U.S. agriculture’s robust profile is enticing foreign financiers
From Kiplinger Agriculutre Letter
Holland-based Rabobank, long a U.S. ag lender, has created separate U.S. affiliates, such as a farm supplies network, to capture market share. National Australia Bank is expanding in some central states since it bought S.D.-based Great Western Bank.
More on Agricultural Finance: Though few U.S. farmers need to borrow… given that so many of them have swollen bank accounts that let them pay cash for land and equipment…
Ag lenders will vie hard for farmers’ business. Most farmers are seen as solid credit risks.
Farmers’ equity will top $2.2 trillion this year, bringing their ownership share of farm assets to 90%. Copyright 2012. The Kiplinger Washington Editors, Inc. More details in April 6, 2012 The Kiplinger Agriculture Letter.
Login to Member Resources to download the latest version of The Kiplinger Agriculture Letter: http://portal.asfmra.org/Scripts/4Disapi.dll/4DCGI/cms/review.html?Action=CMS_Document&DocID=27&Time=820983562&SessionID=62057594yhofx712z58m6ib178uofz4n8xa01t8fypx92ywdh85706r0j6bv566f&MenuKey=123
Illinois Farmland Advances 21% in 2011
From LandOwner Newsletter
Strong demand for farmland translated into 20% to 21% annual increases on average across thestate of Illinois in 2011, according to the annualsurvey conducted by the Illinois Society ofProfessional Farm Managers and Rural Appraisers (ISPFMRA).
Other articles in LandOwner:
Central Illinois Tract Brings Record $14,600 an Acre
$8,325 an Acre in South-Central Nebraska
Farmers Expand Their Domination of Illinois Farmland Market
Login to Member Resources to download the latest version of LandOwner News. http://portal.asfmra.org/Scripts/4Disapi.dll/4DCGI/cms/review.html?Action=CMS_Document&DocID=27&Time=820983562&SessionID=62057594yhofx712z58m6ib178uofz4n8xa01t8fypx92ywdh85706r0j6bv566f&MenuKey=123
Water allowance cut choking California rebound
From the Wall Street Journal
Sharp cutbacks in water for farmers threaten to trigger renewed layoffs in a large swath of California, eating into the state’s $40 billion-a-year agriculture industry and damping its nascent economic recovery.
Read more on the Western Farm Press website: http://westernfarmpress.com/irrigation/water-allowance-cut-choking-california-rebound?NL=WFP-01&Issue=WFP-01_20120402_WFP-01_678&YM_RIDemail@example.com&YM_MID=1302230
January 1992 – April 2012 A little over 20 years and what a journey these years have been!
Serving the members of the ASFMRA has been an honor. I am so grateful for having had the opportunity to work for this wonderful association. I treasure the acquaintances and the good friends that I have made during these years. Thanks to all of you for your thoughtfulness and kindness to me. The members of ASFMRA are really great and I will miss you.
I can’t even imagine what it will be like to not come in to the office and not knowing what is happening each day; somehow it doesn’t seem real. I’ll have to call Brian every so often just to find out how everything is going.
Through the years, I have worked with a tremendous and dedicated staff/ family. I have been there through births, graduations, marriages, grandchildren and loss of loved ones. We have laughed hard together, cried hard together, and worked hard together. I am so grateful for their love and support and I will miss them.
I have worked with 20 different Presidents from Howard Williams to Jeff Berg, 20 different Councils, Board of Directors, Committee Members and Executive Vice Presidents, from John Ross who hired me (thank you John) and Brian Stockman who I greatly admire. All have been committed to the members and to the betterment of ASFMRA. It has been my pleasure to have worked with each of you.
My immediate plans are to be in Portland, OR for a week and then will spend three months with my siblings in Iowa; returning to Denver in September. In about five years I will retire in Russellville, AR where my daughter lives. In the meantime, I will enjoy and spend time with my seven grandchildren.
Great memories will live with me for years to come!
Farewell to All!
ASFMRA Director of Finance & Administration
P.S. Stay in Touch
Welcome New and Reinstated Members
Thank you for being a part of the ASFMRA! Help the ASFMRA welcome our new and reinstated members. The ASFMRA appreciates every member for choosing the Society as the association you desire to affiliate with. The ASFMRA continues to make every effort to offer member services which will be of benefit to you professionally and personally.
We are recognizing new and reinstating members of the Society on a monthly basis. You may recognize your fellow peers in the following list and we encourage you to welcome them into the membership of the ASFMRA.
