Wyoming

Workshops to help livestock producers manage risk and develop high-profit marketing plans are being offered through the University of Wyoming College Extension Service in Casper and Torrington.

The schedule for "Livestock Business and Risk Planning: A Workshop for Livestock Producers" is:

--June 14: 10 a.m. to 3 p.m. in the Natrona County Extension Service office in Casper; and

--June 15: 10 a.m. to 3 p.m. in the Brand Room of the Goshen County Fairgrounds in Torrington.

Harlan Hughes, professor emeritus, North Dakota State University, will present "Developing and Implementing a High-Profit Marketing Plan." As cattlemen enter the second year of record cattle prices, Hughes will lay out his suggested marketing strategies for cattlemen to capitalize on prices. He said his goal is to get all producers to participate in the good times; however, the reality is that the strong markets are not generating record profits for all ranchers. He will also discuss the economics of drought repopulation strategies.

Hughes will present the "New Cattle Cycle and Resulting Beef Price Cycle." A set of long-run planning prices will be shown, and he will then use those to evaluate production systems.

Hughes will also present "Using Business Planning to Mitigate Risk for Livestock Producers."

"Managing Risks with Financial Analysis: Making Financial Statements Work for You" will be presented by Duane Griffith, extension specialist, Montana State University-Bozeman, Department of Agricultural Economics and Economics. There is an introduction to RDFinancial, a spreadsheet program used to demonstrate the interaction of key financial statements and how this information can be used to make sound risk management and financial decisions. Griffith wants to show participants the type of management information that good financial information provides and how to use the information to make management decisions.

Laurence Crane will present "Risk Recognition and Response." He offers strategies to follow in response to risk. Crane is director of education and training for the National Crop Insurance Services, in Overland Park, Kan.

Date: 5/25/05

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