LEADER
R U R A L
L I V I N G
Y O U R
Farm Credit of the Virginias
W A Y
Winter 2014
Virginia Silo Makes a Comeback in a Big Way!
Improving Your Chance in
LANDing a Loan
Merry Christmas
From Our Farm to Yours
LEADER
is published quarterly for stockholders,
directors and friends of Farm Credit of
the Virginias.
PRESIDENT
Dave Lawrence
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Farm Credit of the Virginias
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BOARD OF DIRECTORS
Barry W. Shelor, Chairman
Charles B. Leech IV, Vice Chairman
Ronald L. Bennett
Donna M. Brooke-Alt
William J. Franklin, Jr.
Bobby C. Gray
Paul M. House
Melody S. Jones
James F. Kinsey
Milton L. McPike
Donald W. Reese
W.W. Sanford III
Raymond L. Simms
Alfred W. Stephens, Jr.
Joseph W. Wampler
John E. Wells
EDITOR
Jenna Roeder
Twitter: #FarmCreditVAs
PUBLISHER
AgFirst Farm Credit Bank
LinkedIn: Farm Credit of the Virginias
DESIGNERS
Athina Eargle
Darren Hill
Amanda Simpson
Travis Taylor
http://twitter.com/#!/FarmCreditVAs/
https://www.linkedin.com/company/farm-credit-of-the-virginias-aca
YouTube: FarmCreditVAs
http://www.youtube.com/user/ FarmCreditVAs/featured
WordPress: Farm Credit of the Virginias
http://fcvablog.com/
Pinterest: Farm Credit of the Virginias
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Knowledge Center
Facebook: Farm Credit Knowledge Center
https://www.facebook.com/FCKnowledgeCenter
Blog: Farm Credit Knowledge Center
http://www.farmcreditknowledgecenter.com
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CIRCULATION
Kathi DeFlorio
Address changes, questions, comments or
requests for copies of our financial reports
should be directed to Farm Credit of the
Virginias, ACA by writing P.O. Box 899,
Staunton, VA 24402 or calling
800-559-1016. Our quarterly financial
report can also be obtained on our website:
www.farmcreditofvirginias.com, or by
email: [email protected].
Farm Credit of the Virginias furnishes
data to credit reporting agencies. The
association’s reporting efforts are important
for aiding consumers in obtaining credit,
assisting businesses in credit approval,
providing consumers with timely and
accurate personal credit information,
reducing fraud and abuse, helping prevent
identity theft and minimizing errors in
credit reporting. If you have questions
regarding this process, please contact our
Credit Desk at 540-886-3435 ext. 5038.
In This Issue
In Loving Memory of
MESSAGE FROM THE PRESIDENT
Association Year-End 2014
Mary Scott
4
INDUSTRY NEWS
Women in Agriculture Conference
Helps Women Farmers Cultivate
their Farm Enterprises
5
Inquiring Minds
Mary Frances Scott
August 6, 1961 – October 26, 2014
Mary joined Farm Credit in 1986. She was the customer
support representative for the Charlottesville branch
where she established many lasting relationships.
For 28 years, Mary was an intricate part of the Farm
Credit team. She will be greatly missed.
Holiday Schedule
December 24–25—Christmas
(Wednesday & Thursday)
January 1—New Year’s Day (Thursday)
January 19—Martin Luther King, Jr. Day (Monday)
February 16—Presidents’ Day (Monday)
Red Meat, Forages, and
Human Health is the Focus
of the 2015 VFGC Winter
Forage Conferences
12
Time Running Out on
100% Cost-Share
13
Homegrown By Heroes
15
Farmland Info
17
Improving Your Chances of
LANDing a Loan
20
Managing Price Risk in a
Volatile Market
22
ASSOCIATION NEWS
Director Election Results
6
Call to Serve
7
Milestone Celebration
Highlights Employees for
Years of Dedication
14
CAP News
16
Knowledge Center
18
Ag Biz Planner
19
Unclaimed Funds
26
FEATURE
Virginia Silo Makes a
Comeback in a Big Way!
10
COMMUNITY SERVICE
Blue Jean Fridays
21
YOUNG FARMER PROFILE
Ben Smith
24
FINANCIAL REPORT
Third Quarter 2014
See Page 6 for Director Election Results
Leader Winter 2014
3
8
27
MESSAGE FROM THE PRESIDENT
Association Year-End 2014
T
Dave Lawrence
he end of
during the current regulatory environment.
