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  1. #11
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    Default Re: Thinking of haying/farming for profit- many questions

    Quote Originally Posted by sdkubota View Post
    80 acres of prime Iowa corn producing land capable of producing 250 bushel an acre corn will not support a family. Losing everything you have to try to hang on some sentimental dream isn't good financial planning. I apologize for being a little cold here but you need a serious dose of reality. Best of luck!
    Thanks for your opinon. I mean that genuinely. I am not naive'. Just looking for advice. Thanks for yours.

    * Actually I am naive' when it comes to this topic. I know nothing. So I take that back. But I'm not stupid. Just trying to do some research while I can. :-)

  2. #12
    Super Member flusher's Avatar
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    Sacramento
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    Sold the farm, sold the tractors, moved back to the city

    Default Re: Thinking of haying/farming for profit- many questions

    Welcome to TBN--join the fun
    Why hay? Growing hay without any previous experience is a recipe for financial loss.

    There are other things you could grow--row crops, orchard crops that might be a better fit to your needs. I'd widen my search and get info on alternative crops.

    Good luck.

  3. #13
    Elite Member
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    Lee, IL
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    John Deere 1070

    Default Re: Thinking of haying/farming for profit- many questions

    if you are inheriting it then will you own it free and clear and only be responsible for taxes, or is there still money owed on it or what? I think this would be much more realistic if you were only responsible for taxes. You could slowly work into it while keeping your current job for now and leasing out part of the land. Maybe take on a little more each year until you got used to it. I would expect you to be able to get enough income to pay the taxes then there should be no risk of losing it, right?

  4. #14
    Elite Member
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    Lee, IL
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    John Deere 1070

    Default Re: Thinking of haying/farming for profit- many questions

    Ok, so I missed a few posts somehow and I see that you answered a couple of these questions already.

  5. #15
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    Default Re: Thinking of haying/farming for profit- many questions

    Quote Originally Posted by leonz View Post
    Well you have almost stuck your foot in it now.

    The many issues include and are not limited to
    the following as far as your specific desire to farm
    this acreage.


    1. Your actual income
    2. your disposable income-can you afford to purchase the tractors, plow, disc harrow, sure stand grass seeder, sprayer, widrower crimper, hay baler,
    hay wagons, running gear,hay elevators, fuel and lubricants, sisal baling twine, seed, annual soil tests, fertiliser, lime, gypsum?
    3. the needed equipment for 80 acres.
    4. annual real estate and school taxes on the property
    5. availability of fire protection
    6. available water supply for possible irrigation (being Center Pivots)
    7..your possible market for high quality hay
    8. annual 5 million dollars of blanket liability isurance coverage premium
    9. crop rotation or simply letting twenty acres go fallow every five years to let it rest
    10. TDN testing-for the digestable value to ruminants.
    11. I cannot place enough emphasis on purchasing a bale wrapping machine for
    hay bales as it preserves the hay and reduces the chance of damage from vermin.

    There is still a big market for horse hay in small bales , personally i woul drather use
    a round mini baler as the bales are more dense and are easier to handle and store
    if they are wrapped as they can be left under tarp without damage.

    the thing is small bales wastes much less hay and is economical THE PROBLEM IS the hay buyers TIME AND THE LACK OF IT.



    If your serious about owning this property you should think about renting it out
    for an annual cash rent basis per acre and see how it fairs for the first few
    years as you will have to spend a considerable amount of time plowing and planting
    new hay for a foddr crop as the sod may be no good for good forage haycrop if it
    was not maintained.


    Find out from your neighbors what they are getting for cash rents or what hey are
    paying for cash rents and then decide.

    UNLESS AND UNTILL you offer a high value fodder crop that has a high total digetable nutrient percentage
    you can simply slam the drawer on your hand as no one will buy it from you- a lot of hay gets sold and moved
    every yearnation wide and is even more valuable in drought years as well as in times of flooding.




    The annual cash rent income has to cover your insurance and liability coverage, land repairs-
    cleaning drainage ditches, possibly installing drainage pipe using a commercial drainage pipe installer
    which is the fastest and cheapest cost per acre to improve bad drainageand wet fields.

    You should also examine Remont Sainfoin as a fodder crop as it has an excellent reputation and yield for a fodder crop as well.


