Farm Office Live to be held on April 19 from 10:00 a.m. to 12:00 noon

This month’s webinar will feature the following topics:

  • CAT Tax – Closing Accounts
  • Taxation of Equipment Trade-ins
  • 2024 Crop Input Outlook
  • OSU Fertilizer Survey Q2 Release
  • Dairy Margin Coverage Program
  • Beginning Farmer Tax Credit Update
  • Transferring Operating Assets
  • Beneficial Ownership Reporting Update
  • Trends in Farm Appraisals

Featured presenters will include: Jason Hartschuh (OSU Field Specialist- Dairy Management and Precision Livestock), Clint Schroeder (Program Manager – Farm Business Analysis), Robert Moore (OSU Ag and Resource Law Program), Amanda Bennett (OSU Extension Educator), Barry Ward and Jeff Lewis (OSU Income Tax School Program), and David Marrison and Eric Richer  (OSU Field Specialists -Farm Management) and special guest Tim Harpster.

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

go.osu.edu/farmofficelive

OSU Extension Farm Office Live to be held on Friday, March 15 from 10:00 to 12:00 noon

This month’s webinar will feature the following topics:

  • 2nd Marriages and Transition Planning
  • Legislative Update
  • New Rule for Independent Contractors
  • 2024 Crop Input Outlook
  • Industry Panel on WASDE and Strategies for the 2024 Grain Marketing Plan
  • Hot Topics
  • Upcoming Programs

Featured presenters will include: Robert Moore and Peggy Hall (OSU Ag and Resource Law Program), Barry Ward and Jeff Lewis (OSU Income Tax School Program), and Bruce Clevenger  (OSU Field Specialist -Farm Management).

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

go.osu.edu/farmofficelive

Northeast Ohio Small Farm Financial to be held in Cortland, Ohio on March 9 and 16

By: Lee Beers, Extension Educator – Trumbull County

Small and beginning farmers in NE Ohio are encouraged to participate in the new in-depth farm management educational program! The college will consist of two Saturday courses to be held on the March 9 and March 16, 2024. Both days will run from 9:00 AM – 3:00 PM with lunch included. Both days will be held at the OSU Extension Trumbull County Office, located at 520 West Main St in Cortland, Ohio. This course will offer 10 hours of farm management education that will help start your farm on the path to financial success.

The college is designed to help landowners examine potential ways to increase profits on their small acreage properties. The program is open to all new or aspiring farmers, new rural landowners, small farmers, and farm families looking for new ideas. During this college, participants will be challenged to develop realistic expectations for their new farm business. They will receive information on getting started, identifying the strengths and weaknesses of their property, and developing a farm business plan. Information on farm finances, insurance, liability, labor, and marketing will be covered during the college.

The cost for the college is $100 per participant, with the option to bring an additional family/farm member for $50. This program also qualifies attendees for the Ohio Department of Agriculture’s Beginning Farmer Tax Credit Program. Those interested in receiving this credit would be subject to additional requirements and fees (More information is available later in this release and online). Those interested in registering for this college, please access: https://osu.az1.qualtrics.com/jfe/form/SV_4HqwjHUs1yJGQx8

More information about the college can be obtained by calling the Trumbull County Extension office at 330-638-6783

 

 

 

 

OSU Extension Farm Office Live to be held on Friday, February 16 from 10:00 to 11:30 a.m.

OSU Extension and the Farm Office Team is pleased to be offering the “Farm Office Live” webinar on Friday, February 16, 2024 from 10:00 to 11:30 a.m.

This month’s webinar will feature the following topics:

  • Ag & Natural Resources State Update
  • Reporting for the Corporate Transparency Acy
  • 2024 Crop Input Outlook
  • OSU Extension’s New Food Business Central Course
  • Legislative Round-up
  • Spring Crop Insurance
  • Farm Bill Update – A Panel Discussion
  • Upcoming Programs

Featured presenters will include: Chris Zoller (OSU Extension Interim State ANR Leader), Robert Moore & Peggy Hall (OSU Ag and Resource Law Program), Barry Ward (OSU Income Tax School Director), David Marrison & Eric Richer (OSU Field Specialists -Farm Management), Emily Marrison (Assistant Professor and Family & Consumer Sciences Educator), Clint Schroeder (Program Manager – Ohio Farm Business Analysis Program) and Brandon Kern (Director of Public Affairs and Issues Analysis- Ohio Soybean Association)

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

go.osu.edu/farmofficelive

More information about this program can be accessed at farmoffice.osu.edu

OSU Extension to host Eastern – Ohio Small Farm Conference – April 6, 2024 at the Mid – East Career Technical Center Buffalo Campus, Senecaville, Ohio

By: Julie Wayman, Community Development Educator -OSU Extension Ashtabula County

Ohio State Extension announced plans to host a Small Farm Conference in Senecaville, Ohio on April 6, 2024. The theme for this year’s Mid-Ohio Small Farm Conference is “Sowing Seeds for Success.”