Over the next few months, the
2014 is fast
The overall net portfolio volume has modestly
Knowledge Center is sponsoring the Ag Biz
approaching,
increased during 2014. The net loan growth
Planner program for young and beginning
and your Farm Credit
is from loans to customers in the Association
farmers. Dr. David Kohl has worked with
& Country Mortgage
“footprint,” while participation loans to capital
us to develop a multiple-module program
team is busy taking
market customers have declined over the
providing a business management focus that
care of your year-end
past year.
culminates with a business plan for each
lending needs
Director Election Results
participant. Additionally, the Knowledge
and preparing for the new year. If you are
anticipating a purchase before year-end or
will need a new loan, please contact your loan
officer as soon as practical so we can do the
best possible job of meeting your expectations.
Financial Results
All current directors were re-elected to the
Association Board for another term. You can
find more information about the election
results inside this issue of the Leader.
THANKS to every customer/owner that
made the time to participate in the board of
Center will sponsor Farm Management
Institutes in Virginia and West Virginia. It is
our pleasure to welcome back Dr. David Kohl
and Dr. Alex White to co-lead the institutes.
The dates for these events can be located on
our Knowledge Center website.
Once again, your Association is experiencing
directors election process.
strong earnings year-to-date 2014. Similar to
Upcoming Events
wishes you Happy Holidays, and look forward
The Knowledge Center continues to
to working with you during the New Year. If
experience robust contacts from customers
you have neighbors are not doing business
and agricultural stakeholders. If you have not
with Farm Credit, please share the news about
already done so, I encourage you to check out
your Farm Credit cooperative or let your loan
the Knowledge Center by visiting the website
officer know and they will be in touch.
a year ago, a primary source for the increased
earnings is a downstream of capital from
AgFirst Farm Credit Bank. Additionally, the
Association continues to focus on operating
efficiency coupled with customer/owners
paying their loans on-time. Your elected
Board will make the decision about patronage
The Farm Credit of the Virginias team
www.farmcreditknowledgecenter.com.
payment after the final numbers are known
for the year, but if the current earnings track
continues through year-end, I anticipate the
patronage paid level to be 12 percent of interest
accrued on your loan, plus a second special
distribution patronage. Over the past several
Save the Date for Virginia
Cattlemen’s Association 2015
Winter Producer Meetings
years, the Board's focus has been to ensure
the Association’s capital/financial position is
strong and sufficient to fund customer/owner
lending needs. This continues to be important
All meetings will be free to VCA members and in the evening from 4:30 – 8 PM
with supper included. Topics will range from nutrition/vaccination response to
calf preconditioning to operation investment strategies in times of record
profitability. Meeting locations and dates will be as follows:
January 26th – Orange/Madison area
January 27th – Weyers Cave
January 28th – Chatham
January 29th – Abingdon
Watch for more details to come from local Virginia Cooperative Extension and
January 2015 edition of The Virginia Cattleman newspaper.
Farm Credit of the Virginias
4
Meals at each meeting will be
proudly sponsored by MultiMin
I NDUS T RY NEW S
Women in Agriculture Conference Helps Women
Farmers Cultivate their Farm Enterprises
W
est Virginia University
Extension Service provided
a new way for some of West
Virginia’s 9,000 female farmers to network,
grow their sustainable agribusiness, and
learn leadership and marketing skills with
its inaugural Women in Agriculture conference
that took place November 14–15, at Stonewall
Resort in Roanoke, West Virginia.
“As women continue to be an integral
part of agriculture and agribusiness in West
Virginia, it is WVU Extension’s responsibility—
as part of WVU and its land-grant mission—to
help fulfill the needs of women farmers and all
West Virginians,” said Jennifer Williams, WVU
Keri Philips, Farm Credit Loan Officer out of the Clarksburg branch office, was a speaker during
one of the workshop sessions offered during the conference.
Extension Service Agriculture and Natural
Resources program director.
A pre-conference farm tour Friday,
The conference helped develop
November 14, included visits to several local
entrepreneurial skills in women farmers
farms that incorporate food and hay production
across West Virginia, while WVU Extension’s
and showcased effective marketing strategies.
Agriculture and Natural Resources and
The farm tours and conference gave
4-H Youth Development programs work
farmers and farm service providers the
cooperatively to help secure the future of West
opportunity to gain valuable insight and skills
Virginia’s farm industry through agriculture
from local experts with real world experience,
education and services.
and to use that knowledge to build and improve
Sessions at the conference covered topics
such as farm business marketing and finance
their own farm operation through effective
management practices.