Lauren Berry with AgCarolina Financial in Elizabeth City, NC (North Carolina Chapter)
Charles Denny with c-d Denny LLC in Maysville, MO (Missouri Chapter)
Jerry Holmes with AgCarolina Financial in Louisburg, NC (North Carolina Chapter)
Bruce Jacobsen with Big Sky Harvest in Belfry, MT (Montana Chapter)
Paul Loeffler with Superior Land Services LLC in Alpine, TX (Texas Chapter)
Christopher McCulloh with Agri Management Services in Marion, IA (Iowa Chapter)
Carson Rose with AgCarolina Financial in Smithfield, NC (North Carolina Chapter)
Kenneth Rountree in Lenox, GA (Georgia Chapter)
Tysen Williams with Farmers National/Williams Appraisal Group in Columbia, MO (Missouri Chapter)
Kristen Winter with Farm Credit of Southwest Kansas in Dodge City, KS (Kansas Chapter)
Roger Zerener with Roger Zerener Appraisals in Cheney, KS (Kansas Chapter)
Howard Ziegler with High Plains Farm Credit in Hays, KS (Kansas Chapter)
Justin Salcido with Farm Credit of New Mexico in Las Cruces, NM (New Mexico Chapter)
PROPOSED AMENDMENTS TO THE POLICY AND PROCEDURE MANUAL TO BE VOTED ON BY THE ASFMRA BOARD OF DIRECTORS
Notice to the ASFMRA Membership: Board of Directors Approval is needed for the following items for the Policy and Procedure Manual (#1 through #6). All of these amendments will be voted on at the Board of Directors/Membership Meeting during the 83rd ASFMRA Annual Meeting in Indianapolis tentatively scheduled for Tuesday, October 30, 2012 from 4:00 pm to 5:30 pm. Download the complete document that outlines the proposed amendments to the policy and procedure manual.
SEW—Bigger And Better Than Ever!
Mid-July will bring another ASFMRA Summer Education Week (SEW) and it returns to Des Moines this year. The week of July 15th -20th will be packed with education for licensure, our accreditations and continuing education all at one location. Of course, the program is not just education. We have a number of networking events planned. We will hold our second annual program of university students. We will have a meeting of academic members and one for young professionals. And we will hold our instructor workshop and meetings of our education committees.
On the education front, ASFRMA will offer its core Farm Management and Ag consulting courses Ag Land Management 1, 2 and 3. For the seasoned Management and Consulting professional, three new one day seminars will be offered. Monday we’ll offer Succession & Estate Planning, Tuesday will be Risk Management, Market Outlook and Insurance and Wednesday we’ll offer Emerging Technologies & Issues. Thursday, the ASFMRA Iowa Chapter is planning a great program with Pioneer at the Pioneer facility called: What’s Ahead for U.S. and Iowa Agriculture —Economy, Crop Production and Technologies.
For Appraisers working toward their CG license or accreditation, we are offering the Income Approach for General Appraisers course Monday through Thursday. For those appraisers seeking CE, we will offer the new Introduction to Vineyard and Winery Valuation seminar on Monday, followed by Appraising Intangible Assets on Tuesday and rapping up with Appraising Natural Resources on Wednesday, both of which have just been updated.
The focus of SEW is education, but we’ve got a lot of networking opportunities in store for attendees as well. Sunday night we’ll start off with a reception Sponsored by Dow AgroSciences. Monday Morning we’ll formally kick off the meeting with a short Opening General Session, with address from representatives from ASFMRA, the Iowa Department of Agriculture and Monsanto. Monday, you’ll enjoy a lunch Sponsored by Bayer CropScience at which Stephen Frericks, ASFMRA Lobbyist will talk about the Farm Bill and other current issues in Washington. Monday attendees will enjoy a dinner sponsored by Monsanto. Tuesday Pioneer will sponsor a lunch at the hotel and, that evening, will take everyone out to an Iowa Cubs game and dinner. Wednesday, Syngenta will treat everyone to a Barbeque. There will be many chances for attendees to make new connections and renew long standing friendships as well as unwind and have a little fun too!
And that’s not all! We will hold our second annual program for university students Sunday afternoon. We are organizing a meeting for Young Professionals to discuss their role in the Society on Sunday afternoon too. We will hold a meeting of Academic members Monday morning. And on Thursday and Friday, we will unveil a new training for the staff of lending institutions on new Interagency Guidelines and coming Dodd-Frank regulations pertaining to appraisal management and administrative appraisal review. Get the details on Summer Ed Week.
It’s a full week, a great value and a must-not-miss event!
Kirk Weih, AFM Interviewed on The Week on Agri-Business
Kirk Weih, AFM, immediate past president of ASFMRA, was featured The Week in Agri-Business at the RLI Conference in Denver. Click on this link to listen to the interview: http://farmprogress.com/farm-progress-america/video.aspx/week-agribusiness-april-7-2012-part-4-14-1038
ASFMRA is Rev’n up for Indianapolis
The planning of the 83rd ASMRA Annual Meeting and Trade Show is well underway. Under the leadership of Paul Joerger, AFM, the Program Committee has put together another outstanding line up of speakers, events and activities. The speakers for this year have such strong qualifications and backgrounds several issues of e-news are needed to cover them all.