Click here to access 2024 Small Conference Brochure

Conference session topics are geared to beginning and small farm owners as well as to farms looking to diversify their operation. There will be five different conference tracks including: Horticulture and Produce Production, Business Management, Livestock, Natural Resources and new this year The Farm Kitchen.  Some conference topic highlights include: Raising Meat Rabbits, Making Goat Milk Soap, Timber Harvesting and Marketing, Basics of Growing PawPaw’s, Food Preservation Basics, Herb Vinegars, Organic Pest Management, Growing Produce with Hydroponics, Starting and Setting up a business, Solar and Wind Leasing.

Anyone interested in developing, growing or diversifying their small farm is invited to attend including market gardeners, farmers market vendors, and anyone interested in small farm living. Attendees will have the opportunity to browse a trade show featuring the newest and most innovative ideas and services for their farming operation. The conference provides an opportunity to talk with the vendors and network with others.

The Conference will take place from 8:30 a.m. – 3:30 p.m. at the Mid – East Career Technical Center – Buffalo Campus located at 57090 Vocational Road Senecaville, Ohio 43780

The registration fee for this all day conference is $100 per person. For conference and registration information call OSU Extension Morrow County 419-947-1070, or OSU Extension Knox County 740-397-0401.

Please follow this link to register for the conference: https://go.osu.edu/2024osusmallfarmconference

 

 

 

 

Ohio Crop Production and Enterprise Benchmarking for 2022

By: PhD student Xiaoyi Fang and Professor Ani Katchova, Farm Income Enhancement Chair, in the Department of Agricultural, Environmental, and Development Economics (AEDE), and Clint Schroeder, Farm Business Analysis Program Manager, Ohio State University Extension.

Click here to access the pdf version of the report

The Ohio Farm Business Analysis and Benchmarking Program, conducted by the Ohio State University Extension, offers benchmark reports for Ohio farms, summarizing farm business management, particularly in crop production. These reports provide insights on 38 key measures from crop enterprise analysis, covering income, expenses, and efficiency measures. In 2022, the program included 36 corn enterprises and 31 soybean enterprises, allowing participants to compare their performance against similar Ohio enterprises. Benchmark reports are tailored to crop type (corn or soybeans) and land tenure (owned or cash rented). The data on physical production, gross returns, direct and overhead costs, and net returns per acre offers valuable insights to farmers.

Corn and Soybean Production for Owned Land and Cash Rented Land

In 2022, 16 Ohio corn producers with owned land, with an average of 127 acres per enterprise for corn production, had a yield of 191.96 bushels per acre and an average corn value of $5.98 per bushel. This resulted in an average gross return of $1155.89 per acre. For the 20 corn enterprises on cash rented land in Ohio, the average enterprise size was 195.87 with a yield of 188.78 bushels per acre and a corn value of $6.10 per bushel, leading to an average gross return of $1166.69 per acre.

In Ohio, 12 soybean enterprises on owned land operated at an average of 133.47 acres in 2022. They had a gross return of $704.13 per acre, with a yield of 51.43 bushels per acre and an average soybean value of $13.6 per bushel. The 19 soybean enterprises on cash rented land had an average operation size of 279.3 acres. These enterprises earned an average return of $769.33 per acre, with a yield of 55.08 bushels per acre and an average value of $13.79 per bushel.

Direct Expenses of Crop Production

For cash rent corn enterprises, the cost of production for corn was $5.43 per bushel in 2022, including labor and management charges. Direct expenses averaged $807.45 per acre, with around 60% allocated to land rent, seed, and fertilizer.

Likewise, for cash rent soybean enterprises, the cost of production for soybeans was $11.81 per bushel, also including labor and management charges. Direct expenses averaged $520.91 per acre, with around 30% allocated to land rent.

For enterprises with owned land, the cost of production for corn was $5.36 per bushel in 2022, including labor and management charges. Direct expenses averaged $712.29 per acre, with more than half allocated to seed and fertilizer.

Similarly, for soybean enterprises with owned land, the cost of production for soybeans was $11.77 per bushel, also including labor and management charges, with direct expenses averaging $366.74 per acre.

Enterprises with owned land typically incur lower overall production costs per bushel for both corn and soybeans compared to cash rent enterprises. Cash rent enterprises incur higher direct expenses per acre for both crops, primarily due to significant land rent costs. Notably, corn production tends to be less costly per bushel than soybean production for both enterprise types. Land rent is a crucial cost component for cash rent enterprises but is not a direct expense for owned land enterprises.