“best practices,” agritourism, and government
Farm Credit was a proud sponsor of
relations. Additionally, attendees were educated
this educational event, and we look forward
about niche farm business areas.
to participating again in next year’s WVU
With four conference education tracks—
Women in Ag Conference!
livestock, horticulture, farm finances and farm
For more information about next
niches—and a dozen sessions, participants were
year’s conference, contact your local WVU
able to tailor their conference experience to
Extension office.
their specific farm enterprise needs.
Leader Winter 2014
5
Donna Brooke-Alt, director for Farm Credit
of the Virginias and owner and operator of
Brookedale Farms in Fort Ashby, W.Va., was one
of the keynote speakers during the conference.
A S S OC I AT I ON NEW S
Director Election Results
W.W. (Monk) Sanford III
T
Bobby C. Gray
William (Bill) Franklin Jr.
Charles (Chuck) Horn
he results are in! Congratulations to
Series, which is a series of classes for director
LLC, Carolina-Virginia Telephone Association
those listed below for being elected
development. He has been a member of the
and is the president of the Scott County Cattle
to serve on the board as a director.
Washington County Virginia Farm Bureau for
Association Board. Mr. Franklin has been a
W.W. (Monk) Sanford III
43 years and was a former director of Southern
Farm Credit director since 1995 and feels
(incumbent) of Orange, Virginia, is the owner
States Co-op in Abingdon, Virginia. Mr. Gray
blessed to have a relationship with Farm Credit
and operator of Kenwood, LLC, a dairy and
served a total of 27 years combined active
that has helped finance his cattle operation
beef cow/calf farm. He serves on the Board
duty and Marine Corp Reserves. Today, he is
and is proud to serve as a board member.
of Directors for Maryland and Virginia Milk
currently serving on the Advisory Committee
Charles (Chuck) Horn of Mt. Solon,
Producers, Battlefield DHIA and Virginia
for the Washington County Virginia School
Virginia, operates Delta Spring Farm, Inc.
State Dairymen’s Association. He is the board
system. Mr. Gray and his wife are members of
which consists primarily of beef and poultry,
chairman for the Orange Madison Cooperative
the Abingdon Methodist Church where he has
with his wife and two children. Their beef
and Board chairman for the Orange County
served on the church council. He has been a
operation utilizes AI breeding along with
Extension Leadership Council. He is a member
Farm Credit member since 1972 and strongly
purebred Angus bulls. The farming operation
of Oak Chapel Baptist Church, where he
supports the Farm Credit philosophy.
is also able to background and finish
currently serves as a deacon. Mr. Sanford
William (Bill) Franklin Jr.
approximately 600 head annually. Mr. Horn
has been a Farm Credit director since 1995
(incumbent) of Duffield, Virginia, is the owner
has been in the poultry business for 27 years
and is a past Chairman of the Board.
and operator of Franklin Farms which consists
raising both turkeys and broilers. Mr. Horn
Bobby Gray (incumbent) of Abingdon,
of a registered Angus cow/calf operation
served on the Virginia Poultry Federation
Virginia, raises dairy breeding stock and
and a commercial cow/calf operation. Mr.
Board for seven years. He has also served on
maintains a beef cow herd. He raises
Franklin is CEO for Scott County Telephone
the FSA County Committee for six years and is
approximately 120 acres of corn, 300 acres
Cooperative, a position he has held for 20
currently serving as chairman of the Augusta
of hay and has 500 acres of pasture. Mr. Gray
years. The Cooperative provides services to
Petroleum Cooperative Board. He believes
was elected as a director in 2012 and since
Virginia as well as Tennessee. He serves on
cooperatives help keep agriculture strong.
then has completed the Premier Governance
the Board of Directors for the IRIS a TNN,
Farm Credit of the Virginias
6
Call to Serve
A
re you interested in getting more involved with your
Nominating Committee members are also elected annually. This
cooperative? Yes? Well read on. Each year, Farm Credit
committee is responsible for selecting a slate of candidates for the next
of the Virginias holds elections for its Directors and the
year’s elections. The Nominating Committee that is elected in 2015 will
Nominating Committee. As you probably noticed, the results of the
be looking at director candidates for 2016. Nominating Committee
recent elections are presented in this issue of the Leader.
members serve a one-year term. In 2015, potential nominating committee
The Association holds elections for director positions annually.
