Agricultural & Resource Economics
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Item Finding An Attorney for Your Case Requires Asking the Right Questions(2019-09) Goeringer, PaulSelecting an attorney to represent you is not always an easy prospect especially if it is your first time needing legal help. You may not know how to go about finding the right attorney or what questions to ask. Does the attorney have experience handling cases like yours? Do you understand how the attorney will bill you? Are you paying a flat fee or being billed hourly? Selecting the right attorney and understanding expectations on both sides will hopefully lead to a successful attorney-client relationship.Item 2019 Market Facilitation Program Available to Assist Producers Trade Disputes(2019-08-04) Millet-Williams, Nerice; Goeringer, PaulThe U.S. Department of Agriculture (USDA) Farm Service Agency (FSA) established the Market Facilitation Program (MFP) under Section 5 of the Commodity Credit Corporation (CCC) Charter Act in 2018. This section authorizes CCC to assist in the disposition of surplus commodities and to increase the domestic consumption of agricultural commodities by expanding or aiding in the expansion of domestic markets or by developing or aiding in the development of new and additional markets, marketing facilities and uses for such commodities. MFP provides direct payments to producers of specific products impacted by foreign tariffs. This program has been updated for 2019 to continue to assist growers impacted by trade disputes.Item Insuring Green Peas(2019) House, Meredith; Goeringer, Paul; Leathers, HowardItem Maryland Agriculture Lending Conditions, Land Values and Cash Rental Rates 2018(2018-11) Kuykendall, Olivia; Goeringer, PaulIn Spring 2018, Maryland farmers were surveyed to determine current land values, rental rate and lending conditions. Surveyors received responses from seven out of nine University of Maryland Extension program clusters. These clusters reported the values, rents and interest rates for non-irrigated cropland, irrigated cropland, pastureland and forested land in their region. This data was used to determine the average values for each cluster and the state of Maryland. Descriptions of the data as well as tables are provided in the publication.Item Revenue Insurance Now Available For Dairy Producers(2018-10) Kuykendall, Olivia; Goeringer, PaulUSDA recently approved a financial risk management program for farmers who are vulnerable to dairy price fluctuations. The Dairy Revenue Protection program is buy-in insurance that covers a percentage of a producer’s expected quarterly revenue. Coverage is quarterly and the price depends on either the class or component of the milk products and the desired percentage of coverage. More information on the program, eligibility, limitations, pricing, where and how to buy can be found in this publication.Item Valuing On-Farm Heir’s Sweat Equity Is Complicated: Agreements Can Fairly Compensate On-Farm Heirs(2018-10) Grahame, Mason; Johnson, Dale; Onumajuru, Catherine; Goeringer, PaulDetermining the value of sweat equity can be both challenging and controversial for farm families. Sweat equity arises as an issue when an on-farm heir receives payment at below market rate, and the farm business grows in size due to an on-farm heir’s below-market labors. Land in the farm may also appreciate in value due to the work of the on-farm heir. It is important to note that the best solution for handling sweat equity is to agree early on to pay the on-farm heir at a market rate. Handling sweat equity early on may necessitate the on-farm heir also working off the farm for additional income if the farm cannot support an additional person fulltime. It is important to discuss the farm succession plan and limit the possibility of sweat equity claims at an early stage of farm expansion.Item Market Facilitation Program Available to Assist Producers Due to Trade Disputes(2018-09) Kuykendall, Olivia; Goeringer, PaulThe U.S. Department of Agriculture (USDA) Farm Service Agency (FSA) established the Market Facilitation Program (MFP) under Section 5 of the Commodity Credit Corporation (CCC) Charter Act. This section authorizes CCC to assist in the disposition of surplus commodities and to increase the domestic consumption of agricultural commodities by expanding or aiding in the expansion of domestic markets or by developing or aiding in the development of new and additional markets, marketing facilities, and uses for such commodities. MFP provides direct payments to producers of specific products impacted by foreign tariffs.Item Industrial Hemp Remains Illegal to Cultivate In Maryland Until Final Regulations and Research Programs Finalized(2018-06-25) Goeringer, Paul; Cook, Nicole; Nuckolls, Kelly; Ristvey, Andrew; Morris, DaleIn 2016, the Maryland General Assembly first passed legislation allowing for the development of an Industrial Hemp Pilot Program in the state. That program was recently updated this year by House Bill (HB) 698 to allow farmers contracting with the Maryland Department of Agriculture (MDA) or Institutions of Higher Education (IHE) in Maryland to grow industrial hemp for research purposes. Production of hemp under the program must further either agricultural or academic research. While HB 698 becomes effective on July 1, MDA is currently developing regulations and applications required under this new law and IHE have not had sufficient time to develop research programs for industrial hemp production, which conform to the regulations. Until then, any grower attempting to produce industrial hemp in Maryland is still producing it illegally and faces potential criminal penalties.Item Reporting Continuous Release Emissions(2018-01-16) Goeringer, Paul; Moyle, Jon; Rhodes, Jennifer; Nuckolls, KellyThe 2018 Consolidated Appropriations Act contained language that would exempt agricultural operations from reporting under CERCLA. This fact sheet is left up as a reference for those wondering what reporting looked like at the time. At this time, all agricultural operations are exempt.Item Management Tool of Last Resort: Bankruptcy Offers Protections to Qualifying Agricultural Operations and Fishermen to Restructure Business and Survive Tough Economic Times(2017-10-17) Grahame, Mason; Goeringer, PaulAgriculture like many businesses is full of risks: marketing, financial, production, labor, and legal risks. With each risk area, producers must develop strategies to manage those risks. To manage marketing risks, for example, a producer would develop a plan for how to handle crops grown over the course of the season to maximize profits. Managing financial risks may require a producer to purchase crop insurance to cover losses if a crop fails. But sometimes in an operation, the risks may outnumber the strategies developed to manage those risks, and the operation may experience significant financial losses. Bankruptcy is often a risk management tool of last resort for a farming operation. For many family farmers and fishermen, the idea of bankruptcy is enough to lose the benefits from avoiding filing in a reasonable time. Chapter 12 of the U.S. Bankruptcy Code has made business reorganization and debt repayment a much more streamlined process, allowing family farmers and fishermen to reorganize their operation to avoid total business collapse. Chapter 12 is useful for most farmers and fishermen seeking help under U.S. Bankruptcy Code. Chapter 7 and Chapter 13 is useful for debts of a single individual in business with unexpected business difficulties, and Chapter 11 may be used as a last resort when a debtor’s debt exceeds limits from other chapters, or are not qualified for a Chapter 12.