Category Archives: Getting Started in Ag

Negotiation in Agriculture: A Resource for Wyoming Producers

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Negotiation is an often-overlooked aspect of production agriculture.

MANY PRODUCERS may not realize just how much time and effort goes into negotiating the various relationships in their businesses. Negotiation is part of just about any aspect of working with people on a farm or ranch. We often tend to shy away from thinking much about negotiation, especially if conflict is involved. Commercial agriculture producers, whether new/beginning, those switching from another business, or armed service veterans looking for a new start in a farm or ranch, should be aware of just how important negotiation skills are to their business.

Evaluating forage insurance strategies

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Coverage offered by RI-PRF can form part of an effective drought risk management strategy.

PASTURE, RANGELAND, FORAGE – RAINFALL INDEX (RI-PRF) insurance is a group insurance plan designed to protect against forage loss due to reduced rainfall. RI-PRF is the most widely used crop insurance in Wyoming, both in total acres (6,978,110) and total liability ($70,304,347). Coverage offered by RI-PRF can form part of an effective drought risk management strategy. The challenge is how to evaluate that strategy, especially on a long term basis. Will a strategy using RI-PRF generate a positive return over time? How do we account for the time value of money when making comparisons between alternatives?

The Multi-Temporal Risk Analyzer (MTRA) from RightRisk.org is an excellent tool designed to help in answering these questions. MTRA was created to provide long term partial budgeting analytics and is effective for examining insurance coverage like RI-PRF.