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University of Missouri, Lincoln University, U.S. Department of Agriculture, and Local University Extension Councils CooperatingUniversity Outreach and Extension does not discriminate on the basis of race, color, national origin, sex, religion, age, disability, sexual orientation, or status as a Vietnam-era veteran in employment or
programs
INTRODUCTION TO RISK MANAGEMENT IN AGRICULTURE: A COMPILATION OF MATERIALS
USED IN A RISK MANAGEMENT EDUCATION PROJECT TARGETTING LATINO AND
IMMIGRANT FARMERS
INTRODUCCION AL MANEJO DE RIESGOS EN AGRICULTURA: UNA COMPILACION DE
MATERIALES USADOS EN UN PROYECTO DE EDUCACION SOBRE MANEJO DE RIESGOS PARA
AGRICULTORES LATINOS E IMMIGRANTES
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CONTENTS/CONTENIDO Page
Introduction 2
Introducción 3
Latino Farm Operators in Missouri 4
Operadores Agrícolas Latinos en Missouri 7
Agricultural Risk Management 10
Manejo de Riesgos en Agricultura 14
Social Risk Management 18
Manejo de Riesgos Sociales 23
Financial Risk Management 28
Manejo de Riesgos Financieros 35
Setting Goals 42
Planeando Metas 49
Marketing Risks 56
Riesgos de Mercado 66
Risk Management Tools for Dairy Farmers 77
Herramientas de Manejo de Riesgos para Productores Lecheros 78
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University of Missouri, Lincoln University, U.S. Department of Agriculture, and Local University Extension Councils CooperatingUniversity Outreach and Extension does not discriminate on the basis of race, color, national origin, sex, religion, age, disability, sexual orientation, or status as a Vietnam-era veteran in employment or
programs
INTRODUCTION
This booklet is a compilation of several PowerPoint presentations and other documents distributed at the workshops “Introduction to Risk Management in Agriculture” that took place in various locations in Missouri in 2005 and 2006. The workshops, farm visits and meetings were part of a project funded by the North Central Region Risk Management Education Center. We believe this booklet containing the majority of the information distributed in the workshops could be useful to Latino farmers and others asses and manage their farm risks.
Speakers and presentations at the workshop discussed issues related to introduction to risk management, goal setting, production, marketing, and financial risks. A visit to the University of Missouri’s Southwest Research Center with a group of Latino farmers and personal visits to their farms were also part of this project. This compilation is the result of all those presentations and handouts distributed at one or more workshops or other events of this project.
We hope that this collection of information will help you better manage the risks associated to your farm operations.
Sincerely
José L. García Extension Assistant Professor and Coordinator Community Food Systems and Sustainable Agriculture Program Department of Rural Sociology University of Missouri Extension
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University of Missouri, Lincoln University, U.S. Department of Agriculture, and Local University Extension Councils CooperatingUniversity Outreach and Extension does not discriminate on the basis of race, color, national origin, sex, religion, age, disability, sexual orientation, or status as a Vietnam-era veteran in employment or
programs
INTRODUCCION
Este folleto es una compilación de varias presentaciones en PowerPoint y otros documentos distribuidos en los seminarios-talleres “Introducción al Manejo de Riesgos en Agricultura” que se llevaron a cabo en varias localidades en Missouri en los años 2005 y 2006. Los seminarios-talleres, visitas a granjas y reuniones o juntas fueron parte de un proyecto subsidiado por el Centro de Educación en Manejo de Riesgos de la Región Centro-Norte. Creemos que este folleto que contiene la mayoría de la información distribuida en los seminarios-talleres puede ser útil a los productores Latinos y otros evaluar y manejar los riesgos en sus granjas y ranchos.
Los ponentes y las ponencias en los eventos tocaron temas como introducción al manejo de riesgos, como fijar metas, y riesgos de producción, mercado, y financieros. También se realizo una visita al Centro experimental “Southwest Center” de la Universidad de Missouri con un grupo de agricultores Latinos y también se visitó sus granjas y ranchos. Esta compilación es el resultado de las presentaciones y materiales distribuidos en uno o mas seminarios-talleres de este proyecto.
Esperamos que esta colección de información lo ayude a manejar mejor los riesgos asociados con las operaciones de su granja o rancho.
Fraternalmente
José L. García Profesor Asistente de Extension y CordinadorPrograma de Agricultura Sostenible y Sistemas Comunitarios de Alimentación Departmento de Sociologia Rural University of Missouri Extension
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Hispanic/Latino farmers - J. Garcia 1
Latino Farm Operators in Missouri
José L. GarcíaCommunity Food Systems and Sustainable Agriculture ProgramUniversity of [email protected]
Hispanic/Latino farmers - J. Garcia 2
U.S. figures (Ag. Census 2002)
There were 50,443 Latino principal farm operators in the US in 2002, a 66% increase from 1997 or 33,450 principal operators. All Latino operators (up to 3 per farm) were 72,329 in 2002.On the other side, the US lost 86,650 farmers between 1997 and 2002. About half of the Latino farms have less than 219 acres (1997).Farming was the primary occupation for about 55% of all Latino operators in 2002.
Hispanic/Latino farmers - J. Garcia 3
Missouri figures (Ag. Census 2002)
Between 1997 and 2002 Latino principal farm operators increased from 508 to 722.All Latino operators (up to 3 per farm) were 1059 in 2002.Farming is the primary occupation for 428 principal Latino operators and 600 for all Latino operators.Over 500 Latino principal operators lived over 10 years on their farms.
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Hispanic/Latino farmers - J. Garcia 4
Figures in South Central -Southwest Missouri
Approximately 400 Latino Farms in SW and SC Missouri
Hispanic/Latino farmers - J. Garcia 5
Issues impacting Latino producers (Survey of Latino producers in MO, 2004)
Little awareness of services and programs available to them.Diversity of backgrounds and different needs. Production, legal/financial, and marketing risks are of major concern for Latino family farms.
Hispanic/Latino farmers - J. Garcia 6
Issues impacting Latino producers (cont.)
Risks seem to be greater for Latino producers than for main stream producers.Agencies/extension do not work much with Latino farmers nor are aware of their needs. Latino producers may be less organized (or do not belong to organized groups).Latino producers may be undercounted.
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Hispanic/Latino farmers - J. Garcia 7
Obstacles to Farming (from a survey in MI)
Purchasing a FarmInfrastructure DevelopmentTechnology AvailabilityFamiliarity with Crops Language and CultureParticipation in USDA Programs
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Hispanic/Latino farmers - J. Garcia 1
Operadores Agricolas Latinos en Missouri
José L. GarcíaCommunity Food Systems and Sustainable Agriculture ProgramUniversity of [email protected]
Hispanic/Latino farmers - J. Garcia 2
Datos de U.S. (Ag. Census 2002)
Habian 50,443 operadores principales agricolasLatinos en USA en el 2002. Eso es un incremento del 66% desde 1997 (33,450). Todos los operadores agriccolas Latinos (hasta 3 porgranja/rancho) eran 72,329 en el 2002.Por el otro lado USA perdio 86,650 granjeros entre1997 y 2002. Aproximadamente la mitad de las granjas/ranchos Latinos tiene menos de 219 acres (1997).Agricultura fue la ocupacion primordial para 55% de todos los operadores Latinos en el 2002.
Hispanic/Latino farmers - J. Garcia 3
La figura en Missouri (Ag. Census 2002)
Entre 1997 y el 2002 los operadoresprincipales Latino aumentaron de 508 a 722.Todos los operadores Latinos (hasta 3 porgranja) fueron 1059 en el 2002.Agricultura es ocupacion primordial para428 operadores Latinos principales y para600 operadores Latinos.Mas de 500 operadors Latinos principalesviven mas de 10 años en sus granjas.
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Hispanic/Latino farmers - J. Garcia 4
La figura en South Central -Southwest Missouri
Aproximadamente400 granjas Latinas hay en SW y SC Missouri
Hispanic/Latino farmers - J. Garcia 5
Algunas cuestiones sobre productoresLatinos (Encuesta con productoresLatinos en MO, 2004)
Poco conocimiento sobre servicios y programas disponibles.Diversidad de antecedentes y necesidadesdiferentes. Riesgos de produccion, legales/financieros, y de mercadeo son de mayor preocupacionpara las familias granjeras Latinas.
Hispanic/Latino farmers - J. Garcia 6
Cuestiones sobre productores Latinos (cont.)
Los riesgos parecen ser mayores para los productores Latinos que para otros productores.Agencias y Extension no atienden mucho a los productores Latinos ni estan en conocimiento de sus necesidades. Los productores Latinos podrian estar menosorganizados (o no pertenecer a grupos yaorganizados)Productores Latinos podrian estar sub-contadospor el Ag. Census.
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Hispanic/Latino farmers - J. Garcia 7
Obstaculos para hacer agricultura (de unaencuesta en MI)
Compra de una granja/ranchoDesarrollo de InfraestructuraDisponibilidad de TecnologiaFamiliaridad con los cultivosLenguaje y culturaParticipacion en programas del USDA
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1
Agricultural Risk ManagementAgricultural Risk ManagementAgricultural Risk Management
Gordon CarrikerGordon CarrikerChristian CountyChristian County
&&David WhitsonDavid Whitson
Newton CountyNewton County
Agriculture Business SpecialistsAgriculture Business SpecialistsSouthwest RegionSouthwest Region
2
Risk Management in AgricultureRisk Management in AgricultureRisk Management in Agriculture
$$ AgendaAgenda¢¢ Types and Sources of Risk Types and Sources of Risk (~15 min)(~15 min)
¢¢ Market Risk Management Market Risk Management (~30 min)(~30 min)
¢¢ Break for Dinner Break for Dinner (~45 min)(~45 min)
¢¢ Financial Risk Management Financial Risk Management (~45 min)(~45 min)
¢¢ Social Risk Management Social Risk Management (~45 min)(~45 min)
$$ Questions and AnswersQuestions and Answers
3
Ag Risk – Types and SourcesAg Risk Ag Risk –– Types and SourcesTypes and Sources
$$ Risk =Risk = The chance of an adverse (bad)The chance of an adverse (bad)outcome resulting from an actionoutcome resulting from an action
$$ Uncertainty =Uncertainty = Not knowing what theNot knowing what theoutcome will beoutcome will be
$$ Risk Management Risk Management = Choosing between alternatives with= Choosing between alternatives with
uncertain outcomes to reduce theuncertain outcomes to reduce theeffects of riskeffects of risk
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Ag Risk – Types and SourcesAg Risk Ag Risk –– Types and SourcesTypes and Sources
$$ Types of RiskTypes of Risk¢¢ Production RiskProduction Risk¢¢ Market RiskMarket Risk¢¢ Financial RiskFinancial Risk¢¢ Social RiskSocial Risk
5
Ag Risk – Types and SourcesAg Risk Ag Risk –– Types and SourcesTypes and Sources
$$ Production RiskProduction Risk¢¢ Risk associated with yield variability and Risk associated with yield variability and
uncertaintyuncertainty¢¢ SourcesSources
weather, pests, disease, technology, weather, pests, disease, technology, genetic selection, diversification, input genetic selection, diversification, input quality, theft, firequality, theft, fire
6
Ag Risk – Types and SourcesAg Risk Ag Risk –– Types and SourcesTypes and Sources
$$ Market RiskMarket Risk¢¢ Risk associated with price variability and Risk associated with price variability and
uncertaintyuncertainty¢¢ SourcesSources
product prices, input costs, global product prices, input costs, global events, information, widespread events, information, widespread weather, catastrophic disease/pestsweather, catastrophic disease/pests
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Ag Risk – Types and SourcesAg Risk Ag Risk –– Types and SourcesTypes and Sources
$$ Financial RiskFinancial Risk¢¢ Risk associated with availability of debt Risk associated with availability of debt
capital, cash flows, and ability to keep or capital, cash flows, and ability to keep or grow equitygrow equity
¢¢ SourcesSourcesinterest rates, record keeping, asset interest rates, record keeping, asset management, taxesmanagement, taxes
8
Ag Risk – Types and SourcesAg Risk Ag Risk –– Types and SourcesTypes and Sources
$$ Social RiskSocial Risk¢¢ Risk associated with human resource and Risk associated with human resource and
legal issueslegal issues¢¢ SourcesSources
family issues, health, government family issues, health, government regulations, laws, liability, laborregulations, laws, liability, labor
9
Ag Risk – Types and SourcesAg Risk Ag Risk –– Types and SourcesTypes and Sources
$$ Each type of risk Each type of risk is notis not independent of the independent of the other typesother types
$$ Every business is vulnerable to each type of Every business is vulnerable to each type of riskrisk
$$ Risk Management requires assessing the Risk Management requires assessing the vulnerability of the business to each type of vulnerability of the business to each type of riskrisk
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Ag Risk – Types and SourcesAg Risk Ag Risk –– Types and SourcesTypes and Sources
QUESTIONS ? ? ?QUESTIONS ? ? ?
