Agricultural Risk Management Meeting to be Held

October 24, 2003

With the effects of drought and low commodity prices affecting farmers and ranchers this season, Risk Management has played an important role for the producer who can call the 2003 production year a success. Business ventures with low risk typically provide little potential for profit. On the other hand, businesses with the greatest potential for profit tend to be the most risky according to Bill Hancock, Extension Agent for Agriculture and Natural Resources for Otero and Crowley Counties. Farmers and Ranchers must constantly make management decisions considering potential profits and the associated risk and losses that could result.

Hancock wants to make farmers and ranchers aware of the upcoming meeting on Thursday, October 30 that will provide producers with the latest outlook for commodity prices and information about risk management strategies. The meeting will be held from 6:30-9 p.m. at the Otero County Extension Office, 411 N. 10^th Street in Rocky Ford.

People attending the workshop will also have an opportunity to play the RIGHT RISK game. The game simulates real world situations and is designed to assist farmers and ranchers to recognize and manage risk. Playing the game allows people to (1) develop risk management strategies, (2) compare one strategy against another, (3) practice making management decisions related to risk, and (4) learn about their own personal risk style.

The workshop will be taught by members of the Colorado State University Cooperative Extension’s Agricultural Business Management team.

For additional information about the meeting contact Bill Hancock at (719) 254-7608.