Strategies for 2023 farm inputs: Buy now or wait?Strategies for 2023 farm inputs: Buy now or wait?

Are farm input prices better now or should you wait to make a purchase?

Answering that question presents a challenge. Historically, farms that focus on early buying average lower overall costs. However, the long-term outlook for many markets remains unclear, as uncertainty continues to affect supply chains and product availability. To decide whether buying now is right for your farm, you need to think strategically about your options.

At 7 p.m. Nov. 22, Michigan State University Extension will host a webinar session on how intentional, proactive planning can assist in securing products at reasonable prices. Matthew Gammans, assistant professor, and Jonathan LaPorte, Extension farm business management educator, will lead the discussion.

Session topics will include:

Understanding market conditions. What are the supply and demand influences on input markets? How do those influences affect our buying strategies?

Identifying needs and maximizing your farm’s cash. How do products needed in higher amounts affect your buying decisions? Are there price-saving tools available? How do tax implications for 2023 affect purchase planning?

Prioritizing products to buy. Are there availability concerns with certain products? Can available alternatives meet your needs? How does on-farm storage play a role?

Whether you’ve just started buying or have most of your needs secured, MSU Extension is encouraging growers to join the discussion on strategies for 2023 farm inputs.

For those who attend the live event, one Michigan Department of Ag and Rural Development pesticide recertification credit (private or commercial core, 1A or 1B) and 1.5 continuing education credits for certified crop advisers will be available. Attendance is free, but registration is required at MSU Extension online. 

Source: MSU Extension