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Manejo de Riesgos en Agricultura
ManejoManejo dede RiesgosRiesgos enenAgriculturaAgricultura
Gordon CarrikerGordon CarrikerChristian CountyChristian County
&&David WhitsonDavid Whitson
Newton CountyNewton County
EspecialistasEspecialistas en Agroen Agro--negociosnegociosSouthwest RegionSouthwest Region
TraducidoTraducido porporJosJoséé GarcGarcííaa
ProgamaProgama de de SistemasSistemas AlimentariosAlimentarios ComunitariosComunitarios yyAgriculturaAgricultura SostenibleSostenible
Universidad de Missouri Universidad de Missouri
2
Manejo de Riesgos en Agricultura
ManejoManejo dede RiesgosRiesgos enenAgriculturaAgricultura
$$ ProgramaPrograma¢¢ TiposTipos y Fuentes de y Fuentes de RiesgoRiesgo (~15 min)(~15 min)
¢¢ ManejoManejo dede RiesgoRiesgo dede MercadeoMercadeo (~30 min)(~30 min)
¢¢ CenaCena (~45 min)(~45 min)
¢¢ ManejoManejo dede RiesgosRiesgos FinancierosFinancieros (~45 min)(~45 min)
¢¢ ManejoManejo dede RiesgosRiesgos SocialesSociales (~45 min)(~45 min)
$$ PreguntasPreguntas yy RespuestasRespuestas
3
Riesgos – Tipos y FuentesRiesgosRiesgos –– TiposTipos y Fuentesy Fuentes
$$ RiesgoRiesgo == LaLa posibilidadposibilidad de un de un resultadoresultadoadversoadverso ((malomalo)) queque vieneviene dede algunaalguna accionaccion
$$ IncertidumbreIncertidumbre == No se No se sabesabe cualcual sera el sera el resultadoresultado
$$ ManejoManejo dede RiesgoRiesgo== EscogerEscoger entreentre alternativasalternativas concon
resultadosresultados inciertosinciertos parapara reducirreducir elel efectoefectoriesgoriesgo
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Riesgos – Tipos y FuentesRiesgosRiesgos –– TiposTipos y Fuentesy Fuentes
$$ TiposTipos dede riesgoriesgo¢¢ RiesgoRiesgo dede ProduccionProduccion¢¢ RiesgoRiesgo de Mercadode Mercado¢¢ RiesgoRiesgo financierofinanciero¢¢ RiesgoRiesgo SocialSocial
5
Riesgos – Tipos y FuentesRiesgosRiesgos –– TiposTipos y Fuentesy Fuentes
$$ RiesgoRiesgo dede ProduccionProduccion¢¢ RiesgoRiesgo asociadoasociado concon incertidumbreincertidumbre yy
variacionvariacion en la en la cosechacosecha¢¢ FuentesFuentes
TiempoTiempo,, plagasplagas,, enfermedadesenfermedades,,tecnologiatecnologia,, seleccionseleccion geneticagenetica,,diversificaciondiversificacion,, calidadcalidad dede insumosinsumos,,roborobo,, fuegofuego
6
Riesgos – Tipos y FuentesRiesgosRiesgos –– TiposTipos y Fuentesy Fuentes
$$ RiesgosRiesgos dede MercadeoMercadeo¢¢ RiesgoRiesgo asociadoasociado concon laslas variacionesvariaciones dede
precioprecio ee incertidumbreincertidumbre¢¢ FuentesFuentes
PrecioPrecio dede productosoproductoso,, costoscostos de los de los insumosinsumos,, eventoseventos mundialesmundiales,,informacioninformacion,, tiempotiempo enen periodosperiodoslargos,largos, plagas/enfermedadesplagas/enfermedadescatastroficascatastroficas
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Riesgos – Tipos y FuentesRiesgosRiesgos –– TiposTipos y Fuentesy Fuentes
$$ RiesgosRiesgos FinancierosFinancieros¢¢ RiesgoRiesgo asociadoasociado con la con la disponibilidaddisponibilidad de de
capital de capital de deudadeuda,, flujoflujo dede dinerodinero, y la , y la capacidadcapacidad dede mantenermantener oo incrementarincrementarcapital. capital.
¢¢ FuentesFuentesInteresesIntereses,, mantenermantener registrosregistros eeinventariosinventarios,, manejomanejo dede bienesbienes,,impuestosimpuestos
8
Riesgos – Tipos y FuentesRiesgosRiesgos –– TiposTipos y Fuentesy Fuentes
$$ RiesgoRiesgo SocialSocial¢¢ RiesgoRiesgo asociadoasociado concon recursosrecursos humanoshumanos yy
asuntosasuntos legaleslegales¢¢ FuentesFuentes
AsuntosAsuntos familiaresfamiliares,, saludsalud,,regulacionesregulaciones deldel gobiernogobierno,, leyesleyes,,responsabilidadresponsabilidad civil, civil, asuntosasuntoslaboraleslaborales
9
Riesgos – Tipos y FuentesRiesgosRiesgos –– TiposTipos y Fuentesy Fuentes
$$ CadaCada tipotipo dede riesgoriesgo nono eses independienteindependiente dedeotrosotros tipostipos dede riesgoriesgo
$$ CadaCada negocionegocio eses vulnerable a vulnerable a cadacada tipotipo dederiesgoriesgo
$$ ManejoManejo dede riesgosriesgos requiererequiere evaluarevaluar lalavulnerabilidadvulnerabilidad deldel engocioengocio en en cadacada tipotipo de de riesgoriesgo
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Riesgos – Tipos y FuentesRiesgosRiesgos –– TiposTipos y Fuentesy Fuentes
PREGUNTASPREGUNTAS? ? ?? ? ?
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1
Social Risk ManagementSocial Risk ManagementSocial Risk Management
$$ Legal IssuesLegal Issues¢¢ Leases/ContractsLeases/Contracts¢¢ Fence LawsFence Laws
2
Social Risk ManagementSocial Risk ManagementSocial Risk Management
$$ Leases/ContractsLeases/Contracts¢¢ Two typesTwo types
OralOralWrittenWritten
¢¢ Communication is the key to a good Communication is the key to a good lease.lease.
3
Social Risk ManagementSocial Risk ManagementSocial Risk Management
$$ Oral LeasesOral Leases¢¢ A verbal lease for longer than one year A verbal lease for longer than one year
isis invalidinvalid under the statute of fraudsunder the statute of frauds¢¢ Less than one year (tenancy at will)Less than one year (tenancy at will)¢¢ Year to year (periodic tenancy)Year to year (periodic tenancy)¢¢ Generally, oral farmland leases are Generally, oral farmland leases are
periodic tenancy (year to year)periodic tenancy (year to year)
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Social Risk ManagementSocial Risk ManagementSocial Risk Management
$$ Oral Leases (contOral Leases (cont’’d)d)¢¢ Written Termination is requiredWritten Termination is required
Tenancy at will (30 days notice)Tenancy at will (30 days notice)Periodic tenancy (60 days notice)Periodic tenancy (60 days notice)
¢¢ Tenancy begins on the day of the verbal Tenancy begins on the day of the verbal agreementagreement NOTNOT on the day possession on the day possession is given.is given.
5
Social Risk ManagementSocial Risk ManagementSocial Risk Management
$$ Written LeasesWritten Leases¢¢ Legal documentsLegal documents¢¢ Valid for multiple yearsValid for multiple years¢¢ Good business practiceGood business practice¢¢ Required by some federal, state, and Required by some federal, state, and
local farm programslocal farm programs¢¢ Tax issues (material participation)Tax issues (material participation)¢¢ Proactive, not Reactive Proactive, not Reactive
(Communication!)(Communication!)
6
Social Risk ManagementSocial Risk ManagementSocial Risk Management
$$ Written Leases (contWritten Leases (cont’’d)d)¢¢ Legal documentsLegal documents¢¢ Valid for multiple yearsValid for multiple years¢¢ Good business practiceGood business practice¢¢ Required by some federal, state, and Required by some federal, state, and
local farm programslocal farm programs¢¢ Tax issues (material participation)Tax issues (material participation)¢¢ Proactive, not ReactiveProactive, not Reactive
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Social Risk ManagementSocial Risk ManagementSocial Risk Management
$$ Written Leases (contWritten Leases (cont’’d)d)¢¢ Five essential partsFive essential parts
Names and property descriptionNames and property descriptionTerms of leaseTerms of leaseRental rates and arrangementsRental rates and arrangementsRight of entryRight of entrySignaturesSignatures
8
Social Risk ManagementSocial Risk ManagementSocial Risk Management
$$ Written Leases (contWritten Leases (cont’’d)d)¢¢ ““CompleteComplete”” leaselease
Five essential parts plus:Five essential parts plus:Conservation practicesConservation practicesImprovements and repairsImprovements and repairsRecordsRecordsNo partnershipNo partnershipArbitrationArbitrationAdditional agreementsAdditional agreements
9
Social Risk ManagementSocial Risk ManagementSocial Risk Management
$$ Fence LawsFence Laws¢¢ General LawGeneral Law¢¢ Optional County Fencing StatuteOptional County Fencing Statute
¢¢ Statues updated August 28, 2001 Statues updated August 28, 2001 (Chapter 272)(Chapter 272)
¢¢ It is very important to know if your It is very important to know if your county is an county is an ““optional fencing lawoptional fencing law””countycounty
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Social Risk ManagementSocial Risk ManagementSocial Risk Management
$$ Fence Laws (contFence Laws (cont’’d)d)¢¢ General LawGeneral Law
Modified forced contribution and Modified forced contribution and maintenance (only livestock owners)maintenance (only livestock owners)““RightRight--hand rulehand rule”” (specified)(specified)Lawful fence (4 ft, wire or boards, 12 Lawful fence (4 ft, wire or boards, 12 ft apart)ft apart)Actual damages (no 2x damages)Actual damages (no 2x damages)
11
Social Risk ManagementSocial Risk ManagementSocial Risk Management
$$ Fence Laws (contFence Laws (cont’’d)d)¢¢ Optional County Fence LawOptional County Fence Law
Bates, Clinton, Daviess, Grundy, Bates, Clinton, Daviess, Grundy, Harrison, Knox, Linn, Macon, Mercer, Harrison, Knox, Linn, Macon, Mercer, Newton, Putnam, Schuyler, Scotland, Newton, Putnam, Schuyler, Scotland, Shelby, Sullivan, Saint ClairShelby, Sullivan, Saint Clair
12
Social Risk ManagementSocial Risk ManagementSocial Risk Management
$$ Fence Laws (contFence Laws (cont’’d)d)¢¢ Optional County Fence (contOptional County Fence (cont’’d)d)
Modified forced contribution and Modified forced contribution and maintenance (both owners)maintenance (both owners)““RightRight--hand rulehand rule”” (none)(none)Lawful fence (4 ft, barbed wire, 12 ft Lawful fence (4 ft, barbed wire, 12 ft apart or 15 ft + 1 stay)apart or 15 ft + 1 stay)Actual damages (no 2x damages)Actual damages (no 2x damages)
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13
Social Risk ManagementSocial Risk ManagementSocial Risk Management
$$ Fence Laws (contFence Laws (cont’’d)d)¢¢ In both general law and optional law In both general law and optional law
counties, written agreements can be counties, written agreements can be made between landowners, but must be made between landowners, but must be signed, notarized, and recorded in the signed, notarized, and recorded in the county court housecounty court house
¢¢ MU Extension Guide Sheet G810MU Extension Guide Sheet G810
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Social Risk ManagementSocial Risk ManagementSocial Risk Management
QUESTIONS ? ? ?QUESTIONS ? ? ?
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1
Manejo de Riesgos SocialesManejoManejo dede RiesgosRiesgos SocialesSociales
$$ AsuntosAsuntos LegalesLegales¢¢ Rentas/ContratosRentas/Contratos¢¢ LeyesLeyes SobreSobre CercosCercos
2
Manejo de Riesgos SocialesManejoManejo dede RiesgosRiesgos SocialesSociales
$$ Leases/ContractsLeases/Contracts¢¢ Two typesTwo types
OralOralWrittenWritten
¢¢ Communication is the key to a good Communication is the key to a good lease.lease.
3
Manejo de Riesgos SocialesManejoManejo dede RiesgosRiesgos SocialesSociales
$$ RentasRentas verbalesverbales¢¢ UnaUna rentarenta verbal verbal porpor masmas de un de un aaññoo esesinvalidainvalida bajobajo loslos estatutosestatutos dede fraudefraude
¢¢ MenosMenos de un de un aaññoo ((alquileralquiler aa voluntadvoluntad))¢¢ AAññoo trastras aaññoo ((alquileralquiler periodicoperiodico))¢¢ GeneralmenteGeneralmente,, rentasrentas verbalesverbales dede tierratierra
agricolaagricola sonson alquileresalquileres periodicosperiodicos ((aaññootrastras aaññoo))
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4
Manejo de Riesgos SocialesManejoManejo dede RiesgosRiesgos SocialesSociales
$$ RentasRentas verbalesverbales (cont(cont’’d)d)¢¢ Se require Se require terminacionterminacion porpor escritoescrito
AlquilerAlquiler porpor voluntadvoluntad (30(30 diasdias dedenotificacionnotificacion))AlquilerAlquiler PeriodicoPeriodico (60(60 diasdias dedenotificacionnotificacion))
¢¢ LaLa rentarenta empiezaempieza elel diadia deldel acuerdoacuerdoverbal verbal NONO en el en el diadia en en queque lala posesionposesioneses entregadaentregada..
5
Manejo de Riesgos SocialesManejoManejo dede RiesgosRiesgos SocialesSociales
$$ RentasRentas EscritasEscritas¢¢ DocumentosDocumentos LegalesLegales¢¢ ValidoValido porpor aaññosos multiplesmultiples¢¢ BuenaBuena practicapractica dede negociosnegocios¢¢ RequeridoRequerido porpor algunosalgunos programasprogramas federalesfederales,,
estatalesestatales, y locales , y locales ¢¢ AsuntosAsuntos dede impuestosimpuestos ((participacionparticipacion material)material)¢¢ ProactivoProactivo, no , no ReactivoReactivo ((CommunicacionCommunicacion!)!)
