If you're interested in taking more control of your farm's financial outcome, you can sign-up for a free trial of Harvest Profit here: https://www.harvestprofit.com/

He recently gave a presentation where he discussed four pillars related to what he calls farming's Business Model of the Future.  I dive into these four pillars on today's podcast.  To see the specific slide I refer to in this episode, visit the link below.

https://twitter.com/NickHorob/status/1306593734918696969/photo/1

• Substack: https://substack.com/
• Mailchip: https://mailchimp.com/features/website-builder/

To learn more, go here: https://www.harvestprofit.com/launch

Tracking these tests/decisions in a structured format can reduce the impact of the biases that often impact the learning of on-farm trials.

Focus on your farm's "small" data!

You can learn more about it in this Harvest Profit blog post:  https://www.harvestprofit.com/blog/you-need-a-statistical-framework-for-farm-management-decisions

It's less likely that you know why July 1st is one hell of a day of the year for retired Major League Baseball player Bobby Bonilla.  He gets his annual payment of $1.19 million from the New York Mets today.

That's what we discuss in today's podcast and the applicable farm management lessons.

This topic was inspired by this blog post by grain merchandiser Cullen Wilson: https://www.harvestprofit.com/blog/no-regret-crop-marketing

Cullen understands that making grain marketing decisions is much easier said than done.  The concept of a "shrinking pie" when it's related to grain marketing decisions is especially powerful.

Enjoy the episode and we'll be increasing the frequency of our podcasts in the coming weeks! 

To "kick the tires" on our software, you can sign up for a free trial on our website here: https://www.harvestprofit.com/

Here's the newsletter: https://twitter.com/PhilWCC/status/1262479290093928449?s=20

Also, check out White Commercial if you have any interest in commercial brokerage and/or education: https://www.whitecommercial.com/

We're going to be adding tools to this feature that will assign probabilities to each cell in the matrix.  This will allow you to objectively analyze the probability of certain profit outcomes.  The goal of this is to minimize your farm's "risk of ruin".

You can check out the P&L stress-testing tool here:  https://www.harvestprofit.com/matrix

Being able to do this type of analysis quickly throughout the year is a key system/trait of a long-term profitable farm.  You need to have the visibility into the financial side of your farm to be able to make confident, proactive decisions.  

This type of analysis can be done via a spreadsheet or a tool like Harvest Profit.  We recently added a scenario analysis tool to make this type of analysis a breeze!  If you'd like to see if the software is a fit for your farm, you can sign up for a 14-day free trial on our website -> https://www.harvestprofit.com/

These thoughts aren't exclusive to Tillable given that there will always be companies trying to disrupt your relationships with your landlords. 

Our mission at Harvest Profit is to help you strengthen the relationships you have with your landlords.  You can try a free trial of our software to try out the landlord reports that we offer here: https://www.harvestprofit.com/sign_up/freetrial

The beta version of Harvest Profit's scenario analysis tool will go live soon.  With this feature, you'll be able to answer questions such as:

- Budget vs. actual
- Rotation changes
- Adding/removing farms
- Adding/removing payments
- More selling/hedging
- Any combo of the above!

This is probably the most beneficial feature we've added to the software in the last couple years!

Ben is a great asset to the team at Harvest Profit and we're excited to share with you more information on his farm and background.

Also, here's the Tweet from Phil Luce at White Commercial Corporation that we refer to in the podcast: https://twitter.com/PhilWCC/status/1204746580441653248

Gamma measures how sensitive an option's Delta is to movements in price.  It's a very important greek to consider if you ever sell options.  It's also the most complicated greek to understand so our apologies for how "dense" this episode is!

Delta measures an option's sensitivity to movements in the underlying price of the financial instrument.  

It's the easiest to understand greek (in our opinion) and it's the most applicable to measurements of your farm's overall risk profile.  Applying the principle of Delta to your farm's overall price risk is a powerful way to "reframe" how you think about your grain marketing.

Vega is used to measure an option's price sensitivity to implied volatility.  We also discuss the concept of implied volatility, and its seasonality, in grain markets.

This isn't meant to give you an "edge" in your hedging, rather an education on these metrics.  Option prices are sensitive to numerous market factors and we will be going through the main four: Delta, Gamma, Vega, and Theta.

That couldn't be further from the truth!

In this episode, we discuss the change we recently made to our Terms of Service.  This change more closely aligns with our values as a company.

You can view the Terms of Service here:  https://www.harvestprofit.com/terms-of-service

This email-based course includes 25 lessons delivered via email that cover all aspects of farm-focused spreadsheet use cases.  We cover both Microsoft Excel and Google Sheets.

Visit HarvestProfit.com/spreadsheet (coupon code = free) to sign up and begin the course!

This is an email-based course that covers 20+ farm-focused tutorials in Microsoft Excel and Google Sheets.  1,000+ people have taken this one-of-a-kind course that's focused on putting your farm financial skills on steroids!

Are your numbers in order so you can quickly evaluate any situations that you come across? 

In this episode, Nick talks about a couple of situations he's seen where growers sublet a rented farm to another grower.  And both of them see a positive net income benefit from the transaction.

Cody started as an intern with us and will be joining us as a FT employee after graduation from the Computer Science program at NDSU.