In 2017, the average total noncapital living expenses of 1,219 farm families enrolled in the Illinois Farm Business Farm Management Association (FBFM) was $79,798 – or $6,650 a month for each family. This average was 3.7 percent higher than in 2016.

Before we really dig deep into these questions, let’s take a look at a football team. It will make sense later, I promise. This clever concept is credited to David Kohl, professor emeritus at Virginia Tech University and popular instructor on agriculture finance.

Since the program piloted in 2009, Missouri and Kansas grazing livestock producers have had access to pasture, rangeland and forage (PRF) insurance coverage as a tool to mitigate the risks of drought. Today, producers in all states have access to the coverage and the risk management it provides.