6
Manejo de Riesgos SocialesManejoManejo dede RiesgosRiesgos SocialesSociales
$$ RentasRentas EscritasEscritas (cont(cont’’d)d)¢¢ CincoCinco partespartes esencialesesenciales
NombresNombres yy descripciondescripcion de la de la propiedadpropiedadTerminosTerminos de la de la rentarentaArreglosArreglos yy preciosprecios de la de la rentarentaDerechoDerecho dede entradaentradaFirmasFirmas
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7
Manejo de Riesgos SocialesManejoManejo dede RiesgosRiesgos SocialesSociales
$$ RentasRentas EscritasEscritas (cont(cont’’d)d)¢¢ UnaUna rentarenta ““CompletaCompleta””
CincoCinco partespartes esencialesesenciales masmas::PracticasPracticas dede ConservacionConservacionMejorasMejoras yy reparacionesreparacionesRegistrosRegistrosNoNo sociedadsociedadArbitrajeArbitrajeAcuerdosAcuerdos adicionalesadicionales
8
Manejo de Riesgos SocialesManejoManejo dede RiesgosRiesgos SocialesSociales
$$ LeyesLeyes sobresobre cercoscercos¢¢ LeyLey general general ¢¢ EstatutoEstatuto opcionalopcional sobresobre cercoscercos deldel CondadoCondado
¢¢ EstatutosEstatutos actualizadosactualizados AgostoAgosto 28, 2001 28, 2001 ((CapituloCapitulo 272)272)
¢¢ EsEs muymuy importanteimportante sabersaber sisi tutu CondadoCondado eses ununCondadoCondado concon ““leyesleyes opcionalesopcionales dede cercoscercos””
9
Manejo de Riesgos SocialesManejoManejo dede RiesgosRiesgos SocialesSociales
$$ LeyesLeyes sobresobre cercoscercos (cont)(cont)¢¢ LeyLey GeneralGeneral
ContribucionContribucion yy manutencionmanutencion modificadamodificada aafuerzafuerza (solo(solo duedueññosos dede ganadoganado))““ReglaRegla de la de la manomano derechaderecha””((especificadaespecificada))CercoCerco legal (4 ft, cable o legal (4 ft, cable o tablastablas,,separadasseparadas cadacada 12 ft)12 ft)DaDaññosos realesreales (no (no dadaññosos 2x)2x)
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10
Manejo de Riesgos SocialesManejoManejo dede RiesgosRiesgos SocialesSociales
$$ LeyesLeyes sobresobre cercoscercos (cont)(cont)¢¢ LeyLey opcionalopcional deldel CondadoCondado
Bates, Clinton, Daviess, Grundy, Bates, Clinton, Daviess, Grundy, Harrison, Knox, Linn, Macon, Mercer, Harrison, Knox, Linn, Macon, Mercer, Newton, Putnam, Schuyler, Scotland, Newton, Putnam, Schuyler, Scotland, Shelby, Sullivan, Saint ClairShelby, Sullivan, Saint Clair
11
Manejo de Riesgos SocialesManejoManejo dede RiesgosRiesgos SocialesSociales
$$ LeyesLeyes sobresobre cercoscercos (cont)(cont)¢¢ LeyLey opcionalopcional del del CondadoCondado (cont(cont’’d)d)
ContribucionContribucion yy manutencionmanutencion modificadamodificada aafuerzafuerza (ambos (ambos duedueññosos))““ReglaRegla de la de la manomano derechaderecha”” ((ningunoninguno))CercoCerco legal (4 ft, legal (4 ft, alambrealambre de de puas/espinaspuas/espinas, 12 ft , 12 ft aparteaparte o 15 ft + 1 stay)o 15 ft + 1 stay)DaDaññosos realesreales (no (no dadaññosos 2x)2x)
12
Manejo de Riesgos SocialesManejoManejo dede RiesgosRiesgos SocialesSociales
$$ LeyesLeyes sobresobre cercoscercos (cont)(cont)¢¢ En ambos, la En ambos, la leyley general y la general y la leyley
opcionalopcional dede CondadoCondado, se , se puedepuede hacerhaceracuerdosacuerdos escritosescritos entreentre loslos duedueññosos dedetierrastierras,, peropero debendeben serser firmadosfirmados,,notariadosnotariados, y , y registradosregistrados en la Corte del en la Corte del CondadoCondado
¢¢ MU Extension Guide Sheet G810MU Extension Guide Sheet G810
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Manejo de Riesgos SocialesManejoManejo dede RiesgosRiesgos SocialesSociales
PREGUNTASPREGUNTAS ? ? ?? ? ?
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1
Financial Risk ManagementFinancial Risk ManagementFinancial Risk Management
$$ TopicsTopics¢¢ Record keepingRecord keeping¢¢ Financial statementsFinancial statements¢¢ Business organizationBusiness organization¢¢ Business plan basicsBusiness plan basics
2
Financial Risk ManagementFinancial Risk ManagementFinancial Risk Management
$$ Financial RiskFinancial Risk¢¢ Risk associated with availability of debt Risk associated with availability of debt
capital, cash flows, and ability to keep or capital, cash flows, and ability to keep or grow equitygrow equity
¢¢ SourcesSourcesinterest rates, record keeping, asset interest rates, record keeping, asset management, taxesmanagement, taxes
3
Financial Risk ManagementFinancial Risk ManagementFinancial Risk Management
$$ Record Keeping Record Keeping –– Why?Why?¢¢ Production records indicate technical Production records indicate technical
limitations, trends, strengths/weaknesses, limitations, trends, strengths/weaknesses, and successes/failuresand successes/failures
¢¢ Financial records indicate limitations, Financial records indicate limitations, trends, strengths/weaknesses, and trends, strengths/weaknesses, and successes/failures from an accounting successes/failures from an accounting and economics standpointand economics standpoint
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4
Financial Risk ManagementFinancial Risk ManagementFinancial Risk Management
$$ Record Keeping Record Keeping –– Why? (contWhy? (cont’’d)d)¢¢ How can you accurately decide if an How can you accurately decide if an
enterprise is profitable if you do not know enterprise is profitable if you do not know how much it really costs to produce?how much it really costs to produce?
¢¢ Lenders, accountants, investors, and the Lenders, accountants, investors, and the IRS may (will) want informationIRS may (will) want information
¢¢ Once startedOnce started, not very difficult to do, not very difficult to do
5
Financial Risk ManagementFinancial Risk ManagementFinancial Risk Management
$$ Record KeepingRecord Keeping¢¢ Remember Remember –– separate costs by enterprise separate costs by enterprise
(crop) so you can evaluate each alone(crop) so you can evaluate each alone
¢¢ Several computer software programs Several computer software programs available that can helpavailable that can help
6
Financial Risk ManagementFinancial Risk ManagementFinancial Risk Management
$$ Financial StatementsFinancial Statements¢¢ In order to have accurate financial In order to have accurate financial
statements, you need to have accurate statements, you need to have accurate financial recordsfinancial records
¢¢ Four financial statementsFour financial statementsBalance Sheet Balance Sheet Income (Profit/Loss) StatementIncome (Profit/Loss) StatementStatement of OwnerStatement of Owner’’s Equitys EquityStatement of Cash FlowsStatement of Cash Flows
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7
Financial Risk ManagementFinancial Risk ManagementFinancial Risk Management
(Beginning of Year)Balance Sheet
(End of Year)Balance Sheet
Income Statement
Statement of Owner’s
Equity
Statement of Cash Flows
PLUS
EQUALS
8
Financial Risk ManagementFinancial Risk ManagementFinancial Risk Management
$$ Financial Statements (contFinancial Statements (cont’’d)d)¢¢ Balance Sheet Balance Sheet –– AA ““snapshotsnapshot”” of what your of what your
business has and how it is financed either business has and how it is financed either with equity or debtwith equity or debt
AssetsAssetsLiabilitiesLiabilitiesNet Worth/OwnerNet Worth/Owner’’s Equitys Equity
9
Financial Risk ManagementFinancial Risk ManagementFinancial Risk Management
$$ Financial Statements (contFinancial Statements (cont’’d)d)¢¢ Income Statement Income Statement –– A statement of A statement of
comprehensive income; needed to do taxescomprehensive income; needed to do taxesRevenuesRevenuesExpensesExpensesInventory changesInventory changesDepreciationDepreciation
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10
Financial Risk ManagementFinancial Risk ManagementFinancial Risk Management
$$ Financial Statements (contFinancial Statements (cont’’d)d)¢¢ Statement of OwnerStatement of Owner’’s Equity s Equity –– Shows where Shows where
changes in the ownerchanges in the owner’’s share of the s share of the business came from. Combined with the business came from. Combined with the income statement it reconciles the beginning income statement it reconciles the beginning and ending balance sheetsand ending balance sheets
Beginning Net WorthBeginning Net WorthRetained Earnings (earned changes)Retained Earnings (earned changes)Market Value Changes (unearned changes)Market Value Changes (unearned changes)Ending Net WorthEnding Net Worth
11
Financial Risk ManagementFinancial Risk ManagementFinancial Risk Management
$$ Financial Statements (contFinancial Statements (cont’’d)d)¢¢ Statement of Cash Flows Statement of Cash Flows –– A detailed A detailed
timeline/plan of the sources and uses of timeline/plan of the sources and uses of cash during the yearcash during the year
$$ Financial Position and PerformanceFinancial Position and Performance¢¢ Common Size Balance Sheets and Income Common Size Balance Sheets and Income
StatementsStatements¢¢ Financial Ratios (Sweet 16)Financial Ratios (Sweet 16)
12
Financial Risk ManagementFinancial Risk ManagementFinancial Risk Management
$$ Business OrganizationBusiness Organization¢¢ Factors to considerFactors to consider
Legal restrictionsLegal restrictionsLiabilitiesLiabilitiesType of businessType of businessDistribution of earningsDistribution of earningsCapital needsCapital needsTax advantages/disadvantagesTax advantages/disadvantagesBusiness life spanBusiness life span
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13
Financial Risk ManagementFinancial Risk ManagementFinancial Risk Management
$$ Business Organization (contBusiness Organization (cont’’d)d)¢¢ Common Organizations in AgCommon Organizations in Ag
Sole proprietorshipSole proprietorshipPartnershipPartnershipLimited Liability PartnershipLimited Liability PartnershipLimited Liability Limited PartnershipLimited Liability Limited PartnershipLimited Liability Company (LLC)Limited Liability Company (LLC)Corporations (C or S)Corporations (C or S)Cooperatives (stock or nonCooperatives (stock or non--stock)stock)
14
Financial Risk ManagementFinancial Risk ManagementFinancial Risk Management
$$ Business Plan BasicsBusiness Plan Basics¢¢ Probability of business success higher if Probability of business success higher if
business plan in place before startbusiness plan in place before start--upup¢¢ Prepare a business plan so its useful by Prepare a business plan so its useful by
your lender but more importantly your lender but more importantly by youby you¢¢ Update as needed and evaluate your Update as needed and evaluate your
progress (annually)progress (annually)¢¢ ItIt’’ss youryour plan, you need to develop it.plan, you need to develop it.
15
Financial Risk ManagementFinancial Risk ManagementFinancial Risk Management
$$ Business Plan Basics (contBusiness Plan Basics (cont’’d)d)¢¢ FormatFormat
66 -- Marketing PlanMarketing Plan77 -- Human Resources PlanHuman Resources Plan88 -- Financial PlanFinancial Plan99 -- AppendicesAppendices
11 -- Cover PageCover Page22 -- Exec. SummaryExec. Summary33 -- Farm DescriptionFarm Description44 -- Strategic PlanStrategic Plan55 -- Prod. & OperationsProd. & Operations
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16
Financial Risk ManagementFinancial Risk ManagementFinancial Risk Management
$$ Business Plan Basics (contBusiness Plan Basics (cont’’d)d)¢¢ Cover Page Cover Page –– Name, address, phone, Name, address, phone,
web site, date preparedweb site, date prepared¢¢ Executive Summary Executive Summary –– Done lastDone last. 1. 1--2 page 2 page
summary of highlightssummary of highlights¢¢ Farm Description Farm Description –– business type, business type,
location, facilities, farm history, ownership location, facilities, farm history, ownership strategy (succession plan)strategy (succession plan)
17
Financial Risk ManagementFinancial Risk ManagementFinancial Risk Management
$$ Business Plan Basics (contBusiness Plan Basics (cont’’d)d)¢¢ Strategic Plan Strategic Plan –– Where do you want the Where do you want the
business to go and how do you plan to get business to go and how do you plan to get there?there?
¢¢ Production/Operations Production/Operations –– What, how, What, how, technology used. Detailed description of technology used. Detailed description of facilities.facilities.
¢¢ Marketing Plan Marketing Plan –– What, how, and to whom What, how, and to whom are you selling. Pricing and promotion are you selling. Pricing and promotion strategy. Position in the market.strategy. Position in the market.
18
Financial Risk ManagementFinancial Risk ManagementFinancial Risk Management
$$ Business Plan Basics (contBusiness Plan Basics (cont’’d)d)¢¢ Human Resources Plan Human Resources Plan –– BusinessBusiness
organization structure. Employees and organization structure. Employees and qualifications. Family labor involvement and qualifications. Family labor involvement and responsibilities.responsibilities.
¢¢ Financial Plan Financial Plan –– Current and pro forma Current and pro forma financial statements. Benchmarks. Capital financial statements. Benchmarks. Capital requirements.requirements.
¢¢ Appendices Appendices –– Resumes, building plans, job Resumes, building plans, job descriptions, supporting documents.descriptions, supporting documents.
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Financial Risk ManagementFinancial Risk ManagementFinancial Risk Management
QUESTIONS ? ? ?QUESTIONS ? ? ?
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1
Manejo de RiesgosFinancieros
ManejoManejo dede RiesgosRiesgosFinancierosFinancieros
$$ PreparadoPreparado porpor Gordon CarrikerGordon Carriker$$ EspecialistaEspecialista en Agroen Agro--negociosnegocios
$$ (417) 581(417) [email protected]@missouri.edu
$$ TraducidoTraducido porpor$$ JosJoséé GarcGarcííaa
ProgamaProgama de de SistemasSistemas AlimentariosAlimentarios ComunitariosComunitarios yyAgriculturaAgricultura SostenibleSostenible
(573) 884 3794(573) 884 [email protected]@missouri.edu
2
Manejo del Riesgo FinancieroManejoManejo deldel RiesgoRiesgo FinancieroFinanciero
$$ TemasTemas¢¢ MantenerMantener un un registroregistro¢¢ DeclaracionesDeclaraciones FinancierasFinancieras¢¢ OrganizacionOrganizacion dede NegociosNegocios¢¢ FundamentosFundamentos de Planes de de Planes de
NegociosNegocios
3
Manejo del Riesgo FinancieroManejoManejo deldel RiesgoRiesgo FinancieroFinanciero
$$ RiesgoRiesgo financierofinanciero¢¢ RiesgoRiesgo asociadoasociado con la con la disponibilidaddisponibilidad
de capital de de capital de deudadeuda,, flujoflujo dede dinerodinero, y la , y la capacidadcapacidad dede mantenermantener oo incrementarincrementarcapital. capital.
