It is essential to avoid recency bias, or prioritizing importance of recent events over historical events. Ensure long-term decisions aren’t based on short-term conditions. Make certain your farm business does not rely on lower interest rates to be successful.

Dr. Kohl emphasizes that a high-level management mindset should be top priority this year regardless of operation size, enterprise, or business cycle stage. Place your energy on controllable variables and manage around the uncontrollable like geopolitics, weather, or unexpected ‘black swan’ events.

Learn about the Federal Reserve’s most recent vote on the Fed Fund rate and what to expect of interest rates in the coming months.

The Federal Open Market Committee (FOMC) of the Federal Reserve (Fed) met May 2-3 and voted to increase the Fed Funds rate by 0.25%, bringing the overnight rate to 5.00-5.25%. 

Dr. Kohl reflects on two recent trips to Florida that quickly reminded him that baseball spring training is in full force and ready to move to the regular season playing field where the games count. Those in the agriculture industry are in a transition mode taking their production, marketing, risk management, and financial plans into the field for execution over the remainder of 2023.

Commentary, wisdom, and perspectives from globally renowned agricultural economist Dr. David M. Kohl..