Citizens Bank Minnesota hosts Ag Seminar

Citizens Bank Minnesota hosted an Ag Seminar at the Best Western Plus, in New Ulm, on the morning of January 12, 2017. With over 200 participants, the topic of the event was “Positioning for Success”. Senior Vice President Tim Hoscheit welcomed the participants and thanked everyone for coming, speaking briefly about Citizens Bank Minnesota and its commitment to agriculture. Next, Vice President Kevin Yager introduced the Keynote Speaker, Dr. David Kohl.

Dr. Kohl, Professor Emeritus of Agricultural and Applied Economics at Virginia Tech in Blacksburg, VA, captivated the audience with Global and National outlooks and statistics. He addressed global economic trends and what to watch for in the major trade countries. Dr. Kohl also addressed the national concern with the agricultural economy. He noted that some of the adjustments the top half of producers are making include cutting rent and input costs by $50/acre along with implementing marketing and risk management programs along with diversifying income streams. Health care and insurance cost concerns were discussed as a major expense for most farm families along with the general need to monitor all family living expenses. Dr. Kohl spoke on the trend of millennials in the workplace and farming operations. The need to implement innovation and technology for the sake of efficiencies was discussed as well as the need for “knowledge transfer”. With as many as 21% of American farms not having a next generation to carry out business, the need for transition planning is great. Dr. Kohl suggested getting the next generation active in the business planning early on, working with the 4 cornerstones of success: Planning, Strategizing, Monitoring, and Executing.

Vice President Duane Laffrenzen introduced the next speaker, David Scheibel, from Minnesota West Ag Services. David is a grain marketing consultant offering brokerage and accounting services. With the USDA January reports coming in just minutes before David spoke, he was able to give a brief analysis of the results and the projected outcomes for the 2017 crop year. He spoke on trends, costs and breakevens, as well as risk management options for the upcoming marketing year.
The 2017 Ag Seminar was a great success!

By: RoseAnn Wendinger, Assistant Vice President

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