¢¢ FuentesFuentesInteresesIntereses,, mantenermantener registrosregistros eeinventariosinventarios,, manejomanejo dede bienesbienes,,impuestosimpuestos
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4
Manejo del Riesgo FinancieroManejoManejo deldel RiesgoRiesgo FinancieroFinanciero
$$ MantenerMantener registrosregistros?? -- PorquePorque??¢¢ RegistrosRegistros dede produccionproduccion indicanindican
limitacioneslimitaciones tecnicastecnicas,, tendenciastendencias,,fortalezas/debilidadesfortalezas/debilidades, y , y exitos/fracasosexitos/fracasos
¢¢ RegistrosRegistros financierosfinancieros indicanindican limitacioneslimitaciones,,Financial records indicate limitations, Financial records indicate limitations, tendenciastendencias,, fortalezas/debilidadesfortalezas/debilidades, y , y exitos/fracasosexitos/fracasos desdedesde unun puntopunto de vista de vista economicoeconomico yy contablecontable..
5
Manejo del Riesgo FinancieroManejoManejo deldel RiesgoRiesgo FinancieroFinanciero
$$ MantenerMantener registrosregistros?? -- PorquePorque? (cont.)? (cont.)¢¢ Como Como puedepuede decidirdecidir de forma exacta de forma exacta sisi
unauna empresaempresa is rentable is rentable sisi nono sabesabecuantocuanto realmenterealmente cuestacuesta producirproducir??
¢¢ BanquerosBanqueros,, contadorescontadores,, inversoresinversores y el y el IRS IRS puedenpueden quererquerer esaesa informacioninformacion
¢¢ UnaUna vezvez queque empienzaempienza, no , no eses muymuy dificildificilhacerlohacerlo
6
Manejo del Riesgo FinancieroManejoManejo deldel RiesgoRiesgo FinancieroFinanciero
$$ LlevarLlevar registrosregistros¢¢ RecuerdeRecuerde –– separesepare costoscostos porpor rubrorubro
((cultivocultivo)) parapara queque puedapueda evaluarevaluar cadacada unouno
¢¢ MuchosMuchos programasprogramas dede computacioncomputacion estanestandisponiblesdisponibles queque son de son de ayudaayuda..
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7
Manejo del Riesgo FinancieroManejoManejo deldel RiesgoRiesgo FinancieroFinanciero
$$ DeclaracionesDeclaraciones FinancierasFinancieras¢¢ ParaPara tenertener declaracionesdeclaraciones financierasfinancieras
precisasprecisas,, UdUd.. necesitanecesita tenertener registrosregistrosfinancierosfinancieros precisosprecisos..
¢¢ CuatroCuatro declaracionesdeclaraciones financierasfinancierasEstado de balances Estado de balances DeclaracionDeclaracion de de IngresoIngreso ((Utilidad/PerdidaUtilidad/Perdida))DeclaracionDeclaracion de de bienesbienes propiospropiosDeclaracionDeclaracion de de flujoflujo de de dinerodinero
8
Manejo del Riesgo FinancieroManejoManejo deldel RiesgoRiesgo FinancieroFinanciero
(Principio del año)Estado de Balance
(Fin del año)Estado de Balance
Declaracionde Ingreso
Declaracionde bienespropios
Declaracion de flujos de dinero
MAS
IGUALES
9
Manejo del Riesgo FinancieroManejoManejo deldel RiesgoRiesgo FinancieroFinanciero
$$ DeclaracionesDeclaraciones FinancierasFinancieras (cont.)(cont.)¢¢ EstadosEstados de Balance de Balance –– UnaUna ““fotografiafotografia”” de lo de lo
queque susu negocionegocio yy comocomo estaesta financiadofinanciado con con bienesbienes propiospropios oo deudadeuda
BienesBienesObligaciones/responsabilidadesObligaciones/responsabilidadesValorValor neto/Bienesneto/Bienes propiospropios
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Manejo del Riesgo FinancieroManejoManejo deldel RiesgoRiesgo FinancieroFinanciero
$$ DeclaracionesDeclaraciones FinancierasFinancieras (cont.)(cont.)¢¢ DeclaracionDeclaracion de de IngresoIngreso –– UnaUna declaraciondeclaracion
dede loslos ingresosingresos totalestotales;; necesarionecesario parapara loslosimpuestosimpuestos
Retorno/reditoRetorno/reditoGastosGastosInventarioInventario yy cambioscambiosDepreciacionDepreciacion
11
Manejo del Riesgo FinancieroManejoManejo deldel RiesgoRiesgo FinancieroFinanciero
$$ DeclaracionesDeclaraciones FinancierasFinancieras (cont.)(cont.)¢¢ DeclaracionDeclaracion de de loslos bienesbienes propiospropios –– MuestraMuestra de de
dondedonde vienenvienen loslos cambioscambios en la en la participacionparticipacion del del duedueññoo en el en el negocionegocio.. CombinadoCombinado con la con la declaraciondeclaracion de de ingresoingreso reconciliareconcilia elel principioprincipio y final y final dede loslos estadosestados de balance.de balance.
Valor Valor netoneto al al principioprincipioGananciasGanancias retenidasretenidas ((cambioscambios ganadosganados))CambiosCambios en el valor de en el valor de mercadomercado ((cambioscambios no no ganadosganados))Valor Valor netoneto al final al final
12
Manejo del Riesgo FinancieroManejoManejo deldel RiesgoRiesgo FinancieroFinanciero
$$ DeclaracionesDeclaraciones FinancierasFinancieras (cont.)(cont.)¢¢ DeclaracionesDeclaraciones dede flujoflujo dede cajacaja –– Un plan de Un plan de
laslas fuentesfuentes yy usosusos deldel dinerodinero durantedurante elel aaññoo
$$ PositionPosition FinancieraFinanciera yy rendimientorendimiento¢¢ TamaTamaññoo comuncomun de de loslos estadosestados de balance y de balance y
declaracionesdeclaraciones dede ingresoingreso¢¢ RelacionesRelaciones FinancierasFinancieras ((““Sweet 16Sweet 16””))
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Manejo del Riesgo FinancieroManejoManejo deldel RiesgoRiesgo FinancieroFinanciero
$$ OrganizacionOrganizacion deldel NegocioNegocio¢¢ FactoresFactores aa considerarconsiderar
RestriccionesRestricciones LegalesLegalesObligaciones/responsabilidadesObligaciones/responsabilidadesTipoTipo dede negocionegocioDistribucionDistribucion dede laslas gananciasgananciasNecesidadesNecesidades de capitalde capitalVentajas/desventajasVentajas/desventajas dede impuestosimpuestosLaLa vidavida utilutil deldel negocionegocio
14
Manejo del Riesgo FinancieroManejoManejo deldel RiesgoRiesgo FinancieroFinanciero
$$ OrganizacionOrganizacion deldel NegocioNegocio (cont.)(cont.)¢¢ OrganizacionesOrganizaciones comunescomunes en en agriculturaagricultura
PropietarioPropietario unicounicoSociedadSociedadSociedadSociedad con con responsabilidadresponsabilidad limitadalimitadaResponsabilidadResponsabilidad LimitadaLimitada enen sociedadsociedadlimitadalimitadaCompaCompaññiaia concon responsabilidadresponsabilidad limitadalimitada(LLC)(LLC)CorporacionesCorporaciones (C o S)(C o S)Cooperatives (con Cooperatives (con accionesacciones o sin o sin accionesacciones))
15
Manejo del Riesgo FinancieroManejoManejo deldel RiesgoRiesgo FinancieroFinanciero
$$ FundamentosFundamentos del Plan de del Plan de NegociosNegocios¢¢ ProbabilidadProbabilidad dede exitoexito deldel negocionegocio eses mayor mayor sisi
hay un plan de hay un plan de negociosnegocios antes del antes del inicioinicio¢¢ Prepare un plan de Prepare un plan de negociosnegocios queque eses utilutil parapara susu
bancobanco,, peropero masmas importanteimportante parapara UDUD¢¢ Actualize de Actualize de acuerdoacuerdo a la a la necesidadnecesidad yy evalueevalue
susu progresoprogreso ((anualanual))¢¢ EsteEste eses susu plan, plan, UdUd.. tienetiene queque realizarlorealizarlo..
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Manejo del Riesgo FinancieroManejoManejo deldel RiesgoRiesgo FinancieroFinanciero
$$ FundamentosFundamentos del Plan de del Plan de NegociosNegocios (cont.)(cont.)¢¢ FormatoFormato
66 –– Plan de Plan de mercadeomercadeo77 –– Plan de Plan de RecursosRecursos
HumanosHumanos88 –– PlanPlan FinancieroFinanciero99 -- ApendicesApendices
11 –– CubiertaCubierta22 –– ResumenResumen ejecutivoejecutivo33 –– DescripcionDescripcion de la de la
granja/ranhogranja/ranho44 –– PlanPlan estrategicoestrategico55 -- Prod. & Prod. & OperacionesOperaciones
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Manejo del Riesgo FinancieroManejoManejo deldel RiesgoRiesgo FinancieroFinanciero
$$ FundamentosFundamentos del Plan de del Plan de NegociosNegocios (cont.)(cont.)¢¢ CubiertaCubierta –– NombreNombre,, direcciondireccion,, telefonotelefono,, pagainapagaina
web, web, fechafecha dede preparacionpreparacion del del documentodocumento¢¢ ResumenResumen ejecutivoejecutivo –– Se lo Se lo hacehace al finalal final. 1. 1--22
paginaspaginas resumenresumen dede loslos masmas sobresalientesobresaliente¢¢ DescripcionDescripcion de la de la granjagranja/rancho /rancho –– tipotipo dede
negocionegocio,, localidadlocalidad,, facilidades/construccionesfacilidades/construcciones,,historiahistoria de la de la granjagranja/rancho, /rancho, estrategiaestrategia de de propiedadpropiedad (plan de (plan de sucesionsucesion))
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Manejo del Riesgo FinancieroManejoManejo deldel RiesgoRiesgo FinancieroFinanciero
$$ FundamentosFundamentos del Plan de del Plan de NegociosNegocios (cont.)(cont.)¢¢ PlanPlan EstrategicoEstrategico –– DondeDonde quierequiere queque vayavaya elel
negocionegocio yy comocomo planeaplanea llegarllegar ahiahi??¢¢ Produccion/OperacionesProduccion/Operaciones –– QheQhe,, comocomo,,
tecnologiatecnologia usadausada.. DescripcionDescripcion detalladadetallada de de laslas facilidades/construccionesfacilidades/construcciones..
¢¢ Plan de Plan de mercadeomercadeo –– QueQue,, comocomo, y a , y a quienquienestaesta vendiendovendiendo.. EstrategiaEstrategia dede preciosprecios yypromocionpromocion.. PosicionPosicion en el en el mercadomercado..
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Manejo del Riesgo FinancieroManejoManejo deldel RiesgoRiesgo FinancieroFinanciero
$$ FundamentosFundamentos del Plan de del Plan de NegociosNegocios (cont.)(cont.)¢¢ Plan de Plan de RecursosRecursos HumanosHumanos –– EstructuraEstructura de de
lala organizacionorganizacion del del negocionegocio.. EmpleadosEmpleados yycualificacionescualificaciones.. TrabajoTrabajo familiarfamiliar invlucradoinvlucrado yyresponsabilidadesresponsabilidades..
¢¢ PlanPlan FinancieroFinanciero –– DeclaracionesDeclaraciones financierasfinancierasactualesactuales y proy pro--forma.forma. IndicadoresIndicadores..RequerimientosRequerimientos de capital.de capital.
¢¢ ApendicesApendices –– HojaHoja dede vidavida, planes de , planes de loslosedificiosedificios,, descripciondescripcion de de loslos trabajostrabajos,,documentosdocumentos de de apoyoapoyo..
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Manejo del Riesgo FinancieroManejoManejo deldel RiesgoRiesgo FinancieroFinanciero
PREGUNTAS ? ? ?PREGUNTAS ? ? ?
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SETTING GOALSSETTING GOALSSETTING GOALS
Plan to reduce risk!Plan to reduce risk!
2
What Are Goals?What Are Goals?What Are Goals?
$$ Broad statements that show where you want to Broad statements that show where you want to be after some period of time.be after some period of time.
$$ They can be goals for your business.They can be goals for your business.¢¢ Land ownershipLand ownership¢¢ New MachineryNew Machinery¢¢ New enterprises New enterprises
$$ They can be goals for your familyThey can be goals for your family¢¢ CollegeCollege¢¢ VacationsVacations¢¢ RetirementRetirement
3
$$ Shows you where you are goingShows you where you are going$$ Makes it easier to get where you are Makes it easier to get where you are
going.going.$$ Prepares you for the future.Prepares you for the future.$$ Gives Purpose and direction to decisions Gives Purpose and direction to decisions
and actions.and actions.$$ Gives all partners and employees a sense Gives all partners and employees a sense
of direction.of direction.
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Issues Of Family BusinessIssues Of Family BusinessIssues Of Family Business
$$ There is generally an overlap of the family There is generally an overlap of the family entity and the business entity. entity and the business entity. ¢¢ Who will work in the businessWho will work in the business¢¢ How much time will each person spend.How much time will each person spend.
$$ Allotting time and money between the Allotting time and money between the family and the business.family and the business.¢¢ How will profits be spentHow will profits be spent
Carpet or machineryCarpet or machineryVacation or new truckVacation or new truck
5
Characteristics Of Useful GoalsCharacteristicsCharacteristics Of Useful GoalsOf Useful Goals
$$ Are specific and measurable.Are specific and measurable.$$ Are realistic and attuned to the situation.Are realistic and attuned to the situation.$$ Require considerable effort, yet are Require considerable effort, yet are
attainable.attainable.$$ Include a time frame in which they are Include a time frame in which they are
achieved.achieved.$$ Vary in degree of difficulty or time Vary in degree of difficulty or time
required.required.
