There are probably many producers who are under financial strain because of drought, high hay cost, low cattle prices and low crop prices. Our advice would be to address your problem head-on. Admit you need help and go get it. If you need help from us, please call and let us know.
Hard times are a regular part of agriculture: drought, market lows, ever-increasing input costs, etc. Those who survive periods of extreme adversity adapt and emerge more knowledgeable, progressive, and committed.
There are two different tax treatments that apply to weather-related sales in excess of normal business practice. One applies to draft, breeding or dairy animals that will be replaced within a two-year period. The other applies to all livestock and allows a one-year postponement of the reporting of the sales proceeds.
An option available to producers this fall is overseeding the warm season pastures with a cool season forage, assuming we have adequate moisture conditions at planting. With our summer pastures being grazed short, early establishment is very possible and would thus facilitate fall forage production.
Drought is a topic on every tongue in our service area. I've recently visited with several producers who have made plans to manage through this drought. But the length and severity of this dry spell is affecting everyone and is very serious for many.
Mistakes are commonly made when producers face a drought, we've outlined some helpful hints.
Cattle producers should be on the watch for nitrate and prussic acid poisoning during drought conditions.