A projected farm income statement, CDRC, and crop cost breakeven tool was created that gathers 4 years of historical farm production and financial data to assist in the creation of forecasted results. This is the first use of Illinois FBFM historic data to generate forward looking statements. FBFM members first produced 2017 year end financial analysis reports to build the database. Enterprise reports were generated to show 2017 costs of production. 2018 projected reports then were developed after discussions with producers at 1 on 1 farm visits. The farm's actual 4 year history was the base for the farms' forward looking statements.
A small group learning session was held in March 2018 to review FBFM data reports and begin the process of thinking about forward looking statements. Information about FBFM data, farm financial key factors about risks in farming were shared with the general public via articles on farmdoc daily.
Begun in western Illinois, the tool was shared with FBFM staff in other geographic regions of the state to showcase its value to differing production areas. Producers participating in the project gave very high reviews to the reports from this new tool.