6
Stage oneStage oneStage one
$$ Sketch out desired lifestyle goalsSketch out desired lifestyle goals¢¢ Level of income desired.Level of income desired.¢¢ Degree of security.Degree of security.¢¢ Feeling of acceptance and esteem.Feeling of acceptance and esteem.¢¢ Feeling of achievement and recognition.Feeling of achievement and recognition.¢¢ Feeling of growth and fulfillment.Feeling of growth and fulfillment.
$$ Compare the proposed lifestyle goals and make Compare the proposed lifestyle goals and make adjustment.adjustment.
$$ Determine the impact of lifestyle goals on the Determine the impact of lifestyle goals on the business.business.
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Stage TwoStage TwoStage Two
$$ Establish a tentative set of business and Establish a tentative set of business and career goals.career goals.
$$ Rank goals in terms of importance.Rank goals in terms of importance.$$ Establish a timeline.Establish a timeline.
8
Stage ThreeStage ThreeStage Three
$$ Reconcile major lifestyle and business Reconcile major lifestyle and business goal conflicts.goal conflicts.
$$ Work toward a common agreement.Work toward a common agreement.
9
Goal Conclusions Goal Conclusions Goal Conclusions
$$ The goals should be yours. Every farm The goals should be yours. Every farm operation is different.operation is different.
$$ The goals should be written so they serve The goals should be written so they serve as a reminder and a record.as a reminder and a record.
$$ Goals should be realistic and attainable.Goals should be realistic and attainable.$$ Goals should have target dates.Goals should have target dates.$$ Goals should be compatible so that they Goals should be compatible so that they
balance the business and the family.balance the business and the family.
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INSURANCE FOR YOUR FARM
INSURANCE FOR YOUR INSURANCE FOR YOUR FARMFARM
11
Making Insurance DecisionsMaking Insurance DecisionsMaking Insurance Decisions
1.1. What are the chances of any particular What are the chances of any particular financial loss occurring?financial loss occurring?
2.2. How great will the financial loss be if it How great will the financial loss be if it does occur?does occur?
3.3. How can insurance be used for How can insurance be used for protection from these losses?protection from these losses?
4.4. How much will insurance cost?How much will insurance cost?
12
Chances Of A Financial LossChances Of A Financial LossChances Of A Financial Loss
$$ WeatherWeather¢¢ Ice stormsIce storms¢¢ HailHail¢¢ WindWind
$$ FireFire$$ AccidentAccident$$ LiabilityLiability$$ DeathDeath$$ HealthHealth$$ AutoAuto$$ WorkersWorkers’’ compensationcompensation
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Financial Effects Of LossFinancial Effects Of LossFinancial Effects Of Loss
$$ Some losses may be small and easily Some losses may be small and easily adsorbed into the cost of doing business.adsorbed into the cost of doing business.
$$ Other losses, may cause a severe shock Other losses, may cause a severe shock to the business and its financial situation.to the business and its financial situation.
Rule of Thumb: Insure against those events Rule of Thumb: Insure against those events that cannot be absorbed or handled that cannot be absorbed or handled without causing considerable financial without causing considerable financial hardship.hardship.
14
Balancing Needs With Available Dollars
Balancing Needs With Balancing Needs With Available DollarsAvailable Dollars
$$ High importanceHigh importance¢¢ FireFire¢¢ MedicalMedical¢¢ Auto LiabilityAuto Liability¢¢ Life insurance on the managerLife insurance on the manager¢¢ LiabilityLiability¢¢ Workers Compensation *Workers Compensation *
15
Balancing Needs (continued)Balancing Needs (continued)Balancing Needs (continued)
$$ ImportantImportant¢¢ Crop insuranceCrop insurance¢¢ Life insurance on managers spouseLife insurance on managers spouse¢¢ Unemployment insurance**Unemployment insurance**
$$ Less ImportantLess Important¢¢ Comprehensive and collision on vehicles.Comprehensive and collision on vehicles.¢¢ Life insurance for Life insurance for ““investmentsinvestments”” purposes on purposes on
children. (Small amount to protect children. (Small amount to protect insurability.)insurability.)
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Using Insurance In Managing Business Risk
Using Insurance In Managing Using Insurance In Managing Business RiskBusiness Risk
1.1. Property insurance.Property insurance.2.2. Public liability insurance.Public liability insurance.3.3. EmployerEmployer’’s liability or workerss liability or workers’’
compensation insurance.compensation insurance.4.4. Motor vehicle insurance.Motor vehicle insurance.5.5. Crop Insurance.Crop Insurance.
17
Insurance CoverageInsurance CoverageInsurance Coverage
$$ PropertyProperty¢¢ FireFire¢¢ WindstormWindstorm
$$ LiabilityLiability¢¢ Injuries to the public while on your farm.Injuries to the public while on your farm.¢¢ An umbrella coverage for liability An umbrella coverage for liability
wherever it occurswherever it occurs
18
Insurance (continued)Insurance (continued)Insurance (continued)
$$ EmployerEmployer’’s liability or Workers s liability or Workers Compensation.Compensation.
$$ Motor vehicle insuranceMotor vehicle insurance$$ Crop insuranceCrop insurance
¢¢ CATCAT-- catastrophic levelcatastrophic level¢¢ NAPNAP-- nonnon--insured assistance programinsured assistance program
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Using Insurance to Manage Personal/Family Related RiskUsing Insurance to Manage Using Insurance to Manage
Personal/Family Related RiskPersonal/Family Related Risk
$$ Disability insurance.Disability insurance.$$ Medical and longMedical and long--term care cost.term care cost.$$ Untimely death.Untimely death.
¢¢ Family incomeFamily income¢¢ Debt servicingDebt servicing¢¢ DeathDeath--time expensestime expenses¢¢ Purchase of partnerPurchase of partner’’s share of the s share of the
business.business.
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Planeando metasPlaneandoPlaneando metasmetas
PreparadoPreparado porpor David H. WhitsonDavid H. WhitsonServiciosServicios de Extension de la Universidad de Missouride Extension de la Universidad de MissouriNewton and McDonald CountyNewton and McDonald County
NeoshoNeosho(417) 455(417) 455--95009500
[email protected]@missouri.edu
TraducidoTraducido porpor JosJoséé GarcGarcííaaProgramaPrograma de de SistemasSistemas ComunitariosComunitarios de de AlimentacionAlimentacion yy
AgriculturaAgricultura SostenibleSostenible University of MissouriUniversity of Missouri(573) 884(573) [email protected]@missouri.edu
2
PLANEANDO METASPLANEANDO METASPLANEANDO METAS
PlanPlan parapara reducirreducir riesgosriesgos!!
3
Que son metas/objetivos?QueQue sonson metas/objetivosmetas/objetivos??
$$ DeclaracionesDeclaraciones queque muestranmuestran dondedonde quieresquieresestarestar despuesdespues de un de un periodoperiodo de de tiempotiempo..
$$ PuedenPueden serser metasmetas parapara tutu negocionegocio..¢¢ PropiedadPropiedad dede tierrastierras¢¢ MaquinariaMaquinaria nuevanueva¢¢ EmpresasEmpresas nuevasnuevas
$$ PuedenPueden serser metasmetas parapara tutu familiafamilia¢¢ CollegeCollege--UniversidadUniversidad¢¢ VacacionesVacaciones¢¢ JubilacionJubilacion--retiroretiro
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$$ TeTe muestramuestra aa dondedonde vasvas$$ HaceHace masmas facilfacil llegarllegar aa dondedonde estesestes
yendoyendo..$$ TeTe preparaprepara parapara elel futurofuturo..$$ TeTe dada unun propositoproposito yy unauna direcciondireccion aa laslas
decisionesdecisiones yy accionesacciones..$$ DaDa aa todostodos los los sociossocios yy empleadosempleados unun
sentidosentido dede direcciondireccion..
5
Asuntos de los Negocios de Familia
AsuntosAsuntos de los de los NegociosNegocios dedeFamiliaFamilia
$$ GeneralmenteGeneralmente hay un hay un sobreposicionsobreposicion de la de la entidadentidad familiar y la familiar y la entidadentidad dede negociosnegocios..¢¢ QuienQuien trabajatrabaja en el en el negocionegocio??¢¢ CuantoCuanto tiempotiempo pasapasa cadacada persona?.persona?.
$$ AcomodandoAcomodando tiempotiempo yy dinerodinero entreentre lalafamiliafamilia y el y el negocionegocio..¢¢ Como Como seranseran gastadosgastados laslas ganaciasganacias??
AlfombraAlfombra oo maquinariamaquinariaVacacionVacacion oo unauna trocatroca nuevanueva
6
Caracteristicas de metas utilesCaracteristicasCaracteristicas dede metasmetas utilesutiles
$$ SonSon especificasespecificas y se y se puedenpueden medirmedir..$$ SonSon realistasrealistas yy concordantesconcordantes con la con la
situacionsituacion..$$ RequiereRequiere esfuerzoesfuerzo considerable, sin considerable, sin
embargo son embargo son alcanzablesalcanzables..$$ IncluyenIncluyen unun marcomarco dede tiempotiempo en el en el queque se se
loslos alcanzaraalcanzara..$$ Varian en el Varian en el gradogrado dede dificultaddificultad oo tiempotiempo
reueridoreuerido..
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Etapa unoEtapaEtapa unouno
$$ DetermineDetermine laslas metasmetas de un de un estiloestilo dede vidavidadeseadodeseado¢¢ NivelNivel dede ingresoingreso deseadodeseado..¢¢ GradoGrado dede seguridadseguridad..¢¢ SentimientoSentimiento de de aceptacionaceptacion yy estimaestima..¢¢ SentimientoSentimiento de de logroslogros yy reconocimientoreconocimiento..¢¢ SentimientoSentimiento de de crecimientocrecimiento yy realizacionrealizacion..
$$ Compare el Compare el estiloestilo dede vidavida propuestopropuesto yy hagahagaajustesajustes..
$$ Determine el Determine el impactoimpacto dede laslas metasmetas deldel estiloestilo de de vidavida enen susu negocionegocio..
8
Etapa dosEtapaEtapa dosdos
$$ EstablezcaEstablezca unun grupogrupo dede metasmetas tentativastentativasparapara susu carreracarrera yy susu negocionegocio..
$$ ClasifiqueClasifique laslas metasmetas enen terminosterminos dedeimportanciaimportancia..
$$ EstablezcaEstablezca unun periodoperiodo dede tiempotiempo..
9
Etapa tresEtapaEtapa trestres
$$ ReconcilieReconcilie los los conflictosconflictos dede laslas metasmetas dedesusu estiloestilo dede vidavida yy susu negocionegocio..
$$ TrabajeTrabaje enen direcciondireccion de un de un acuerdoacuerdocomuncomun..
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Conclusiones de sus metasConclusionesConclusiones dede sussus metasmetas
$$ LasLas metasmetas debendeben serser suyassuyas.. CadaCada granjagranja ooranchorancho eses diferentediferente..
$$ LasLas metasmetas debendeben serser escritasescritas parapara queque sirvansirvancomocomo recordatoriorecordatorio yy registroregistro..
$$ LasLas metasmetas debendeben serser realistasrealistas yy alcanzablesalcanzables..$$ LasLas metasmetas debendeben tenertener fechasfechas dede cumplimientocumplimiento..$$ LasLas metasmetas debendeben ser compatibles ser compatibles parapara queque
balanceenbalanceen elel negocionegocio y la y la familiafamilia..
11
ASEGURANZA (SEGURO) PARA SU GRANJA
ASEGURANZA (SEGURO) ASEGURANZA (SEGURO) PARA SU GRANJAPARA SU GRANJA
12
Tomando Decisiones de Aseguranza
TomandoTomando DecisionesDecisiones dedeAseguranzaAseguranza
1.1. CualesCuales son los chances de son los chances de queque ocurraocurraalgunaalguna perdidaperdida financierafinanciera??
2.2. CuanCuan grandegrande seriaseria lala perdidaperdida financierafinancierasisi estaesta ocurreocurre??
3.3. Como Como puedepuede usarseusarse lala aseguranzaaseguranza paraparalala proteccionproteccion dede estasestas perdidasperdidas??
4.4. CuantoCuanto cuestacuesta lala aseguranzaaseguranza??
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Chances de una PerdidaFinanciera
Chances de Chances de unauna PerdidaPerdidaFinancieraFinanciera
$$ TiempoTiempo¢¢ TormentasTormentas de de hielohielo¢¢ GranizoGranizo¢¢ VientoViento
$$ FuegoFuego$$ AccidenteAccidente$$ ResponsabilidadResponsabilidad civilcivil$$ MuerteMuerte$$ SaludSalud$$ AutoAuto$$ SeguroSeguro parapara el el trabajadortrabajador (Workers(Workers’’ compensation)compensation)
14
Efectos Financieros de unaPerdida
EfectosEfectos FinancierosFinancieros dede unaunaPerdidaPerdida
$$ AlgunasAlgunas perdidasperdidas puedenpueden serser pequepequeññasas yyfacilmentefacilmente absorvidasabsorvidas enen loslos costoscostos deldelnegocionegocio..
$$ OtrasOtras perdidasperdidas puedenpueden causarcausar unun severoseverogolpegolpe al al negocionegocio yy susu situacionsituacion financierafinanciera..
UnaUna reglaregla comuncomun:: AsegureAsegure contracontra esosesoseventoseventos queque nono puedenpueden serser absorvidosabsorvidos sinsincausarcausar dadaññoo financierofinanciero considerable.considerable.
