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SEGMENT: CHANGES IN FARM EQUIPMENT & FUTURE OF FARMING

Dr. Edward Runge>LPL Interviews N-Z>LPL Interviews K-Z, Segment 6

SEGMENT: CHANGES IN FARM EQUIPMENT & FUTURE OF FARMING,

duration 12:20
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CHANGES IN FARM EQUIPMENT
Total mechanization of old processes is the biggest change. Gives examples. Can contract out big jobs like spraying.
FUTURE OF FARMING
Substantial future for farming here. Have to eat. We are lucky for soils, climate, practices. Bullish for agriculture. Advice to young relatives. His nephew will take over from brother on farm. He bought the combine, a tractor, and is in transition. It would be hard to start farming without a background in it. Land is high priced. Yearly profit only about five per cent of cost. If a student wants to go into farming, needs a mentor or relative to help get started. Nephew has not bought land. Cash rent can be expensive. Farming is not for the faint-hearted. Students should go to school to learn economics. Educated people make better decisions.