It's going to be the "best of times" and the "worst of times," says David Kohl, one of the nation's leading ag economists.
He spoke Friday in Sioux Falls, S.D., at the South Dakota Farm Bureau annual convention.
Which one it will be for you depends upon on your management skills, he says.
Key to success in the next several years will be net working capital -- that's current assets minus current liabilities. Divide the amount by your annual sales and it should be above 25%, or it's a serious red flag for the financial health of your farm or ranch, Kohl says.
You might not be able to ride out a downturn in economy.
Kohl says he and his business partners - who bottle milk on the farm and deliver it direct to homeowners on the East Coast - have pushed their working capital ratio up to 43%.