15
Balanceando las necesidadescon los Dolares Disponibles
BalanceandoBalanceando laslas necesidadesnecesidadesconcon loslos DolaresDolares DisponiblesDisponibles
$$ MuyMuy importanteimportante¢¢ FuegoFuego¢¢ MedicalMedical¢¢ ResponsabilidadResponsabilidad civil civil sobresobre carroscarros¢¢ SeguroSeguro dede vidavida parapara elel ““managermanager”” oo
responsible de responsible de laslas operacionesoperaciones¢¢ ResponsabilidadResponsabilidad civilcivil¢¢ SeguroSeguro parapara trabajadorestrabajadores (Workers(Workers
Compensation) *Compensation) *
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Balancenado las Necesidades(continuacion)
BalancenadoBalancenado laslas NecesidadesNecesidades((continuacioncontinuacion))
$$ ImportanteImportante¢¢ Seguro/aseguranzaSeguro/aseguranza dede cultivoscultivos¢¢ SeguroSeguro dede vidavida parapara el/la el/la conyugeconyuge deldel
““managermanager””¢¢ SeguroSeguro dede desempleodesempleo****
$$ MenosMenos ImportanteImportante¢¢ SeguroSeguro total y de total y de colisioncolision en en vehiculosvehiculos..¢¢ SeguroSeguro dede vidavida concon propositospropositos dede
““inversionesinversiones”” en en loslos niniññosos ((pequepequeññaa cantidadcantidadparapara protejerprotejer la la asegurabilidadasegurabilidad).).
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Usando la Aseguranza en el manejo de riesgos del negocio
UsandoUsando lala AseguranzaAseguranza en el en el manejomanejo de de riesgosriesgos deldel negocionegocio
1.1. AseguranzaAseguranza sobresobre lala propiedadpropiedad..2.2. AseguranzaAseguranza parapara responsabilidadresponsabilidad
publicapublica..3.3. AseguranzaAseguranza parapara lala responsabilidadresponsabilidad
laborallaboral oo aseguranzaaseguranza sobresobre loslosbeneficiosbeneficios del del trabajadortrabajador..
4.4. AseguranzaAseguranza parapara vehiculosvehiculos motorizadosmotorizados..5.5. AseguranzaAseguranza sobresobre loslos cultivoscultivos..
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Cobertura de la AseguranzaCoberturaCobertura de la de la AseguranzaAseguranza
$$ PropiedadPropiedad¢¢ FuegoFuego¢¢ TormentaTormenta dede vientoviento
$$ ResposabilidadResposabilidad¢¢ LesionesLesiones al al publicopublico enen tutu granjagranja..¢¢ CoberturaCobertura general general porpor responsbilidadresponsbilidad
dondedonde seasea queque ocurraocurra..
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Aseguranza (continuacion)AseguranzaAseguranza ((continuacioncontinuacion))
$$ ResponsabilidadResponsabilidad deldel EmpleadorEmpleador oobeneficiosbeneficios al al trabajadortrabajador..
$$ AseguranzaAseguranza de de vehiculosvehiculos motorizadosmotorizados$$ AseguranzaAseguranza de de cultivoscultivos
¢¢ CATCAT-- nivelnivel catastroficocatastrofico¢¢ NAPNAP-- ProgramaPrograma dede asistenciaasistencia de node no--
aseguradosasegurados
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Usando la Aseguranza paraManejar Riesgos Relacionados a
la Persona/Familia
UsandoUsando lala AseguranzaAseguranza paraparaManejarManejar RiesgosRiesgos RelacionadosRelacionados aa
la Persona/la Persona/FamiliaFamilia$$ AseguranzaAseguranza de de IncapacidadIncapacidad..$$ CostosCostos Medicos y Medicos y CuidadosCuidados a Largo a Largo
PlazoPlazo..$$ MuerteMuerte sopresivasopresiva..
¢¢ IngresoIngreso familiarfamiliar¢¢ ServicioServicio aa laslas deudasdeudas¢¢ GastosGastos enen ocasionesocasiones dede muertemuerte¢¢ CompraCompra de la de la parteparte deldel negocionegocio del del
socio/socio/compacompaññeroero..
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1
MARKETING RISKMARKETING RISKMARKETING RISK
WeatherWeatherGovernment actionsGovernment actionsWorld factorsWorld factorsPerishablePerishableEconomyEconomySociety factors and trendsSociety factors and trends
2
MARKETING FUNCTIONSMARKETING FUNCTIONSMARKETING FUNCTIONS
Tangible function (Physical change and Tangible function (Physical change and possession):possession):Processing, grading and packingProcessing, grading and packingTransportationTransportationStoring and allocatingStoring and allocatingBuying and sellingBuying and selling
3
MARKETING FUNCTIONSMARKETING FUNCTIONSMARKETING FUNCTIONS
Intangible functionsIntangible functionsPricingPricingFinancingFinancingRisk BearingRisk BearingInforming (Advertising)Informing (Advertising)Decision MakingDecision Making
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PRODUCTION RESPONSESPRODUCTION RESPONSESPRODUCTION RESPONSES
$$ Choose low risk activities.Choose low risk activities.¢¢ Grow crops common to the areaGrow crops common to the area¢¢ Grow common livestockGrow common livestock
$$ Choose high risk activities. Choose high risk activities. ¢¢ Grow high value specialty crops.Grow high value specialty crops.¢¢ Provide specialty services. Provide specialty services.
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DIVERSIFY ENTERPRISESDIVERSIFY ENTERPRISESDIVERSIFY ENTERPRISES
Operate more than one enterpriseOperate more than one enterpriseGrow a variety of cropsGrow a variety of cropsLivestock and cropsLivestock and cropsHave different locations for productionHave different locations for production
6
HOW FARM OPERATORS VIEW MANAGEMENT SKILLS
HOW FARM OPERATORS HOW FARM OPERATORS VIEW MANAGEMENT SKILLSVIEW MANAGEMENT SKILLS
Top ManagersTop Managers1.1. Financial planningFinancial planning2.2. Disciplined spendingDisciplined spending3.3. MarketingMarketing4.4. Maximizing yieldsMaximizing yields5.5. Completing detailsCompleting details
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MANAGEMENT SKILLS CONTINUED
MANAGEMENT SKILLS MANAGEMENT SKILLS CONTINUEDCONTINUED
Bottom GroupBottom Group1.1. Reducing Operating CostReducing Operating Cost2.2. Maximizing yieldsMaximizing yields3.3. Working hard physicallyWorking hard physically4.4. MarketingMarketing5.5. Financial planningFinancial planning
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COMPARECOMPARECOMPARE
Top ManagersTop Managers Bottom Managers Bottom Managers 1.1. Financial planningFinancial planning 1. Reducing operating cost1. Reducing operating cost2.2. Disciplined spendingDisciplined spending 2. Maximizing yields2. Maximizing yields3.3. MarketingMarketing 3. Working hard physically3. Working hard physically4.4. Maximizing yieldsMaximizing yields 4. Marketing4. Marketing5.5. Completing detailsCompleting details 5. Financial planning5. Financial planning
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OBTAINING MARKET INFORMATION
OBTAINING MARKET OBTAINING MARKET INFORMATIONINFORMATION
InternetInternetPublicationsPublicationsExtensionExtension
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MARKETING STRATEGIES MARKETING STRATEGIES MARKETING STRATEGIES
$$ Buy and sell at the current cash price.Buy and sell at the current cash price.$$ Buy and store or store and sell at market price.Buy and store or store and sell at market price.$$ Deliver and defer price.Deliver and defer price.$$ Fix the price before delivery (Forward contract).Fix the price before delivery (Forward contract).$$ Forward price with a futures contract. (Hedging)Forward price with a futures contract. (Hedging)$$ Purchase the right to buy or sell futures at a Purchase the right to buy or sell futures at a
future date. (Options)future date. (Options)
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CASH SALESCASH SALESCASH SALES
$$ Spread sales over a period of timeSpread sales over a period of time¢¢ Receive the average price of the Receive the average price of the
season.season.¢¢ Avoid selling at the market low.Avoid selling at the market low.¢¢ Also avoids selling at the market high.Also avoids selling at the market high.
$$ Seek a market paying higher pricesSeek a market paying higher prices$$ Raise a higher value cropRaise a higher value crop$$ Sell value added or retail.Sell value added or retail.
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FORWARD CONTRACTINGFORWARD CONTRACTINGFORWARD CONTRACTING
$$ Used to lock in a price prior to delivery.Used to lock in a price prior to delivery.$$ Eliminates the risk of price going downEliminates the risk of price going down$$ Also eliminates the opportunity to take Also eliminates the opportunity to take
advantage of the price going up.advantage of the price going up.¢¢ Generally a penalty if contractualGenerally a penalty if contractual
agreements are not met.agreements are not met.
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FUTURES MARKETFUTURES MARKETFUTURES MARKET
A futures contract is a commitment to make A futures contract is a commitment to make or take delivery of a commodity with the or take delivery of a commodity with the following characteristics:following characteristics:
1.1. At a agreed upon time in the future.At a agreed upon time in the future.2.2. For a specific commodity.For a specific commodity.3.3. For a specific quality.For a specific quality.4.4. For a specific price.For a specific price.5.5. For a specific location.For a specific location.
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HEDGINGHEDGINGHEDGING
$$ The use of a futures contractThe use of a futures contract¢¢ Temporary substitute for the purchase Temporary substitute for the purchase
or sale of the actual commodity at some or sale of the actual commodity at some later date.later date.
¢¢ The position in the futures and cash The position in the futures and cash market shall be equal in quantity and market shall be equal in quantity and opposite of each other.opposite of each other.
¢¢ Loses in one market will be offset by Loses in one market will be offset by gains in the other market.gains in the other market.
15
Example 1Example 1Example 1
CASHCASH FUTURESFUTURESMay: Cash May: Cash $7.00$7.00Sell Nov Sell Nov $7.00$7.00
Nov. Sell beans 6.00Nov. Sell beans 6.00 Buy Nov Buy Nov $6.00$6.00GainGain $1.00$1.00
Sold beans for $6.00Sold beans for $6.00Gain in futures $1.00Gain in futures $1.00Effective selling price $7.00Effective selling price $7.00
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Example 2Example 2Example 2
CASHCASH FUTURESFUTURESMay cashMay cash $7.00$7.00 Sell Nov Sell Nov $7.00$7.00
Nov. Sell S.B. $8.00Nov. Sell S.B. $8.00 Buy Nov $8.00Buy Nov $8.00
Loss ($1.00)Loss ($1.00)
Cash sales priceCash sales price $8.00$8.00Loss in futuresLoss in futures $1.00$1.00Effective price.Effective price. $7.00$7.00
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HEDGING RESULTSHEDGING RESULTSHEDGING RESULTS
$$ Hedging narrows the range of possible Hedging narrows the range of possible outcomes in price terms.outcomes in price terms.
¢¢ You give up the change of a very high You give up the change of a very high price.price.
¢¢ You are protected from a low price.You are protected from a low price.$$ Margin accounts are required.Margin accounts are required.$$ Understanding of the local price basis is Understanding of the local price basis is
required.required.
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OPTIONSOPTIONSOPTIONS
$$ The right to buy (or sell) futures contracts at a The right to buy (or sell) futures contracts at a specific price, but not the obligation to do so.specific price, but not the obligation to do so.¢¢ Pay a premium for this right.Pay a premium for this right.¢¢ You can take advantage of higher prices while You can take advantage of higher prices while
still protecting you on the down side.still protecting you on the down side.You can let the option expire and sell at You can let the option expire and sell at the higher price, orthe higher price, orYou can exercise the option and purchase You can exercise the option and purchase the underlying futures contract.the underlying futures contract.No margin money is involved, and no No margin money is involved, and no delivery is obligated with the option.delivery is obligated with the option.
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PUT OPTIONPUT OPTIONPUT OPTION
$$ A right to A right to sellsell¢¢ A futures contract.A futures contract.¢¢ At a fixed priceAt a fixed price¢¢ Before an expiration dateBefore an expiration date
20
CALL OPTIONCALL OPTIONCALL OPTION
$$ A right to A right to buybuy¢¢ A futures contract.A futures contract.¢¢ At a fixed priceAt a fixed price¢¢ Before an expiration dateBefore an expiration date
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Your Rights As The Owner Of A Put Option
Your Rights As The Owner Of Your Rights As The Owner Of A Put OptionA Put Option
1.1. Let it expire Let it expire –– No followNo follow--up is needed.up is needed.
2.2. Sell BackSell Back-- CashCash--in premium valuein premium value
3.3. Exercise the optionExercise the option-- Choose to sell Choose to sell futures contract at the put price and futures contract at the put price and offset by buying back when you market offset by buying back when you market your commodity.your commodity.
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Simple Options ExampleSimple Options ExampleSimple Options Example
CornCornCurrent date: July 12Current date: July 12Pricing opportunities:Pricing opportunities:
October delivery new cornOctober delivery new corn-- $2.67$2.67January deliveryJanuary delivery-- $2.87$2.87March put $2:90 @ 9 cents premiumMarch put $2:90 @ 9 cents premium
$3.00 @ 14.2 cents premium$3.00 @ 14.2 cents premium
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DIRECT MARKETINGDIRECT MARKETING
24
WHY DIRECT MARKETING?WHY DIRECT MARKETING?WHY DIRECT MARKETING?
$$ Provide additional income.Provide additional income.$$ Turn idle acres into additional income.Turn idle acres into additional income.$$ Provides work experience and learning Provides work experience and learning
opportunity for kids.opportunity for kids.$$ Your think you can do it better than others.Your think you can do it better than others.$$ You like to sell and work with customers.You like to sell and work with customers.
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DIRECT MARKETING ALTERNATIVES
DIRECT MARKETING DIRECT MARKETING ALTERNATIVESALTERNATIVES
$$ Pick your ownPick your own¢¢ Someone else does the harvestingSomeone else does the harvesting¢¢ Fresh as it can get.Fresh as it can get.
$$ Roadside marketRoadside market¢¢ Can start as an outlet for surplus home Can start as an outlet for surplus home
grown produce.grown produce.¢¢ You need a customer base.You need a customer base.¢¢ Must have quality produce.Must have quality produce.
26
DM Alternatives continuedDM Alternatives continuedDM Alternatives continued
$$ Farmers marketFarmers market¢¢ Outlet for small growersOutlet for small growers¢¢ SeasonalSeasonal¢¢ Successful marketers develop regular Successful marketers develop regular
customers.customers.¢¢ May be able to add value added May be able to add value added
produce.produce.