The Thursday, November 1st morning agenda kicks off with a familiar name for many, Steve Elmore, Chief Economist for Pioneer. Steve will talk about what’s ahead for global agriculture. Attendees will leave this session with a solid understanding of the current economic situation. Steve’s Pioneer career began in January of 1998 as Agricultural Economist. From 2000-2001, he was a Project Manager working on internal process improvement (Six Sigma – Blackbelt). In 2001, he was named Senior Agricultural Economist. Since that time, his role has expanded within DuPont and he serves as the Chief Agricultural Economist for DuPont as well as Pioneer. He actively participates on various industry and U.S. government economic committees. On a worldwide basis, he has had the opportunity to interact and present to farmers, industry personnel, government employees and policymakers in many parts of the globe.
Prior to joining Pioneer, Steve worked as the Iowa and U.S. Agriculture Market and Policy Analyst for the Food and Agricultural Policy Research Institute (FAPRI) in the Center for Agriculture and Rural Development (CARD) at Iowa State University. Steve’s formal education includes a BS degrees in Public Administration and Economics from the University of Nebraska – Kearney; Roberts Fellowship in Forest Science from Texas A & M University, College of Agriculture; and a Master of Science degree in Agricultural Economics from the University of Nebraska – Lincoln.
Many ASFMRA members will be familiar with Steve based on his involvement with the annual Leadership Institute. Steve has been a speaker on past ASFMRA Annual Meetings.
Following Steve Elmore, attendees will have the opportunity to hear from Michael Swanson, Ph.D., Ag Economist – Senior Vice President at Wells Fargo Bank. Michael Swanson is an agricultural economist and consultant for Wells Fargo, the largest commercial agricultural lender in the United States. Based in Minneapolis, his responsibilities include analyzing the impact of energy on agriculture, forecasting for key agricultural commodities, such as wheat, soybeans, corn, and cotton, and livestock sectors, such as cattle, dairy, and hogs. Additionally, he helps develop credit and risk strategies for Wells Fargo’s customers, and performs macroeconomic and international analysis on agricultural production and agribusiness.
Dr. Swanson’s presentation will cover how US agricultural producers and their lenders need to understand the drivers of the current global agricultural market. They need to see how land valuation is not tied to nominal dollar valuations but true repayment capacity relative to alternative assets. These drivers include but are not limited to the global population dynamics, global income growth , U.S. currency exchange rates issues, and governmental policies affecting agriculture, both domestic and international. Swanson will show an alternative valuation model for crop land based on production capacity for repayment under different scenarios including domestic repayment capacity, competitive assets in the global market, and drivers of leverage.
These are only the first two speakers on the agenda for Thursday, November 1. Keep reading your e-news for information on the rest of the outstanding line up of speakers for the 2012 Annual Meeting this fall in Indianapolis. Additional details and schedules are available on the website at www.agro-nomics.org.
News from The Appraisal Foundation
The Appraisal Foundation Business Valuation Roundtable
The Business Valuation Profession as it Relates to Financial Reporting:
Where are We Headed?
Registration Now Open
April 23, 2012 – Washington, DC Get complete info on regsitering for this event. http://d.ss49.sertmail.com/new/en_send_preview_iframe2.aspx?SID=0&SiteID=933&NewsletterID=795325&EmailID=97575054&HitID=1333057486696&token=c25ada9413b7cf583142eac9a311a7328de93a73
Appraisal Practices Board (APB) Seeks Input on suggestions based on your area(s) of valuation expertise for concepts and topics to be considered. Issues may include emerging valuation methodology, conflicts in present practice or conflicts among existing authorities. For more info: http://b.ss51.sertmail.com/new/en_send_preview_iframe2.aspx?SID=0&SiteID=933&NewsletterID=797823&EmailID=97575054&HitID=1333481434671&token=c25ada9413b7cf583142eac9a311a7328de93a73
Valuation of Conservation Easements & Other Partial Interests
April 30 – May 2, 2012
Get complete info. http://portal.asfmra.org/Scripts/4Disapi.dll/4DCGI/events/7904.html?Action=Conference_Detail&ConfID_W=7904&Time=-1583001120&MenuKey=123
2012 Ag Lenders’ & Appraisers’ Range Camp – Gillette, WY Area
The 2012 Ag Lender’s & Appraiser’s Range Camp is set for June 10-13, 2012. Camp headquarters is located about 20 miles northwest of Gillette at the P Cross Bar Ranch. The WY Chapter of ASFMRA is hosting the event along with the SD Ag Lenders Range School. The SD chapter of ASFMRA is a co-sponsor of the event.
