Ask an expert: Know your cost of production
Grain marketing expert Tyler Russell explains how to start creating your risk management plan. Find out what to include, why it’s so important to have one and how to prepare for an unexpected change.
- Your risk management plan is created taking your individual situation into account
- Start by mapping out your average yields and your projected profit margins
- Developing “what if” scenarios can help you prepare for unforeseen risks
- Knowing your break-even point tells you at what levels you start making profit