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PRODUCT CONSIDERATIONPRODUCT CONSIDERATIONPRODUCT CONSIDERATION
$$ QualityQuality$$ Fresh off the farm.Fresh off the farm.$$ Early season productionEarly season production$$ Growing specialty crop.Growing specialty crop.$$ Grow out of season.Grow out of season.
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DETERMINING MARKET POTENTIAL
DETERMINING MARKET DETERMINING MARKET POTENTIALPOTENTIAL
$$ Customer baseCustomer base$$ Potential sales Potential sales volumnvolumn$$ Size of farm and market facilitySize of farm and market facility$$ Operating costOperating cost
¢¢ LaborLabor¢¢ UtilitiesUtilities¢¢ MaintenanceMaintenance
$$ Breakeven sales Breakeven sales volumnvolumn
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FARM OPERATOR SKILLSFARM OPERATOR SKILLSFARM OPERATOR SKILLS
AgronomistAgronomistCrop ScoutCrop ScoutPurchasing AgentPurchasing AgentAccountantAccountantFinancial PlannerFinancial PlannerPersonnel ManagerPersonnel ManagerMechanicMechanicMarket advisorMarket advisorTax SpecialistTax SpecialistChild care providerChild care providerCookCookMarriage CounselorMarriage Counselor
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A Thought For Success or Failure
A Thought For Success or A Thought For Success or FailureFailure
The risk takersThe risk takers…………………………………………..
Are the profit makers!!!!!Are the profit makers!!!!!
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Manejo de Riesgos de MercadoManejoManejo dede RiesgosRiesgos de Mercadode Mercado
PreparadoPreparado porpor David H. WhitsonDavid H. WhitsonServiciosServicios de Extension de la Universidad de Missouride Extension de la Universidad de MissouriNewton and McDonald CountyNewton and McDonald County
NeoshoNeosho(417) 455(417) 455--95009500
[email protected]@missouri.edu
TraducidoTraducido porpor JosJoséé GarcGarcííaaProgramaPrograma de de SistemasSistemas ComunitariosComunitarios de de AlimentacionAlimentacion yy
AgriculturaAgricultura SostenibleSostenible University of MissouriUniversity of Missouri(573) 884(573) [email protected]@missouri.edu
2
RIESGO DE MERCADEORIESGO DE MERCADEORIESGO DE MERCADEO
TiempoTiempoAccionesAcciones deldel GobiernoGobiernoFactoresFactores en el en el mundomundoPerecederosPerecederosEconomiaEconomiaFactoresFactores socialessociales yy tendenciastendencias
3
FUNCIONES DEL MERCADOFUNCIONES DEL MERCADOFUNCIONES DEL MERCADO
FuncionFuncion tangible (tangible (cambiocambio fisicofisico yy posesionposesiondede bienesbienes):):ProcesamientoProcesamiento,, clasificaionclasificaion yy embalajeembalajeTransporteTransporteAlmacenajeAlmacenaje yy localizacionlocalizacionCompraCompra yy ventaventa
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FUNCIONES DEL MERCADOFUNCIONES DEL MERCADOFUNCIONES DEL MERCADO
FuncionesFunciones no tangiblesno tangiblesPreciosPreciosFinanciamientoFinanciamientoCargarCargar con los con los riesgosriesgosInformacionInformacion ((publicidadpublicidad))TomaToma dede decisionesdecisiones
5
RESPUESTAS DE PRODUCCION
RESPUESTAS DE RESPUESTAS DE PRODUCCIONPRODUCCION
$$ ElijiendoElijiendo actividadesactividades dede bajobajo riesgoriesgo..¢¢ HagaHaga crecercrecer cultivoscultivos comunescomunes al areaal area¢¢ CrieCrie ganadoganado comuncomun
$$ ElijiendoElijiendo actvidadesactvidades de alto de alto riesgoriesgo..¢¢ HagaHaga crecercrecer cultivoscultivos especialesespeciales de alto de alto
valor.valor.¢¢ ProveaProvea serviciosservicios especializadosespecializados. .
6
DIVERSIFIQUE SUS EMPRESAS
DIVERSIFIQUE SUS DIVERSIFIQUE SUS EMPRESASEMPRESAS
OpereOpere masmas dede unauna empresaempresa ((actvidadactvidad))CrieCrie unauna variedadvariedad dede cultivoscultivosGanado y Ganado y cultivoscultivosTengaTenga lugareslugares diferentesdiferentes parapara susu
produccionproduccion
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COMO MIRAN LOS OPERADORES DE GRANJAS LAS HABILIDADES
DE ADMINISTRACION
COMO MIRAN LOS OPERADORES COMO MIRAN LOS OPERADORES DE GRANJAS LAS HABILIDADES DE GRANJAS LAS HABILIDADES
DE ADMINISTRACIONDE ADMINISTRACIONAdministradoresAdministradores superioressuperiores1.1. PlanificacionPlanificacion financierafinanciera2.2. GastoGasto disciplinadodisciplinado3.3. MercadeoMercadeo4.4. MaximizarMaximizar lala cosechacosecha5.5. CompletarCompletar los los detallesdetalles
8
HABILIDADES DE ADMINISTRACION CONTINUADO
HABILIDADES DE HABILIDADES DE ADMINISTRACION CONTINUADOADMINISTRACION CONTINUADO
Grupo inferiorGrupo inferior1.1. Reduce los Reduce los costoscostos dede operacionoperacion2.2. AumentaAumenta lala cosechacosecha3.3. TrabajoTrabajo fisicofisico pesadopesado4.4. MercadeoMercadeo5.5. PlanificacionPlanificacion FinancieraFinanciera
9
COMPARECOMPARECOMPARE
AdministradoresAdministradores SuperioresSuperiores AdministradoresAdministradores InferioresInferiores1.1. PlanificacionPlanificacion financierafinanciera 1. 1. ReducirReducir costoscostos operacionoperacion2.2. GastosGastos disciplinadosdisciplinados 2. 2. MaximizarMaximizar cosechascosechas3.3. MercadeoMercadeo 3. 3. TrabajoTrabajo fisicofisico pesadopesado4.4. MaximizarMaximizar cosechascosechas 4. 4. MarcadeoMarcadeo5.5. CompletarCompletar los los detallesdetalles 5. 5. PlanificacionPlanificacion FinancieraFinanciera
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OBTENER INFORMACION DE MERCADO
OBTENER INFORMACION DE OBTENER INFORMACION DE MERCADOMERCADO
InternetInternetPublicacionesPublicacionesExtensionExtension
11
ESTRATEGIAS DE MERCADO ESTRATEGIAS DE MERCADO ESTRATEGIAS DE MERCADO
$$ CompraCompra vendavenda alal precioprecio actual al actual al contadocontado..$$ CompraCompra yy almacenaalmacena oo almacenealmacene yy vendavenda aa
preciosprecios dede mercadomercado..$$ EntregueEntregue II difieradifiera elel precioprecio..$$ FijeFije elel precioprecio antes de la antes de la entregaentrega ((contratocontrato
adelantadoadelantado).).$$ PrecioPrecio adelantadoadelantado concon contratocontrato futurofuturo (Hedging)(Hedging)$$ AdquieraAdquiera elel derechoderecho dede comprarcomprar o vender o vender
produccionproduccion futurafutura enen unauna fechafecha posteriorposterior((opcionesopciones).).
12
VENTAS AL CONTADOVENTAS AL CONTADOVENTAS AL CONTADO
$$ DistribuyeDistribuye laslas ventasventas en un en un periodoperiodo dede tiempotiempo¢¢ RecibeRecibe elel precioprecio promediopromedio de la de la estacionestacion..¢¢ EvitaEvita lala ventaventa a los a los preciosprecios dede mercadomercado masmas
bajosbajos..¢¢ PeroPero tambientambien evitaevita lala ventaventa a los a los preciosprecios
masmas altos.altos.$$ BuscaBusca unun mercadomercado queque paguepague preciosprecios masmas
altosaltos$$ SiembreSiembre cultivoscultivos de mayor valorde mayor valor$$ VentaVenta con valor con valor agregadoagregado o al o al detalledetalle..
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CONTRATOS POR ADELANTADO
CONTRATOS POR CONTRATOS POR ADELANTADOADELANTADO
$$ SeSe usausa parapara cerrarcerrar unun precioprecio antes de la antes de la entregaentrega..
$$ EliminaElimina elel riesgoriesgo dede preciosprecios quequedisminuyendisminuyen
$$ PeroPero tambientambien eliminaelimina lala oportunidadoportunidad dedeaprovecharaprovechar preciosprecios queque aumentanaumentan..¢¢ GeneralmenteGeneralmente hayhay unauna multamulta sisi los los
auerdosauerdos dede contratocontrato no se no se cumplencumplen..
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FUTURES MARKETFUTURES MARKETFUTURES MARKET
A futures contract is a commitment to make A futures contract is a commitment to make or take delivery of a commodity with the or take delivery of a commodity with the following characteristics:following characteristics:
1.1. At a agreed upon time in the future.At a agreed upon time in the future.2.2. For a specific commodity.For a specific commodity.3.3. For a specific quality.For a specific quality.4.4. For a specific price.For a specific price.5.5. For a specific location.For a specific location.
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HEDGINGHEDGINGHEDGING
$$ ElEl usouso dede contratoscontratos aa futurofuturo¢¢ SustitutoSustituto temporal de la temporal de la compracompra oo ventaventa de un de un
productoproducto enen algunalgun momentomomento en el en el futurofuturo..¢¢ LaLa posicionposicion en los en los contratoscontratos aa futurofuturo y el y el
mercadomercado alal contadocontado debedebe serser igualigual enencantidadcantidad yy opuestoopuesto unouno deldel otrootro..
¢¢ PerdidasPerdidas en un en un mercadomercado eses compensadacompensada conconganaciasganacias en el en el otrootro mercadomercado..
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Ejemplo 1EjemploEjemplo 11
CONTADOCONTADO FUTUROSFUTUROSMayo: Mayo: ContadoContado $7.00$7.00 VentaVenta Nov Nov $7.00$7.00
Nov. Nov. VentaVenta soyasoya 6.006.00 CompraCompra Nov $6.00Nov $6.00GanaGana $1.00$1.00
Soya Soya vendidavendida porpor $6.00$6.00GananciaGanancia en en contratocontrato aa futurofuturo $1.00$1.00PrecioPrecio dede ventaventa efectivoefectivo $7.00$7.00
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Ejemplo 2EjemploEjemplo 22
CONTADOCONTADO FUTUROSFUTUROSMayo Mayo contadocontado $7.00$7.00 VentaVenta Nov Nov $7.00$7.00
Nov. Nov. VentaVenta Soya $8.00Soya $8.00 CompraCompra Nov $8.00Nov $8.00
PerdidaPerdida ($1.00)($1.00)
PrecioPrecio de de ventaventa al al contadocontado $8.00$8.00PerdidaPerdida enen contratocontrato aa futurofuturo $1.00$1.00PrecioPrecio EfectivoEfectivo $7.00$7.00
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RESULTADOS HEDGINGRESULTADOS HEDGINGRESULTADOS HEDGING
$$ Hedging reduce el Hedging reduce el margenmargen dede posiblesposiblesresultadosresultados en en terminosterminos dede preciosprecios..
¢¢ UdUd.. renunciarenuncia a la a la posibilidadposibilidad de un de un precioprecio muymuy alto.alto.
¢¢ UdUd.. estaesta protegidoprotegido de un de un precioprecio muymuybajobajo..
$$ CuentasCuentas dede margenesmargenes sonson requeridasrequeridas..$$ EntenderEntender la base de la base de preciosprecios locales locales eses
requeridorequerido..
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OPCIONESOPCIONESOPCIONES
$$ ElEl derechoderecho de de comprarcomprar (o vender) (o vender) contratoscontratos aafuturofuturo a un a un precioprecio especificoespecifico,, peropero no la no la obligacionobligacion dede hacerlohacerlo asiasi..¢¢ SeSe pagapaga extra (premium) extra (premium) porpor esteeste derechoderecho..¢¢ UdUd.. puedepuede aprovecharaprovechar dede preciosprecios altosaltos
mientrasmientras siguesigue protegidoprotegido de la parte de la parte negativanegativa..UdUd.. puedepuede dejardejar queque lala opcionopcion expire y expire y vender al vender al precioprecio masmas alto, oalto, oUdUd.. puedepuede usarusar lala opcionopcion yy comprarcomprar elelcontratocontrato aa futurofuturo acordadoacordado..DineroDinero marginal no marginal no estaesta involucradoinvolucrado, y no , y no hay hay entregasentregas obligadasobligadas con la con la opcionopcion..
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OPCION PUESTA (Put Option)OPCION PUESTA (Put Option)OPCION PUESTA (Put Option)
$$ ElEl derechoderecho a vendera vender¢¢ UnUn contratocontrato aa futurofuturo..¢¢ A un A un precioprecio fijofijo¢¢ Antes de Antes de unauna fechafecha dede expiracionexpiracion
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OPCION LLAMADA (Call Option)
OPCION LLAMADA (Call OPCION LLAMADA (Call Option)Option)
$$ ElEl derechoderecho aa comprarcomprar¢¢ UnUn contratocontrato aa futurofuturo..¢¢ A un A un precioprecio fijofijo¢¢ Antes de Antes de unauna fechafecha dede expiracionexpiracion
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Sus derechos como dueño de una opcion puesta (Put option)SusSus derechosderechos comocomo duedueññoo de de unauna opcionopcion puestapuesta (Put option)(Put option)
1.1. DejarloDejarlo expirarexpirar –– No se No se necesitanecesita seguimientoseguimiento..
2.2. VolverVolver a vendera vender-- Valor al Valor al contadocontado ““premiopremio””
3.3. EjecutarEjecutar lala opcionopcion –– OpteOpte porpor vender el vender el contratocontrato aa futurofuturo alal precioprecio puestopuesto yy compensarcompensarvolviendovolviendo aa comprarcomprar cuandocuando comercializecomercialize susuproductoproducto..