candidates will be selected from the following counties:
The Board of Directors is responsible for the oversight and conduct of
Seat 1
the Association’s affairs. The Board determines the strategic direction
Fairfax, Fauquier, Loudoun, Prince William and
for the Association, formulates policies, provides supervision, and
Stafford Counties, VA
Seat 4 Joseph W. Wampler, Incumbent Director: Greene and
promotes the Association’s welfare. Most directors serve a four-year
Rockingham Counties, VA
term. In 2015, three director seats will be up for election and potential
Seat 8 Barry W. Shelor, Incumbent Director: Carroll, Floyd,
director candidates will be selected from the following counties:
Seat 5
Paul M. House, Incumbent Director: Arlington,
Franklin, Henry, and Patrick, Counties, VA
Charles E. Horn, Jr., Incumbent Director:
Seat 9 Alfred W. Stephens, Jr., Incumbent Director: Bland,
Albemarle, Augusta and Nelson Counties, VA
Craig, Giles, Montgomery, Pulaski, Raleigh, Roanoke
Seat 6 Charles B. Leech IV, Incumbent Director: Bedford,
and Wythe Counties, VA and Mercer, Monroe, and
Botetourt, and Rockbridge Counties, VA
Summer Counties, WV
Seat 13 John E. Wells, Incumbent Director: Calhoun,
Doddridge, Gilmer, Jackson, Mason, Pleasants,
Ritchie, Roane, Tyler, Wirt and Wood Counties, WV
If you are interested in serving on either the Board of Directors or
the Nominating Committee, please contact your local branch office or
Carolyn Hite, Corporate Secretary, at 540-886-3435, extension 5015
or by e-mail at [email protected].
Leader Winter 2014
7
I NDUS T RY NEW S
Inquiring Minds
By: Dr. David M. Kohl
F
arm Credit University is an
Three variables are generally responsible
educational venue that combines
for recession: rapid increase and sustained
the best of high technology with face-
high level of oil prices, spike in interest rate,
to-face high touch experiences. Recently,
geopolitical risk, or a combination of these
our 26th class of lenders and analysts in the
factors. With that being said, you be the judge!
Lifestyle Lender program, representing nine
When will interest rates
increase?
associations across seven states, participated
in a kickoff webcast. Let’s examine some of
the questions these newly-minted ag lenders
had on their minds.
A question I repeatedly receive when I am on
the road these days is, “When will interest
rates increase?” Watch three major factors.
Do you expect another
recession?
If unemployment rate declines into the five
The U.S. economy is in its 63rd month of
in GDP picks up to the three percent to four
business expansion since the Great Recession.
percent range; and inflation rises to two and
To put this expansion into context, the average
a half percent, there is a good likelihood for
• Younger people moving to urban areas
expansion since the Great Depression has been
an increase in interest rates. Remember, rates
• A high level of U.S. college and
58 months, with recessions lasting 11 months
have remained flat for nearly six years. An
university debt, currently at $1.1
on average. In the 1980s, Federal Reserve
increase would be a shock to both households
trillion collectively
Chairman Volker presided over an 86-month
and businesses with variable rate operating
expansion, only to be exceeded by Chairman
money and mortgages.
Greenspan with a record 120-month expansion.
Why is U.S. housing still
stagnant?
David Kohl
received his M.S.
and Ph.D. degrees
in agricultural
economics from
Cornell University.
For 25 years, Kohl
was Professor
of Agricultural
Finance and
Small Business Management and
Entrepreneurship in the Department of
Agricultural and Applied Economics at
Virginia Tech, Blacksburg, Va. He was
on special leave with the Royal Bank of
Canada working on advanced initiatives
for two years, and also assisted in the
launch of the successful entrepreneurship
program at Cornell University. Kohl
is Professor Emeritus in the AAEC
Department at Virginia Tech.
percent range, the U.S. economy’s growth
• Baby boomers scaling down their
housing needs
What is your forecast for
the duration of the livestock
cycle and the grain cycle?
The livestock industry’s economy is hotter than
Housing is a major contributor to U.S. economic
a pepper sprout! Contrast that to the grain
growth. While housing starts peaked out at
industry, which is economically moderating.
2.3 million annually back in 2006, the rate
Unless an unusual event occurs in the livestock
declined to 478,000 in the Great Recession.
industry, two to three years of profits may
Approximately 1.5 million starts are desired.
be in store. The grain industry’s plight will
Currently annual housing starts, which
be centered on the growth of the economies
contribute to one in seven jobs in America,
of emerging nations, ethanol, value of the
stand at approximately 1.1 million annually.
dollar, and Mother Nature. In either case, two
Sluggish growth can be attributed to a
convergence of a number of factors.
• Increased regulation through the
Dodd-Frank Act
• The worst decisions are often made
during the best of economic times.
