Amidst an unpredictable ag economy, local farmers, ranchers, producers and agribusiness leaders recently gathered for Bell Bank’s 11th annual AgViews Live seminar to discuss how to navigate through uncertainty. Held in July in Fargo, Mankato and Wisconsin Dells, the seminar featured presentations from Lynn Paulson, Bell’s director of agribusiness development, and Dr. David Kohl, an author and national speaker on finance and the ag economy. 

With tariffs and trade deals constantly changing and developing, and inflation and rising costs continuing to negatively impact the ag economy, both Lynn and Dr. Kohl offered takeaways for how producers can call an audible for their operation when faced with challenging conditions. 

“It’s easy to say I don’t know what’s going to happen with tariffs, or I don’t know what China is going to do,” Dr. Kohl said. “You can let chaos lock you up, or you can get your gameplan together and make opportunities of the chaos.”

Specific tips from Lynn and Dr. Kohl included: 

• Cultivate a behavioral and management mindset. More than just checking off boxes, a behavioral mindset involves the ability to monitor conditions, respond to opportunities as they arise, and execute on your plan. “A lot of people can check boxes, but can you monitor, and can you execute?” Dr. Kohl asked. Focus on building resiliency in your operation, and set goals for areas where you can improve. Additionally, review your marketing plan, Lynn said. Is it still viable? Does it need to be updated to better fit current conditions?
• Monitor cash flow and build working capital. Financial liquidity can build a buffer for your operation during downturns, while also allowing you to be proactive when opportunities come along. Delaying capital purchases or selling unused assets can be an option to build up your operation’s working capital, Lynn said.
• Take care of yourself: While paying close attention to your financials is critical during uncertainty, Dr. Kohl also stressed the importance of taking care of yourself at the same time. Chaotic conditions can lead to anxiety and stress, which can take its toll over time. “Invest in yourself – pay attention to your physical, mental and spiritual health,” he advised. 

Other topics covered at this year’s AgViews Live also included: 

Growing Global Competition: Both Lynn and Dr. Kohl discussed how intense competition from countries in the Global South – such as Brazil and Argentina – presents a serious challenge to U.S. agriculture. 

“The Global South has taken much of our soybean export market, and is coming for our corn market,” Lynn said. “Not only what those countries currently produce, but the potential of land they still have left to add to production is astonishing.” 

“The world is catching up to us,” Dr. Kohl added. 

Artificial Intelligence and Agriculture: The role of artificial intelligence (AI) in ag was touched on by presenters as well as participants during the session’s question-and-answer portion. From pest and disease detection to water management and livestock monitoring, AI represents significant opportunities for an operation, Lynn said. In the coming years, we’ll continue to see AI becoming more involved with day-to-day farm and ranch operations. 

Differences Between Young and Established Producers: The current economic conditions will likely pose a challenge for many operations, but younger producers in particular may find themselves tested. “Older producers have gone through these cycles and downturns before, so they have experience they can draw on,” Lynn said. 

Another notable difference between younger and more established producers, Lynn pointed out, is that young producers typically view their farms as a financial asset, while older producers may see it as a legacy asset. 

Optimism About the Future: Despite the current challenges facing farmers and ranchers, both Lynn and Dr. Kohl expressed optimism about the future of U.S. agriculture. Toward the end of Fargo’s session, the speakers invited up 23-year-old Jaden Hamilton from Rugby, N.D., and 16-year-old Riley Rickford from Barnesville, Minn., to participate in the question-and-answer portion of the event. 

“We’ve talked about the challenges and all the uncertainty right now, but I’m optimistic about agriculture,” Lynn said, with the next generation of agriculture sitting next to him. “It’s people showing up for events like this – getting all the stakeholders of ag together. It’s really powerful.”