Farm Credit Services of Mandan, which serves central and southwestern North Dakota, has been buffered from the most severe financial losses this year. CEO Aaron Vetter says the cattle sector has offset losses in grains. “Cattle guys have done pretty well, you know, cow-calf, grass cattle, feeder cattle, pretty much the whole industry has had a good year so that’s good,” said Vetter. “On the grain side, we had good production in the southwestern third of the state so that did help. I would say shallow losses are quite common.” With the high price of cattle and crop inputs, the demand for operating loans and short-term financing is up double digits. The loan renewal season is underway. RRFN asked Vetter for the advice he’d give farmers and ranchers before sitting down with their lender. “On the crop side, I would get in here soon to talk to your crop insurance agent to talk about the new subsidy levels and add-on products.” For the cattle producer, Vetter recommends a hedging tool, like a put or Livestock Risk Protection policy. Listen to the full interview.