• Good managers generally know how to
• Job number increases that are
generate a profit even in the toughest
part-time with little or no wage growth
Farm Credit of the Virginias
philosophies apply:
8
of cycles.
Management is the differentiating edge
regardless of where an industry is in the
economic cycle.
What is your take on
local foods, GMOs, and
international trade?
Now that is a loaded question, but a great one.
The local, natural, and organic food sectors will
continue to grow. Those producers who are
successful will be very good at development
Farm Management
Institute
You’re Invited
and execution of business plans, connecting
with the customer base, and being observant
of consumer trends.
There will continue to be a place for
GMOs (genetically modified organisms) in
agriculture production; however, there will
be an increase in food labeling requirements,
and consumers in the U.S. and abroad will
continue to be interested in the way their food
Family & Business Affairs Matter
What an exciting time to be involved in agriculture! Join us for the 2015
Farm Management Institutes that will be held across the Farm Credit
footprint. This year’s content and lecture will be relevant to lifelong
learners, including young farmers, potential young farmers, parents,
students and those continuing or expanding their farming operations.
Dr. Dave Kohl and Dr. Alex White will provide insight, materials and
techniques to enhance your growth and success in agriculture.
is grown, processed, marketed and distributed.
International trade will be critical, as 94 percent
of world consumers reside outside of the U.S.
Expect agriculture trade to become more
Attend this institute of lifelong learning to
become reenergized for kick starting the spring
and summer of 2015 and beyond.
intertwined with political and military disputes
and discontent. That being said, markets can
be given or taken away quickly, and agriculture
is often the first industry to feel the impact.
Dates and Locations
March 4, 2015
March 6, 2015
Dayton United Methodist Church
Virginia Farm Bureau Headquarters
9:00 a.m. – 4:00 p.m.
9:00 a.m. – 4:00 p.m.
215 Ashby Street
Dayton, Va.
12580 West Creek Parkway
Goochland, Va.
March 5, 2015
March 31, 2015
Old Dominion Ag Complex
WV State Fairgrounds
WVU Building
19783 US Highway 29
Chatham, Va.
9:00 a.m. – 4:00 p.m.
891 Maplewood Avenue,
Fairlea, W.Va.
9:00 a.m. – 4:00 p.m.
There is NO cost to attend!
This is just a sampling of the insightful
questions that the lifelong learners who
serve you have on their minds in a world
For more information about the Farm Management
Institute, please call your local branch office or
800-919-3276
that is dynamic with many challenges and
opportunities.
Leader Winter 2014
9
F EAT URE
Virginia Silo Makes a
Comeback in a Big Way!
By: Jennifer Showalter
S
ometimes new blood and big ideas
thing to do. Having a business that is just a
are just what a business needs to
phone call away to handle these breakdowns
make a complete turnaround. This
is a big deal to a lot of farmers,” says Derek.
is exactly what happened to Virginia Silo when
twin brothers, Derek and Daren Showalter
of Dayton, Virginia, purchased the business
back in the spring of 2012. Being only 28
years old and buying a business with more
than 50 years of history was an undertaking
in itself. At the time, Virginia Silo no longer
had a service department and unfortunately
was a business that many people had forgotten
about. Derek and Daren saw this adventure
as an opportunity rather than a challenge.
Reestablishing a business by
ramping up service
Repairing the old and
keeping up with the new
Even though construction of upright silos
is mostly a thing of the past, there are still
hundreds in use. The corrosiveness of silage
naturally causes a lot of wear and tear on
equipment, so Derek and Daren knew their
Steel Products, Inc., Kelly Manufacturing,
service would be useful to many farmers.
Sio-Matic, WIC, and Zabel Equipment. They
They estimate that 50 to 70 percent of their
also felt that becoming a dealer of grain bins
service today is dedicated to silo and silo
would be another good fit to their business,
equipment repairs. The remainder of their
so they became a Sioux grain bin dealership.
service involves feeding system and grain bin
With grain prices being more volatile than ever,
repairs and instillations.
milk prices being up, and beef prices reaching
record highs, Derek and Daren quickly realized
Raised on a dairy farm, Derek and Daren
When they purchased Virginia Silo, it had
felt that with some changes they could take
already expanded into selling feeding systems,
Virginia Silo and turn it into a business farmers
which Derek and Daren were mainly interested
Grain bins give farmers the flexibility to
could count on. “We both have always had a
in. Today, they are a dealership for Demuth
store their crop and better position themselves
passion for agriculture. We grew up on a farm
and we are well connected to the agricultural
community. From a business side of things,
our background has helped give us an insider’s
view of what farmers are looking for especially
in terms of service. Service is very important
to us,” says Derek.