The “base camp”, the P Cross Bar Ranch, is an historical Campbell County working cattle and hunting/outfitter ranch. The owner’s Ranch home living room and dining room provide comfortable surroundings for gathering for meals, and an attached trophy room with patio/lawn area provides plenty of space for social gatherings and barbecues. A Ranch guest house provides five bedrooms, two bathrooms and a coin op laundry. A 14 x 70 mobile home provides an additional three bedrooms and a bathroom. A Ranch camper is also available. Four refrigerators and a walk-in-freezer are available for storing food and ice. In addition, there are several spaces for campers with electric outlets, potable water available, and a dump station. There are also several tent sites with access to bathrooms.
Ag Lenders’ and Appraisers’ Range Camp offers opportunities for you to:
• Learn techniques to better evaluate the range resource;
• Learn how to integrate new technologies for ranching;
• Gain “hands-on” experience with:
- plant identification
- range site condition
- stocking rates
- range management and restoration practices
• Tour a working cattle ranch and a bison ranch while seeing and hearing about their management practices;
• Tour the world’s largest coal mine producing 110 million tons/year; total operation covers 100 sq. miles and 5 mine faces; Learn about surface over coal issues, valuation, management practices and the reclamation process;
• Network with professionals in the areas of Ag lending, appraisal, and range management from across Wyoming and South Dakota;
• Hear up-to-date economic information on issues and trends in Ag lending and appraising and programs to finance land, livestock and range improvements.
• Discover management strategies that optimize ranching operations and maintain productivity of the resources;
• Appraiser’s receive 16.0 hours of Continuing Education credits.
CA Chapter Releases 2012 Trends
The California Chapter released the 2012 issue of Trends in Agricultural Land & Lease Values at their Spring Ag Outlook Conference March 29th. The annual publication is widely recognized as the number one source for rural land and lease value information covering California and Nevada. Available in both print and PDF formats, the four color resource guide is an important tool for anyone working with agricultural properties. The 2012 issue features articles on Cattle and Cherries as well as statewide value comparisons for Almonds and Wine Grapes. Copies of Trends can be purchased at www.calasfmra.com for $20 plus sales tax and shipping (no tax for sales outside of California). For more information, please call the California Chapter at (209) 368-3672.
Sixth Annual Wildland Fire Litigation Conference
April 20-22, 2012
Download the brochure for complete info.
Update Your Calendars with the Latest Meetings and Education Schedule
Stay current with all the programs and activities taking place within ASFMRA and the industry. Bookmark the ASFMRA website and check the calendar regularly. View the complete schedule of ASFMRA courses.
7/16-20 ASFMRA Summer Education Week – Des Moines, IA
9/9-13 Leadership Institute – Washington, DC
10/28-11/2 ASFMRA 83rd Annual Convention & Trade Show (Agronomics) – Indianapolis, IN
4/9-12 A102 Basic Appraisal Procedures – Austin, TX (FCB)
4/12 Best Practices for Rural Appraisal Seminar – Ames, IA
4/12-13 Washington Chapter Spring Meeting and Education – Prosser, WA
4/12 7-Hour National USPAP Update Course – Prosser, WA
4/13 ASFMRA Best in Business Ethics Class – Prosser, WA
4/23-26 A302 Sales Comparison Approach for General Appraisers – Denver, CO
4/30 Current Environmental Issues Seminar – Lancaster, PA
4/30 7-Hour National USPAP Update Course – Lufkin, TX
4/30 – 5/2 Valuation of Conservation Easements & Other Partial Interests – Denver, CO
4/30-5/2 Northeast Chapter Meeting, Tour and Education – Lancaster, PA
5/3 Appraising Agricultural Land in Transition – Jackpot, NV
5/4 Highest and Best Use Seminar – Jackpot, NV
5/4 Appraiser Qualifications Board Meeting – Chicago, IL
5/7-10 A290 General Market Analysis and Highest & Best Use – Denver, CO
5/17 Board of Trustees, Sponsoring Organizations, and NACAO Meeting – San Antonio, TX
5/21 Cost Approach Seminar – Austin, TX (FCB)
5/21-23 A380 Appraisal Review under UASFLA – Denver, CO
5/23-25 A390 Advanced Appraisal Review Case Studies – Denver, CO
6/4-8 A400 Advanced Rural Case Studies – Denver, CO
6/5 Implications of AQB Personal Property Guidelines Webinar – Internet
6/12-13 Administrative Review of Appraisals – Austin, TX (FCB)
6/21-22 Minnesota Chapter Summer Tour & Education – LuVerne, MN
6/25-28 A304 Integrated Approaches to Value – Denver, CO