@article{Economics:278827,
      recid = {278827},
      author = {Market and Trade Economics Division},
      title = {Managing Farm Resources in the Era of the 1996 Farm Act},
      address = {1997-12},
      number = {1486-2018-6820},
      series = {AGES 9711},
      pages = {49},
      year = {1997},
      abstract = {The 1996 Farm Act quickly and dramatically changed the  decisionmalcing environment for farmland operators, owners,  and managers. In response to the uncertainties as to how  the Farm Act would affect the management of the Nation's  farm resources, eight State and area-specific panels of  professional farm managers and farm operators were held  during the first part of 1997. Panelists participated in  discussions that focused on changes in the management of  farm resources, forces driving these changes, the current  economic and financial setting for farming, characteristics  of farm leases, land values, commodity price expectations,  expected crop mixes, management of production and marketing  risks, and general prospects for agriculture in their  areas. This staff report includes information and  perspectives provided by these panel discussions. Four  topics highlighted by the panel discussions have special  relevance to prospective management decisions in the U.S.  farming sector into the 21st century. Consequently, they  have major implications for sector monitoring and  analytical activities. The four topics include: • The  Production Flexibility Contract Payments (PFCPs) and the  associated elimination of most planting restrictions, •  Capitalization of PFCPs into land values and land rental  rates, • Direct and indirect effects of PFCPs on farm  management decisions, and • Marketing and managing price  risk.},
      url = {http://ageconsearch.umn.edu/record/278827},
      doi = {https://doi.org/10.22004/ag.econ.278827},
}