Attendees to the 7th Annual Ag Symposium gained a better understanding of market trends and management practices Thursday, Feb. 12 at South Central College in Mankato, Minn.
More than 350 people attended the conference, which the Minnesota Soybean Research and Promotion Council helped sponsor. The conference had three presenters that spoke on topics from global markets to trust.
More Money, More Risk, More Profits
“You cannot out market the market,” says Wells Fargo agricultural economist and consultant Michael Swanson.
Swanson analyzed the impact of technology, trends, and trade on current commodity prices while bringing a different dimension to the normal global market.
“India has 1.2 billion people but isn’t in the top 5 export regions,” Swanson said. “These are things we need to look at for our future. Global demand indicates growth.”
Swanson’s advised farmers to be diverse and disciplined.
“Changing technology brings opportunities but is not an end all to agricultural problems” he said. Discipline is the most important asset you can bring to your farm.”
Planning Decreases Cost and Increases Yields
Use the advice your lender, consultant and university is giving you. This was the take home message that Robert Craven gave the audience. Robert Craven is an Extension Economist, Farm Management and Director of the Center for Farm Financial Management.
Craven emphasized on business management, financial planning and analysis for farmers as well as FINBIN, one of the largest and most accessible sources of farm financial and production benchmark information in the world.
The Trust Edge
“A lack of trust is your biggest expense,” David Horsager said. Horsager is a business strategist, keynote speaker and author of the book, The Trust Edge: How Top Leaders Gain Faster Results, Deeper Relationships, and a Stronger Bottom Line.
Horsager ended the conference with a presentation on the 8 pillars of trust and the framework for gaining an edge in business and life. These 8 pillars included: clarity, compassion, character, competency, commitment, connection, contribution, and consistency.
“A year is too long for change,” advised Horsager. “Pick what you want to change and set a goal of 90 days.” Horsager said that in order to stay motivated and make a change, you have to have a strong enough why.
Minnesota Soybean Research and Promotion Council sponsored the keynote speaker.