Derek and Daren initially started off by
rebuilding the service side of the company.
By hiring top of the line guys with lots of
experience and offering a 24/7 hourly flat
rate emergency service charge, Derek and
Daren have attracted a lot of new accounts
and reacquired a number of past accounts.
“Climbing a silo in the middle of a wet, cold
night to fix a breakdown is not exactly a fun
Farm Credit of the Virginias
10
that grain bin sales were doing well.
in the market. With grain bin sales directly
correlating with beef, milk, and grain prices,
Derek and Daren have tried to soften their
fluctuation in sales by remolding old bins
regardless of the brand, moving used bins,
and assembling bins for other companies.
“When we bought the business, we felt that
we needed controlled growth, but we quickly
learned that the farmers set the pace of how
fast we grow,” says Derek.
Team work and experience
make things happen
Virginia Silo is truly a family-run business
that employs around 10 people who all have
agricultural backgrounds. Both Derek and
Derek and Daren Showalter stand behind their custom-made grain bin counter at their office.
Daren are involved with all aspects of the
learning curve significantly. I wouldn’t want
business. Daren still holds a full-time job as
to think about any of them turning in their
a firefighter, but feels like he works full time
resignation,” says Derek.
Location is key
With Virginia Silo’s headquarters in Dayton,
Virginia, it is positioned right in the hub of an
at Virginia Silo too. Their brother, Trent, is
In addition to their employees, Derek
the service manager of the feeding systems
agricultural industrial community. With most
and Daren feel Farm Credit has played a big
division, and Daren’s wife, Sheila, works in
of their customers located up and down the
role in their adventure. “Farm Credit was able
the office on accounts payable and receivable
I-81 corridor of Virginia and in the surrounding
to connect with the vision of our business,”
a few days a week.
states of North Carolina and West Virginia,
says Daren. Derek adds, “Farm Credit is well
Initially, Derek and Daren thought
Derek and Daren feel fortunate to have been
connected to businesses like ours as well as
their employees would be able to specialize
able to rent the building they are currently
our consumers, so that makes them very
in different aspects of the business, but that
using and hope to be able to hang on to it for
compatible with our business plan. We are
has not been the case. The workers have all
some time.
very happy about the track we are on. We are
had to learn to be diverse and step out of their
In just a few short years, Derek and Daren
still growing and experiencing growth pains. It
comfort zones in order to get everything done.
Showalter have turned Virginia Silo around
is not all butterflies and tulips, but we are a lot
“A key component to our success has been our
and reestablished the company’s name. With
farther than we anticipated. When we started
top level employees. Two of our employees had
their enthusiasm and dedication, it is hard
we were just going to do this part-time. Our
experience putting up grain bins when we hired
to say just how far this company will go. For
service truck would only leave once a week.
them, so when we ventured into becoming a
more information on Virginia Silo, call their
Now we have two service trailers that are gone
grain bin dealership, that really shortened our
24/7 number at (540) 879-2541.
all the time, and we are weeks behind.”
In addition to their employees, Derek and Daren feel Farm Credit has
played a big role in their adventure. “Farm Credit was able to connect
with the vision of our business,” says Daren. Derek adds, “Farm Credit is
well connected to businesses like ours as well as our consumers, so that
makes them very compatible with our business plan.”
Leader Winter 2014
11
I NDUS T RY NEW S
Red Meat, Forages, and Human Health is the Focus
of the 2015 VFGC Winter Forage Conferences
By: Gordon Groover, Extension Specialists, Ag and Applied Economics, VA Tech
R
ed Meat, Forages and Human
Health is the theme for the Virginia
Forage and Grassland Council
(VFGC) and Virginia Cooperative Extension
(VCE) 2015 Winter Forage Conferences. This
year’s conferences highlight the interrelated
nature of agriculture. Speakers will illustrate
the role of healthy soils as the foundation
for a vibrant forage system that supports
a ruminant livestock herd supplying highquality proteins for human nutrition and
health. The program will provide participants
The keynote speaker is Dr. Peter
forage management and utilization from
soils, forages and ruminants improve human
Ballerstedt, forage product manager at
the University of Kentucky. Dr. Ballerstedt
health and wellbeing.