    I hate round or square big bales unless they are wrapped as you have use chainsaw to open them up to get what little good feed there is for the cows.

    Thanks for all this info. You have given me a few more things to consider and a few more things to investigate as well. All I know is that it has been growing alfalfa for 30+ years and is still currently doing so. There is equipment and water available and in place. But I don't want to make it sound like I think it will be as easy as hopping on the tractor the next day and things will just keep going the way they always have. Especially at the hand of someone with zero experience. Thanks again for your comment and for all the advice. Truly appreciated!

  6. #16
    Elite Member
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    Jan 2010
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    Oklahoma
    Tractor
    JD cut

    Default Re: Thinking of haying/farming for profit- many questions

    A good place to start is the Missouri Department of Agriculture, Agriculture Business Development Division. Find out what assistance, primarily educational if nothing else, is available.

  7. #17
    New Member
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    Missouri
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    Default Re: Thinking of haying/farming for profit- many questions

    Quote Originally Posted by flusher View Post
    Welcome to TBN--join the fun
    Why hay? Growing hay without any previous experience is a recipe for financial loss.

    There are other things you could grow--row crops, orchard crops that might be a better fit to your needs. I'd widen my search and get info on alternative crops.

    Good luck.
    Yes. I am looking into other things as well. I was starting with hay simply because that is what has been there for many years and I am not sure what else will grow as far as the soil goes, etc. I have been posting on many forums on various topics trying to learn all my options. Thanks!! :-)

  8. #18
    Elite Member smstonypoint's Avatar
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    Oct 2009
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    SC (Upstate) & NC (Piedmont)
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    NH TN 55, Kubota B2320 & RTV 900, Bad Boy Outlaw 61" ZTR

    Default Re: Thinking of haying/farming for profit- many questions

    Quote Originally Posted by CJMomo View Post

    Our other option would be to lease the land to someone who knows that they are doing, but all the research I have done doesn't come up with that make enough money for us to be able to have that as an actual income. Am I right in reading that you either crop share or cash rental (which comes out to very little income)? Or do you do a cash rental plus a percentage of the crop? We don't intend to make a ton of money at any of this, but in order for us to keep the farm it would have to produce enough income for us to live off of that solely. Otherwise we will be forced to sell and that is the last thing we want to do.

    Any advice or info is greatly appreciated.
    Here's some info on cash rental rates and crop-share arrangements in Missouri -- G427 2011 Cash Rental Rates in Missouri | University of Missouri Extension and G424 Missouri Crop-Share Leasing Patterns | University of Missouri Extension.
    There is considerable variation in rental rates and lease terms within states, but these sources may give you some general idea of what to expect.

    I don't want to come across as a naysayer, but I don't see how you could depend on the income from 80 acres of hay, cattle, and/or row crops (either leased or farmed yourself) to support you and your husband. However, depending on property taxes in Missouri, you might be able to pay the property taxes on the farm from rental income.

    Steve

  9. #19
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    Default Re: Thinking of haying/farming for profit- many questions

    Quote Originally Posted by greasemonkeyok View Post
    A good place to start is the Missouri Department of Agriculture, Agriculture Business Development Division. Find out what assistance, primarily educational if nothing else, is available.
    Thanks!!

  10. #20
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    Default Re: Thinking of haying/farming for profit- many questions

    Quote Originally Posted by smstonypoint View Post
    Here's some info on cash rental rates and crop-share arrangements in Missouri -- G427 2011 Cash Rental Rates in Missouri | University of Missouri Extension and G424 Missouri Crop-Share Leasing Patterns | University of Missouri Extension.
    There is considerable variation in rental rates and lease terms within states, but these sources may give you some general idea of what to expect.

    I don't want to come across as a naysayer, but I don't see how you could depend on the income from 80 acres of hay, cattle, and/or row crops (either leased or farmed yourself) to support you and your husband. However, depending on property taxes in Missouri, you might be able to pay the property taxes on the farm from rental income.

    Steve
    Thanks for the links Steve. I have been looking at those. I am looking for advice, not what I want to hear. :-) I am sure that selling the farm will be our most likely option. Just trying to find out any possible way to not have to do that. Thanks for your advice, and for not telling me what I want to hear! :-)

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