Government Payments for Crop Production

In 2022, government payments for corn producers on cash rented land averaged $4.09 per acre, while soybean producers received an average of $2.23 per acre.

Government payments for corn producers on owned land averaged $2.47 per acre. Conversely, due to the small sample size, government payments were not reported by the 12 soybean enterprises on owned land.

The Bottom Line of Crop Production

For Ohio’s owned land corn enterprises in 2022, net returns averaged $119.62 per acre, considering all direct, overhead and management expenses, as well as contributions from government payments. Notably, the net returns were lower than those observed in corn enterprises on cash rented land, where the net return over labor and management stood at $127.28 per acre. The net returns for soybeans on owned land were $94.26 per acre, which were lower than the net returns of $109.13 per acre for soybean enterprises on cash rented land.

References:

Schroeder C. and Shoemaker, H. ”2022 Ohio Farm Business Summary.” Ohio State University Extension, September 2023.

Regional Ag Outlook and Policy Meetings Set for 2024

By: Mike Estadt, OSU Extension estadt.3@osu.edu

Ohio State University Extension will present its 2024 Regional Agricultural Outlook and Policy Meetings starting in late January and continuing into February. OSU Extension is the outreach arm of Ohio State’s College of Food, Agricultural, and Environmental Sciences, and the main sponsor of the meetings. Economists from the CFAES Department of Agricultural, Environmental, and Development Economics, Extension specialists in tax policy, ag law and meteorology, along with other college specialists and invited guests, will serve as speakers.

Held throughout the state, the outlook meetings will address agricultural topics of interest not only in Ohio, but across the Corn Belt as well. Programs will include presentations on grain market outlook; the dairy industry; agricultural law updates; Ohio’s changing climate; energy outlook, international economic outlook, farm real estate values and cash rent trends; grain transportation infrastructure; agricultural input price projections; and federal tax updates. Bearish price projections, world conflicts and lower farm income projections make these program important as you plan for the year ahead. University experts and industry representatives will give the latest information on what to expect.  “Outlook meetings have useful take- aways that I have seen farm managers use directly for the upcoming season and planning for the future of the farm business.  Farmers are the CEOs of their farm and collecting unbiased information and putting it into action is essential for success”, according to Bruce Clevenger, Extension Farm Management Field specialist.

Here is a current list of Extension opportunities for ag policy, outlook and grain marketing topics. Check with the local contacts for more information regarding specific topics and times.

January 22, 2024- Friendly Hills Camp and Conference Center, Zanesville, Ohio.

Contact: Clifton Martin (martin.2422@osu.edu)

https://go.osu.edu/2024dinner

 

January 23, 2024- Jewell Community Center, Defiance , Ohio

Contact: Kyle Verhoff (Verhoff.115@osu.edu)

https://defiance.osu.edu/events/2024-farm-outlook-meeting

 

January 23, 2024- Napoli’s Pizza, Belpre, Ohio

Contact: Ed Brown (brown.6000@osu.edu)

https://go.osu.edu/SEcrops

 

January 25th, Plaza Inn, 491 S. Main St. Mt. Victory Ohio.

Contact Mark Badertscher (Badertscher.4@osu.edu)

https://hardin.osu.edu/sites/hardin/files/imce/Tillage%20Club%20Flyer%202024.pdf

 

January 30, 2024, 2022- Emmett Chapel, Circleville, Ohio.

Contact: Mike Estadt (estadt.3@osu.edu)

web: https://go.osu.edu/pickawayoutlook

 

February 6, 2024 Allen County Fairgrounds-Youth Activities Building.

Contact: Nic Baumer (baumer.15@osu.edu)

https://u.osu.edu/allenanr/upcoming-programs/ag-outlook-and-agronomy-day/

 

February 23, 2004- Der Dutchman Restaurant, Plain City, Ohio.

Contact: Wayne Dellinger (Dellinger.@osu.edu) web:

https://go.osu.edu/TriCountyOutlook

 

Farm Office Live Webinar to be held on January 19 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, January 19 from 10:00 to 11:30 a.m.

This month’s webinar will feature the following topics:

  • Production and Accounting Goals
  • Ohio Farm Business Analysis and Benchmarking Program
  • Grain Marketing Update
  • Ohio Farm Resolution Services
  • Upcoming Programs
  • Solar Development in Ohio Panel Discussion

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

go.osu.edu/farmofficelive

More information about this program can be accessed at farmoffice.osu.edu

 

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: https://go.osu.edu/register4fol

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: https://go.osu.edu/register4fol

For more information, contact Barry Ward at ward.8@osu.edu or Jeff Lewis at lewis.1459@osu.edu

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 go.osu.edu/farmsuccession

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 marrison.2@osu.edu or 740-722-6073.