Barenbrug USA. He received his Ph.D. in
has written numerous publications and
with information and examples of how healthy
articles and currently writes a blog focused
2015 VFGC Winter Forage Conference Agenda
on diet, health and human nutrition called
8:30 am
Registration
“Grass Based Health.” His areas of expertise
9:00 – 10:00 am
Beef: The REAL Health Food, Dr. Peter Ballerstedt
include forage production, utilization and
10:00 – 10:30 am
Break — Visit Sponsors
forage-based livestock production systems
10:30 – 11:30 am
Policy Does Not Equal Science: Development of the U.S. Dietary
and their role in human nutrition. In his
Guidelines, Adele Hite, RD, MPH
morning presentation he will discuss Beef:
VFGC Grazing Demonstration Overview – Regional CIG producer
The REAL Health Food. After lunch, Dr.
or mentor
Ballerstedt will shed light on the concept of
11:45 – 12:00 noon
VFGC Business Meeting – Patty Johnson VFGC President Red Meat is Green, the relationships between
12-00- 1:00 pm
Lunch — Visit sponsors and network
soils, and grazing animals.
1:00 – 1:30 pm
Virginia Cattlemen’s Association – Update from Jason Carter,
11:30 – 11:45am
1:30 – 2:30 pm
Participants will also hear from Adele
Executive Director of the Virginia Cattlemen’s Association
Hite, a Registered Dietician, MPH, who
and presentation by Anne Jones, Director of Industry
is currently pursuing a Ph.D. in nutrition
Communications, Virginia Beef Industry Council
epidemiology at UNC-Chapel Hill School of
A Systems Approach to Building Soil Health and Producing a
Profitable Livestock Product, Johnny Rogers, Rogers Cattle Company
2:30 – 3:30 pm
Red Meat is Green, Dr. Peter Ballerstedt
3:30 – 4:00 pm
Speaker Panel Discussion
4:00 pm
Adjourn
Public Health. She will provide insights into
the national nutritional policy environment
and discuss, Policy Does Not Equal Science:
Development of the U.S. Dietary Guidelines.
Johnny Rogers of Rogers Cattle Company,
Visit the VFGC website (vaforages.org) for additional details and registration information.
Farm Credit of the Virginias
12
Roxboro, North Carolina, will discuss his
experience in managing soil, forages, and
animals on the farm he manages with his
Time Running Out on
100% Cost-Share
wife, Sharon. His presentation is titled: A
Systems Approach to Building Soil Health
and Producing a Profitable Livestock Product.
The VFGC and VCE will feature local
livestock producers involved in the Regional
Conservation Innovation Grant in cooperation
with VFGC, VCE and NRCS. Conference
participants will hear and see narrated
discussion of cooperators' experiences with
the project under the title, Using grazing
strategies to improve soil health on my farm.
T
he Commonwealth of Virginia is still offering 100 percent cost-share for livestock
exclusion with grazing land protection practices through fiscal year 2015, which ends
June 30, 2015. All the practices approved by the John Marshall Soil & Water Conservation
District Board will be reimbursed at this rate in order to remove potential barriers to participation.
As long as producers sign up for this practice with the District by June 30, 2015, they will
The daylong conference will be
repeated at four locations:
•Tuesday, January 20, 2015
Weyers Cave Community Center
Weyers Cave, Va.
•Wednesday, January 21, 2015
Wytheville Meeting Center
Wytheville, Va.
•Thursday, January 22, 2015
Dominion Agricultural Complex
Chatham, Va.
be guaranteed funding at the 100 percent rate. For producers who sign up for this practice on
or after July 1, 2015, the cost-share rate may fall back to the historical 75 percent rate for these
livestock exclusion practices.
This funding increase is part of the 30+ year effort by the Commonwealth to provide financial
incentive to farmers who want to voluntarily exclude their livestock from surface waters in order
to protect these valuable resources from excess manure and sediment.
Streams in Fauquier County have benefited greatly from this work, with many miles of
stream bank being protected. However, as successful as this effort has been, there are many
streams in Fauquier County that are still considered impaired and need protection.
This offer is unprecedented in the state’s effort to address the water quality issues on
farmland. It is the hope of this partnership that many livestock producers will see this as a
•Friday, January 23, 2015
great opportunity to meet a common objective. Excluding cattle from streams and developing
Gordonsville Volunteer Fire
alternative water sources for the cattle allows
Company Hall
the producer to have cattle that are now putting
Gordonsville, Va.
energy into gaining weight and not fighting the
parasites and bacteria that are often found in
stream water. The benefit for the State is clean
The conferences will run from 8:30 am
water in the streams for their citizens. Stream
to 4:00 pm.
exclusion results in a positive outcome for all
parties involved.
