Growing or Saving Your Way to Profit? Peanut Notes No. 44 2022
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Collapse ▲A wise man and friend from Louisiana (Steve Crawford) once told me “you can grow your way to profit or save your way to profit.” Farmers that can thread the needle really well can grow and save at the same time, but that takes good management. With production costs high for 2022, there will be a tendency by some growers to cut inputs to save money. The challenge will be whether or not those cuts result in lower yield that make you financially worse off than spending the money. There is no easy answer for this one – fields vary in terms of pests and yield potential (and other inputs.) Before you cut items from the budget, think hard about the value they provide. Even with some of the higher costs, many of our inputs still pay for themselves. Another thing to keep in mind is we are coming off of an excellent 2021 crop. Some of the inputs we may have applied in 2021 or years before may have contributed little or nothing to yield, but when yields are high the cost of those (sometimes considered as insurance) are easy to overlook. In 2022, some of those “extras” beyond our typical budgets need to be scrutinized. This step can be improved through discussions with Extension agents and specialist (and the broader research community) and consultants. Of course, basic manufacturers and distributors have good information and knowledge, but they are going to be struggling in 2022 because of pressure to move product with tight margins.