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Financial Forums
The Birchip Cropping Group held two very successful financial forums last week at Wycheproof and Warracknabeal. Attended by over 160 farmers, the half day forums provided the opportunity for farmers to discuss key issues relating to planning for the 2009 season. Financial borrowing strategies, budgets, interest rates, herbicide and fertiliser prices, were all very topical issues given the region has once again been affected by severe drought.
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Facilitated by Fiona Best, BCG Extension Manager, the mornings included three panel sessions. The first was a panel discussion with bank representatives from ANZ, Commonwealth Bank, NAB, Rabobank, Rural Finance, Suncorp and Westpac. Key messages from the banks to farmers were, keep constant contact with lenders, undertake budgets early, do multiple budgets reflecting worst case and best case scenarios and seek advice on interest rates. Bank representatives were keen to reassure the farming community that they want to work together with farming businesses to help manage finances in 2009.
Farmers at the Financial Forum in Warracknabeal. |
The second session was a panel of key input suppliers including Incitec Pivot, Bayer CropScience, Nufarm, Landmark and Dow AgroScience. The cost of glyphosate, post-emergent herbicides and fertilisers created much debate within the forum. In relation to fertilisers, farmers are being urged to conduct soil tests, work out fertiliser requirements and make fertiliser orders on an as-need basis. Indications from Incitec Pivot were that fertiliser prices will ease in the new year and supply should not be stretched like it was at the beginning of 2008.
Both mornings concluded with a panel of local farmers talking though their individual strategies for how they will approach 2009 in terms of financial, agronomic and overall farm business management.
The free forums, instigated and managed by BCG, were extremely well attended, informative and enjoyable. For more information contact Fiona Best, Extension and Communication Manager 03 5492 2787.
For more information of planning for next year read GRDC's 2009 Planning Guide for farmers with limited finances or look at BCG's Drought Initiatives page for more information and assistance.