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Questions about Agricultural Outlook
The following questions are designed to stimulate the thought process as you consdier your vision or expectations about the future of agriculture and your business. Each question may not require a written answer or detailed thought. Many questions are followed with a second question of "why." This is because the reason for the thought is often as important as the thought. The answer to the second question also may help you recognize and specify the factors that you consider to be most important.
Government Policies
1. What do you expect to be the trend in federal government farm programs? Why?
2. What do you expect to be the trend in national trade policies? Why?
3. What do you expect to be the trend in tax policies? Why?
4. What do you expect to be the trend in government expenditures? Why?
5. What do you expect to be the trend in the federal government budget deficit? Why?
6. What do you expect to be the trend in government regulation of environmental matters? Why?
7. How do you expect these trends to impact your farm's income, costs, and profitability?
8. What challenges do these trends pose for your business?
9. What opportunities do these trends offer your business?
Inflation and Interest Rates
10. Do you expect the inflation rate for the next several years to be less than, greater than, or about the same as for the past several years? Why?
11. Do you expect the interest rate for the next several years to be less than, greater than, or about the same as for the past several years? Why?
12. What challenges do these expected rates pose for your business?
13. What opportunities do these expected rates offer your business?
Food Consumption
14. What changes do you anticipate in the food consumption habits of U.S consumers? Why?
15. What changes do you anticipate in the non-food consumption habits of U.S. consumers? Why?
16. What changes do you anticipate in the food consumption habits of consumers around the world? Why?
17. What changes do you anticipate in the non-food consumption habits of consumers around the world? Why?
Food Production
18. What changes do you anticipate in the domestic production of food? Why?
19. What changes do you anticipate in the domestic production of the commodities you produce? Why?
20. What changes do you anticipate in the world production of food? Why?
21. What changes do you anticipate in the world production of the commodities you produce? Why?
Food Marketing
22. What changes do you anticipate in the domestic marketing of food? Why?
23. What changes do you anticipate in the domestic marketing of the commodities you produce? Why?
24. What changes do you anticipate in the world marketing of food? Why?
25. What changes do you anticipate in the world marketing of the commodities you produce? Why?
Food Processing
26. What changes do you anticipate in the domestic processing of food? Why?
27. What changes do you anticipate in the domestic processing and utilization of the commodities you produce? Why?
28. What changes do you anticipate in the world processing of food? Why?
29. What changes do you anticipate in the world processing and utilization of the commodities you produce? Why?
30. What challenges do these changes in food consumption, production, marketing, and processing pose for your business?
31. What opportunities do these changes in food consumption, production, marketing, and processingoffer your business?
Technology
32. What type of technolocial advances are likely to impact how you produce your commodities?
33. What type of technological advances are likely to impact how your commodities will be marketed?
34. What type of technological advances are likely to impact how your commodities will be processed?
35. What type of technological advances are likely to impact how your commodities will be transported before and after being processed?
36. What type of technological advances are likely to impact how your commodities will be consumed?
37. When do you expect these technologies to be available?
38. What challenges do these technological changes pose for your business?
39. What opportunities do these technological changes offer your business?
Prices
Based on your answers to the preceeding questions, what do you project will be the price of the following items 1 year and 5 years from now?
| 1 year | 5 years | |
| Ag Commodities | ||
| Interest rate | ||
| Input Supplies | ||
Community Resources for the Farm Business
What are your expectations about the availability and quality of the following factors you may utilize in operating your farm business?
Employees to hire
Input suppliers
Markets for your commodities
Transportation facilities
Community Resources for the Family
What are your expectations about the availability and quality of the following factors you may utilize in your daily living activities?
Schools
Religious opportunities
Health Care
Recreation
Off-farm employment
Family
How will your household needs change in the future? Why?
Last Updated November 1, 2005
Email: David.Saxowsky@ndsu.edu
This material is intended for educational purposes only. It is not a substitute for competent professional advice. Seek appropriate advice for answers to your specific questions.
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