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December 1, 2016
KFMA Newsletters
again on down the road.
Other Date Changes:
2016 … complicated. The tax laws and other legal matters discussed in … impossible to give
solutions other than in a general guideline …
September 1, 2008
KFMA Newsletters
depreciation. Other costs included in the budget … on 2008 crop losses. The other
confusing fact is ACRE is … NAP fees on
pasture and other uninsured crops. Farmers …
September 26, 2008
KFMA Newsletters
depreciation. Other costs included in the budget … on 2008 crop losses. The other
confusing fact is ACRE is … NAP fees on
pasture and other uninsured crops. Farmers …
March 4, 2014
Risk Management Strategies
implied by the author or any other party. Each farmer must … eligible for SCO, but all
other farmersmeeting conservation compliance are … loss, as is the case with any other
line of insurance. As a …
August 30, 2021
Ag Law Issues
differently than it does other
business types. In numerousother posts, I have highlighted … administration costs, debts, taxes and other estate obligations. Planning … sale of estate assets to meet post-death obligations …
January 21, 2025
Grain Marketing Presentations
from China, Mexico, Canada & others **could** lead to retaliatory … globally
Farm Machinery & other costs– due to higher steel … to higher steel, aluminum, other input $’s
Grain Export …
August 1, 2025
Breakout Sessions
Who has the interest, willingness, and ability to own and operate the farm/ranch? • What role will other family members play in the transition?• … Avoid Taxes. (cost?)• Others?• Does everyone have the same goals?• … Break down the transition process into manageable phases—such as goal setting, family meetings, financial review, and involving advisors.
Step 5: Outline Practical, Actionable Steps
• …
April 17, 2024
Monthly Meat Demand Monitor (Prior Years)
intentionally eat protein to
aid in meeting strength-training orother fitness-related goals?” … consumed protein to
help meet fitness goals at a higher … 0.32
Black 1,419 0.49
Other 1,227 0.42
5 The report …
February 1, 2012
KFMA Newsletters
strength. A farm can outperform other
operations only if it can … resources that are difficult for
other farms to obtain is critical … opportunities? I have
yet to meet a farmer that could not answer …
May 7, 2019
Grain Market Outlook
A Deferred Future “Carrying Charge” View of KS HRW Winter Wheat Futures
On May 6th carrying charges between the JULY 2019 to SEPTEMBER 2019 Kansas HRW Wheat futures
contracts (i.e., the JUL‐SEP 2019 Spread) were $0.11 per bushel, or $0.0550 per bushel per month. This
compares to spreads of $0.22 /bu or $0.0733 /bu/mo. for SEP‐DEC 2019, and $0.2250 /bu or $0.0750 /bu/mo.
for DEC 2019‐MAR 2020 Kansas HRW Wheat futures contracts.
These “full carry” deferred futures full contract storage cost contract spreads are influenced by large
supplies on hand – which leads to higher Variable Storage Rates (VSR) among Kansas HRW Wheat futures
contracts. These large carries are encouraging storage of “new crop” 2019 Kansas HRW wheat on the one
hand, and provide the basis for a potential return to storage hedges by producers and grain elevators for the
2019 HRW wheat crop on the other.
Extending this analysis further to later deferred contracts, whereas on May 6th harvest JULY 2019 Kansas
HRW Wheat futures closed at $4.03 /bu, the JULY 2020 contract closed at $4.84 ¾ /bu for JULY 2020 – up
20.2% and $0.0681 /bu/month from JULY 2019. Extending even further into the next year, on May 6th JULY
2021 KS HRW Wheat closed at $5.42 ½ /bu, up 11.9% and $0.0479 /bu/month from JULY 2020
From an economic viewpoint, these deferred years’ JULY Kansas HRW Wheat futures prices in years 2020
& 2021 could reflect market expectations that HRW wheat futures prices will eventually be higher than
current bids for JULY 2019 futures – which is consistent with economic theory. However, it also seems that
the carrying charges now reflected across the range of available deferred KS HRW Wheat futures contracts
appear to be being extended out to the distant “new crop” JULY 2020 and JULY 2021 contracts.
Restated, it appears these uninterrupted positive carrying charges are being inflexibly and mechanically
applied to deferred KS HRW Wheat futures contracts as far as 24 months into the future – regardless of what
expected fundamental supply‐demand conditions may be in the wheat market that far out. If this is so, then
these deferred futures prices may present: a) opportunities for long‐term market arbitrage positions to
traders, or b) hedging opportunities for U.S. wheat producers IF they are able to financially manage the risk of
potential margin calls should wheat prices should move unexpectedly higher. For agricultural producers,
these extended deferred futures prices provide profitable but at risk pricing opportunities should they choose
to bear the risk of utilizing them.
3 …