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Ejemplo simple de opcionesEjemploEjemplo simple de simple de opcionesopciones
MaizMaiz ((eloteelote))FechaFecha actual: Julio 12actual: Julio 12OportunidadesOportunidades dede precioprecio::
EntregaEntrega enen OctubreOctubre MaizMaiz nuevonuevo-- $2.67$2.67EntregaEntrega enen EneroEnero-- $2.87$2.87PuestoPuesto enen MarzoMarzo $2:90 @ 9 centavos $2:90 @ 9 centavos ““premiopremio””
$3.00 @ 14.2 centavos $3.00 @ 14.2 centavos ““premiopremio””
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MERCADEO DIRECTOMERCADEO DIRECTO
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PORQUE MERCADEO DIRECTO?
PORQUE MERCADEO PORQUE MERCADEO DIRECTO?DIRECTO?
$$ ProveeProvee ingresosingresos adicionalesadicionales..$$ ConvierteConvierte acres no acres no usadosusados enen ingresosingresos
adicionalesadicionales..$$ ProveeProvee experienciaexperiencia de de trabajotrabajo yy
oportunidadesoportunidades dede aprendizajeaprendizaje a los a los niniññosos..$$ UdUd.. piensapiensa queque puedepuede hacerlohacerlo mejormejor queque
otrosotros..$$ LeLe gustagusta vender y vender y trabajartrabajar concon clientesclientes..
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ALTERNATIVAS DE MERCADEO DIRECTO
ALTERNATIVAS DE ALTERNATIVAS DE MERCADEO DIRECTOMERCADEO DIRECTO
$$ RecojaRecoja susu propiopropio productoproducto¢¢ AlguienAlguien diferentediferente dede UdUd.. cosechacosecha¢¢ Tan fresco Tan fresco comocomo seasea posibleposible..
$$ Mercado a Mercado a orillasorillas de la de la carreteracarretera¢¢ PuedePuede empezarempezar comocomo unauna posibilidadposibilidad
parapara lala sobresobre--produccionproduccion de la casa.de la casa.¢¢ UdUd.. necesitanecesita unauna base de base de clientesclientes..¢¢ DebeDebe tenertener productosproductos dede calidadcalidad..
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MD Alternativas continuacionMDMD AlternativasAlternativas continuacioncontinuacion
$$ MercadosMercados campesinoscampesinos (Farmers market)(Farmers market)¢¢ PosibilidadPosibilidad parapara pequenospequenos agricultoresagricultores¢¢ EstacionalEstacional¢¢ VendedoresVendedores exitososexitosos desarrolandesarrolan
clientesclientes regularesregulares..¢¢ PuedePuede aaññadiradir valor valor agregadoagregado alal
productoproducto..
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CONSIDERACIONES SOBRE PRODUCTOS
CONSIDERACIONES SOBRE CONSIDERACIONES SOBRE PRODUCTOSPRODUCTOS
$$ CalidadCalidad$$ FrescoFresco salidosalido del rancho o la del rancho o la granjagranja..$$ ProduccionProduccion tempranatemprana en la en la estacionestacion$$ ProducirProducir productosproductos especialesespeciales..$$ ProducirProducir fuerafuera de la de la estacionestacion..
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DETERMINAR EL POTENCIAL DEL MERCADO
DETERMINAR EL POTENCIAL DETERMINAR EL POTENCIAL DEL MERCADODEL MERCADO
$$ Base de la Base de la clientelaclientela$$ PotencialPotencial volumenvolumen dede ventasventas$$ TamaTamaññoo de la de la granjagranja y el y el lugarlugar dondedonde se se vendevende$$ CostosCostos dede operacionoperacion
¢¢ TrabajoTrabajo¢¢ UtilidadesUtilidades¢¢ ManutencionManutencion
$$ VolumenVolumen de de ventaventa ““nono perdidaperdida nono gananciaganancia””(breakeven)(breakeven)
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HABILIDADES DEL OPERADOR DE LA GRANJA
HABILIDADES DEL HABILIDADES DEL OPERADOR DE LA GRANJAOPERADOR DE LA GRANJA
AgronomoAgronomoExploradorExplorador de de cultivoscultivosAgenteAgente de de comprascomprasContadorContadorPlanificadorPlanificador financierofinancieroGerenteGerente de personal de personal MecanicoMecanicoAsesorAsesor de de mercadosmercadosEspecialistaEspecialista de de impuestosimpuestosCuidarCuidar niniññososCocineroCocineroConsejeroConsejero matrimonial matrimonial
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Un pensamiento para el exito o fracaso
UnUn pensamientopensamiento parapara elel exitoexito oofracasofracaso
ElEl queque nono arriesgaarriesga…………………………………………..
NoNo ganagana!!!!!!!!!!
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Risk Management Tools for Dairy Farmers: Dairy Futures Contracts Edited from: John D. Anderson and Gregg Ibendahl Department of Agricultural Economics, University of Kentucky
Hedging Basics Since people seldom deliver on any futures contracts and never deliver on Milk contracts, it may not be clear how they can help producers manage their price risk. Futures markets are useful risk management tools since futures prices and cash prices generally move in the same direction. Thus, gains in the futures market will offset losses in the cash market. An example will help to illustrate this point:
Suppose that in the current month (say, March) milk prices are favorable, and a dairy producer wants to take advantage of this situation by hedging the milk to be produced six months from now.
To place the hedge, the dairy producer would want to sell a September BFP Milk futures contract (i.e., take a short position in the September BFP Milk futures market). The hedge can be summarized as follows:
March Sell September Milk futures contract at $16/cwt Current cash price = $17.50/cwt In September, when the producer is ready to sell milk in the cash market, the hedge can be lifted by the purchasing of a September Milk contract (i.e., taking a long position in the September BFP Milk futures market):
September Buy September BFP Milk futures contract at $14/cwt Sell milk on cash market at $15.50/cwt The actual gross receipts for the farmer consist of the cash selling price of $15.50/cwt plus the gain in the futures market position of $2/cwt:
Total gross receipts: $15.50/cwt + $2/cwt = $17.50/cwt This is an example of a short hedge. A short hedge is a hedge initiated with the sale of a futures contract. Short hedges are used by producers of a commodity. A hedge that is initiated with the purchase of a futures contract is called a long hedge. Long hedges are used by the purchasers of the physical commodity. The dairy farmer in this example would use a long hedge to lock in a price for corn or soybean meal used in feed. The mechanics of the hedge would be identical to the above example; however, the order of the transactions would be reversed. In other words, a corn or soybean meal contract would be bought first and sold later.
Note that the farmer received a price that was equal to the cash price at the time the hedge was placed. Changes in the cash market were offset exactly by changes in the futures market. In the example above, if the cash market had risen, cash market gains would have been offset exactly by futures market losses, and the farmer’s gross receipts would have been less than could have been received using the cash market alone. The point is that a straight futures market hedge such as the one illustrated here will not necessarily lead to a better price. The primary purpose of a hedge is not to get a higher price, but to minimize the risk associated with variable prices. Notice also that in the previous example, the cash market price was a constant $1.50/cwt below the September futures price. This difference between cash and futures prices is called the basis. The basis will not always remain the same. Changes in the basis will influence the effectiveness of a hedge. Using the preceding example, suppose that in September, the September Milk futures contract was trading for $14/cwt, but the cash market price was $16/cwt. In that case, the farmer would have received a total price for milk of $18/cwt ($16/cwt from the cash market and $2/cwt from futures market gain). In that case, the hedge would have returned more than the March cash market price. On the other hand, suppose that in September the cash market price was $15/cwt. In this case, the farmer would have received a total price for milk of just $17/cwt ($15/ cwt from the cash market and $2/cwt from futures market gains). In effect, what a futures market hedge does is allow a hedger to exchange price risk for basis risk. Generally, basis is less variable than price because, as noted earlier, cash and futures markets move together. Note, however, that the basis will be different at each local market. For example, corn growers in central Illinois do not face the same basis as corn growers in western Kentucky because they sell on different cash markets. This variation in basis also holds true for dairy producers. Even producers who sell to the same co-op will receive different mailbox prices due to different butterfat and protein levels and different transportation costs. These differences in mailbox prices translate into a different basis.
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Herramientas de Manejo de Riesgos para Productores Lecheros. Contratos de Leche a FuturoAdaptado de John D. Anderson y Gregg Ibendahl Traducido al Español por Jose L. Garcia
Medidas de protección básicasLos mercados de futuros son herramientas de manejo de riesgos útiles ya que los precios a futuro y los precios al contado se mueven generalmente en la misma dirección. Por lo tanto, las ganancias en el mercado de futuro van a contrarrestar las perdidas en el mercado al contado. Un ejemplo va a ayudar a ilustrar esto:
Suponga que en el mes actual (digamos Marzo) los precios de leche son favorables, y un productor de leche quiere tomar ventaja de esta situación protegiendo la leche que va a producir en 6 meses. Para acomodar esta protección, el productor quisiera vender un contrato a futuro de leche BFP (es decir, el agarra una posición corta en el mercado de futuro de Septiembre de la leche BFP). La protección puede resumirse en lo siguiente:
Marzo: Vende el contrato a futuro de Septiembre de la leche a $ 16/cwt. Precio actual = $17.50/cwt. En Septiembre, cuando el productor este listo para vender leche en el mercado al contado de Septiembre, la protección puede levantarse con la compra de un contrato de leche a Septiembre (es decir tomar un posición larga en el mercado a futuro de leche BFP de Septiembre):
Septiembre: Compra un contrato de futuro de leche a $14/cwt. Vende leche en el Mercado al contado a $15.50/cwt. Las facturas brutas para el agricultor consisten en la venta al contado al precio de $15.50/cwt. mas la ganancia en la posición en el mercado a futuro de $ 2/cwt:
Facturas brutas totales:$15.50/cwt + $2/cwt = $17.50/cwt. Este es un ejemplo de una protección corta. Una protección corta es una protección iniciada con la venta de un contrato a futuro. Protecciones cortas son usadas por agricultores de productos convencionales. Una protección iniciada con la compra de un contrato a futuro es una protección larga. Protecciones largas son usadas por los compradores de una producto convencional físico. El productor lechero, en este caso, usaría una protección larga para fijar el precio de harina de maíz o soya usada en los alimentos de sus animales. La forma de proceder seria idéntica que en el ejemplo de mas arriba, sin embargo el orden de las transacciones seria al revés. En otras palabras, un contrato de maíz o soya seria comprado primero y vendido después.
Note que el agricultor recibió un precio que era igual al precio al contado en el momento en que se puso la protección. Los cambios en el mercado al contado fueron exactamente compensados por los cambios en el mercado a futuro. En el ejemplo de arriba, si el mercado al contado hubiese subido, las ganancias del mercado al contado hubiesen sido compensadas con las pérdidas del mercado a futuro, y las facturas brutas del agricultor hubiesen sido menos de lo que hubiese podido recibir usando solo el mercado al contado. La idea aquí es que una protección de mercado a futuro como el que se explico aquí no siempre lleva a mejores precios. El propósito principal de una protección no es de aumentar el precio sino de minimizar el riesgo asociado con las variaciones de precios.
Note también que en el ejemplo, el precio en el mercado estaba en $1.50/cwt por debajo del precio de futuro de Septiembre. Esta diferencia entre el mercado al contado y el a futuro es llamada base (basis en Ingles.) La base no siempre se mantiene la misma y sus cambios influencian la efectividad de la protección. Usando el ejemplo, suponga que en Septiembre, el contrato a futro de la leche estaba en
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$14/cwt, pero el mercado al contado estaba en $16/cwt. En ese caso el agricultor hubiese recibido u precio total de solo $17/cwt ($15/cwt del mercado al contado y $2/cwt de las ganancias del mercado a futuro). En efecto, lo que hace una protección de mercado a futuro es permitir a la persona intercambiar el riesgo de recio por el riesgo de base. Generalmente la base es menos variable que el precio porque, como se indico antes, los mercados al contado y a futuro se mueven juntos. Note sin embargo que la base será diferente en cada mercado local. Incluso, productores que venden a la misma cooperativa recibirán precios diferentes debido a los niveles diferentes de grasa y proteínas y diferentes precios de transporte. Estas diferencias en los precios se traduce en bases diferentes.
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Guide to Milk Price Risk Management on the Internet http://agebb.missouri.edu/dairy/mkt/index.htm
MILK PRICES AND MARKETING
Milk Prices Milk Price OutlookMissouri Milk Prices (2001 to Present) Ken Bailey's Weekly Outlook (PA)
Web-Based Version Spreadsheet Version Bob Cropp's Monthly Outlook (WI)
Missouri Milk Price Basis (2001 to Present) Cornell Program on Dairy Markets & Policy (NY)
Web-Based Version Spreadsheet Version Dairy Marketing Fundamentals (MI)
Chicago Mercantile Exchange Quotes Understanding Dairy Markets (WI)
Class III Milk- Futures Options Dairy Marketing (OH)
Class IV Milk- Futures OptionsDaily Dairy Report (CME) Supply and Demand ReportsMILC Payments (USDA) Milk Production Reports (NASS)
Dairy Outlook (ERS)
Risk Management Dairy Outlook Data (ERS)
Hedging Opportunity Chart (WI) Dairy Imports and Exports (FAS)
Forward Contracting, Hedging, and Options (KY) Dairy Programs, Service, and Resources (AMS)
Put Options as Price Insurance (KY) Dairy Weekly Market News (AMS)
Options on Dairy Futures (KY) Dairy Product Production (Cheese Mkt. News)
Dairy Futures Contracts (KY) Dairy Risk Management Tutorials (WI) Milk Market Administrators
Southeast (Southern Missouri)Commercial Brokers Central (Northern Missouri)Valley Futures Trading eDairy, Inc. Milk Marketing TopicsKDM Trading Southern Dairy Conference Proceedings (GA)
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[Home Page] [Dairy Focus Team] [Regional Dairy Specialists] [AgEBB]]
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