in early-August with the objective of allowing the exit of vessels trapped in Ukraine’s ports since Russia’s invasion, and not covered by the Black Sea grain deal.  These efforts were initially seen as a test of Ukraine’s ability to reopen sea lanes given Russia was re-imposing a blockade, and also uncertainty as to whether shipowners, marine insurers, and ship captains would be willing to participate in the plan (Wall Street Journal, August 11, 2023; Reuters, August 10, 2023).

Based on this corridor, the first vessel, a German/Chinese-owned cargo ship the Joseph Schulte, made safe passage from Odesa to Istanbul (Financial Times, August 18, 2023), followed by a Liberian flagged ship the PRIMUS (Reuters, August 27, 2023).  The corridor itself is based on vessels hugging the coastline of Romania, Bulgaria and Turkey, all members of NATO, which is expected to act as a deterrent against Russia attacking merchant shipping in their territorial waters (see figure 2).  More recently, merchant vessels have begun entering the Black Sea using the corridor in order to load Ukrainian grain for export (Reuters, September 16, 2023), two vessels leaving Chornomorsk in quick succession loaded with wheat bound for Asia and Egypt respectively (Financial Times, September 19, 2023; Reuters, September 22, 2023).  Although wheat futures softened after the first vessel sailed, it is still too early to evaluate whether this will have a significant impact on Ukrainian grain exports, with markets waiting to see the Russian response (Bloomberg News, September 19, 2023)

Figure 2: “Humanitarian” Shipping Corridor

Along with establishing a “humanitarian” corridor, there have been efforts to maintain the so-called “Solidarity Lanes” originally established on the border between Ukraine and the European Union after the Russian invasion and predating the Black Sea grain deal.  One lane consists of use of the inland Danube River ports of Izmail and Reni, which lie across the river from the Romanian port of Constanta, some bulk carriers subsequently sailing back out to the southwestern Black Sea. The second lane is via rail and road through the eastern EU member countries of Bulgaria, Poland, Hungary, Romania and Slovakia.  Between July 2022 and July 2023, 50 percent of Ukraine’s exports were from their Black Sea ports under the grain deal, the remainder being 26 percent via the Danube ports, and 24 percent via the land routes (Wall Street Journal, July 28, 2023) (see figure 3).  At the same time, 95 percent of Russian grain exports came from their Black Sea ports of Taman, Novorossiysk, and Tuapse (USDA, Foreign Agricultural Service).

Figure 3: Black Sea Grain Export Routes

Not surprisingly, the cost of exporting grain via the Danube River or over land is four to five times greater than via the Black Sea ports, (Wall Street Journal, August 26, 2023).  Therefore, without expansion of capacity of the land routes, and if Russian attacks on the Danube River ports continue, Ukrainian farmers are likely to face further downward pressure on their margins.

The situation has not been helped by rekindling of tensions between the EU and its eastern member countries over the land routes.  Earlier this year, with grain exports affecting farm revenues in Poland, Romania, Slovakia, Hungary and Bulgaria (Bloomberg News, April 2, 2023), pressure was placed on the EU for tariffs to be restored on imports from Ukraine (Reuters, March 31, 2023).  The response of the EU was to permit these countries to ban domestic sales of Ukrainian wheat, corn, rapeseed and sunflower seeds, while permitting their transit for export elsewhere (Reuters, September 18, 2023).  Despite pressure from these countries, the European Commission chose to end the grain import ban on the grounds that “… ‘market distortions’ in the member states bordering Ukraine had ‘disappeared’ since the temporary ban was introduced in May…” (Financial Times, September 15, 2023).  In addition, Ukraine agreed to take steps to avoid a surge in grain exports to the EU (Wall Street Journal, September 16, 2023).

The immediate response by Poland, Hungary, and Slovakia was to introduce their own unilateral import bans (New York Times, September 17, 2023), with Ukraine moving to file a complaint against all three countries at the World Trade Organization (WTO) (Bloomberg News, September 18, 2023).  While this has created tension, particularly between Poland and Ukraine (New York Times, September 31, 2023), the EU also faces a dilemma over application of its common trade policy.  On the one hand, Germany, France, and Spain have all pointed out that the actions of Poland, Hungary, and Slovakia are in violation of core EU rules (Financial Times, September 18, 2023), but at the same time the European Commission, who represents the bloc at the WTO, have been placed in a difficult position about whether or not to defend the unilateral policies of three of its member states (Financial Times, September 20, 2023).  Recently though, efforts by Ukraine to license its grain exports to both Slovakia and Poland have lowered the temperature, Ukraine subsequently halting its action against Slovakia at the WTO (Washington Post, September 22, 2023).

What’s Happening to Grain Prices?

There is no doubt that since the breakdown of the Black Sea grain deal, increased uncertainty has affected grain markets.  Focusing on options prices, the implied volatility for wheat has risen from 40 to 50 percent, where implied volatility is the market’s measure of expected risk of price changes embedded in options prices (Carter and Steinbach, ARE Update, July/August 2023).  However, despite the increased volatility, wheat futures have fallen by more than a fifth since the grain deal ended and are now at a three-year low (Financial Times, September 20, 2023) (see figure 4).

Figure 4: Wheat Futures Prices

Prices have fallen with Russia set to have a large wheat harvest, and the expectation it will account for 22.5 percent of global exports in 2023/24, making it the world’s largest exporter (Bloomberg News, September 16, 2023; Financial Times, September 2021).  But optimism may be short-lived given the potential for tensions in the Black sea region to escalate further, and the weight of derivatives bets on falling prices.  Commodity market analysts have pointed out that the wheat futures price is currently below its underlying value, raising the risk that if there were an unexpected supply shock, wheat prices would jump as traders buy futures contracts to cover their losses (Financial Times, September 21, 2023).

Use of the Black Sea “humanitarian” shipping corridor appears to be gaining momentum, the Ukrainian navy recently reporting 12 new vessels entering and 10 leaving (Reuters, October 4), with full war risks coverage being offered by major marine insurance broker Miller (Bloomberg News, October 2, 2023). However, safety concerns remain an issue, British intelligence sources indicating Russia has clear capability of laying mines in the approaches to Ukraine’s Black Sea ports (The Guardian, October 4, 2023).  Bottom line:  expect wheat and other grain prices to remain volatile in the current geopolitical environment.

This article reiterates what we’ve always known – agriculture competes in a global environment and many factors impact prices.  While some of these factors are outside your control, we encourage farmers to focus on those that can be controlled.  Develop, evaluate, and reevaluate production, financial, and marketing plans as you navigate these continued unc