A recent webcast resulted in an interesting question that probably yielded an unexpected response to the participant. The question was, “What do you think is the most undervalued commodity in agriculture?” A weekend on the tractor clipping pastures allowed me time to ponder the question. All of the commodities were analyzed, including some of the newest crops. However, my thoughts and response went in a different direction.

Water

The most undervalued commodity from an agricultural standpoint is the quantity and quality of water in the future. An increasing number of international, national, regional, and local conflicts will occur over this commodity that is vital for life. With extreme weather patterns such as extended dry cycles followed by intense rainfall in many agricultural regions, soil health to capture and retain water will be key to short and long-term profitability. The use of regenerative practices in soil and water management, technology applications, artificial intelligence, and data mapping will be tools and practices to provide a competitive edge.

Time

The old Rolling Stones’ song “Time is On My Side" is great in youth but becomes more valuable as one ages. The old time-tested economic concept called opportunity cost is very applicable in all allocations of time. The advent of technology applications often overwhelms individuals and creates clutter in business decisions and life in general. A strategy in time management and focus is a good old-fashioned goal setting session that includes business, family, personal, mental, physical, and spiritual goals. Do you set aside time for both business and personal regenerative actions? What are you going to eliminate for better use of time? Remember, if you are effective at what you do, you will pass the test of time management.

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Management

Yes, management is a commodity with wide variations of performance, which often flows to the bottom line and also influences effective business culture. To effectively utilize this commodity, one needs to focus on the key indicators for success that are periodically monitored and measured. Delegating responsibility, leveraging those around you, and making sure they are in an optimal position in each situation is critical.

Communications

Wow, communication is often the biggest challenge as a commodity! Whether oral, written, or nonverbal, the method of communication comes into play when assessing how effective you are in business and life. Achieving a balance between technology and human interaction in various situations across cultures, groups, and individuals can result in bottom line profits as well as short and long-term effectiveness.

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