For more information or to register
for the conference, contact Margaret Kenny
Contact your local district for more
([email protected]) at (434) 292-5331 or
information on the 100 percent cost-share
visit the VFGC website (http://vaforages.
opportunity and other programs that may
org) for additional details and registration
be available. To find your local Soil & Water
information. The $35 early registration fee
Conservation District (SWCD) please visit
must be postmarked by Jan. 3, 2015. After
www.dcr.virginia.gov/soil_and_water/
January 3, the registration fee is $50 per
swcdlist.shtml.
person. This Soil Health Conference is funded
in part by a USDA Conservation Innovation
Grant from the NRCS in Virginia.
Leader Winter 2014
13
A S S OC I AT I ON NEW S
Milestone Celebration Highlights
Employees for Years of Dedication
By: Jennifer Showalter
W
ith nearly 100 years under its
main focus and Farm Credit, as rural America's
focus. We serve the best customers and
belt, Farm Credit owes much of
lender of choice, will focus on the followings
industry that is agriculture. The future looks
its success to the commitment
of the Good Lord.
bright. It’s an exciting time to step up and step
of today’s employees along with those of the past
“The employees at this year’s Milestone
who set the groundwork to expand from. To
Celebration aim to keep agriculture as their
out in agriculture,” said Farm Credit of the
Virginias CEO Dave Lawrence.
recognize current employees who have reached
milestone years in their career with Farm Credit,
a Milestone Celebration was recently held at the
Hotel Roanoke in Roanoke, Virginia. Of the 21
people recognized, there was a total of 415 years
of experience with Farm Credit.
Anita Billmeyer, Kim Burgess, Autumn
Crider, Stephanie Hensley, Trey Keyser,
Freddy McGuire, Shannon Nicholson, and
Jeff Walker were each recognized for serving
Farm Credit for 10 years. Celebrating 15 years
of employment with Farm Credit were Paige
Losh, Greg Mitchell, Shane Nicholls, Adam
Shiflett, and Michelle Webb. Mark Haddix was
recognized for 25 years of service with Farm
Credit. Melissa Driver, Rick King, and Chip
Celebrating their 10-year anniversary with Farm Credit were (from the left) Trey Keyser, Anita
Billmeyer, Shannon Nicholson, Jeff Walker, Freddy McGuire, Kim Burgess, Stephanie Hensley, and
(not pictured) Autumn Crider.
Saufley celebrated 30 years with Farm Credit.
Debbie Croson, Lisa Jones, and Teresa Karst
were honored for their 35 years of service.
Carolyn Hite was acknowledged and praised
for 40 years of employment with Farm Credit.
The employees enjoyed the opportunity
to visit with each other over lunch. It was a
common consensus that the employees of Farm
Credit of the Virginias are like a family and they
value the freedom to work with each other. They
noted that they believe the cooperative structure
of the organization contributes to the company’s
success and makes it more comfortable for
both employees and customers. Farm Credit
employees strive to keep agriculture as their
(From the left) Shane Nicholls, Paige Losh, Adam Shiflett, Michelle Webb and Greg Mitchell were
honored during the celebration for 15 years of service with Farm Credit.
Farm Credit of the Virginias
14
Mark Haddix celebrates 25 years with
Farm Credit.
Carolyn Hite was praised for her commitment
and dedication to the company with 40 years
of service.
Rick King, Chip Saufley, and Melissa Driver were recognized for 30 years with Farm Credit.
Attention Veterans &
those actively serving
in the U.S. Military
Homegrown by
Heroes product
labeling certification
is now available.
The eligibility details
and application can be
found on the following
websites:
Farmer Veteran Coalition
www.farmvetco.org
Homegrown By Heroes
www.hgbh.org
Sponsored by:
Honored with their 35-year commitments to Farm Credit were Teresa Karst, Debbie Croson, and
Lisa Jones.
Leader Winter 2014
15
A S S OC I AT I ON NEW S
CAP News
(Communications Advocacy Program)
A
fter nearly 100 years as rural
America’s lender of choice,
Farm Credit understands the
importance of remaining present as well
as building and maintaining strong, lasting
relationships with members of Congress. The
events and activities listed below are just a
few ways the Farm Credit team shares the
Farm Credit story with those representatives.
Recent Activities
September 18 – Bette Brand attended the
Virginia Agribusiness Roundtable that took
place in Abingdon, Virginia with local Farm
Credit lenders.
September 26 – Chief Sales Officer, Bette
Brand, took Senators Warner’s Ag LA, Caitlin
Runyan and Legislative Correspondent, Lauren
Marshall on a tour of the Virginia State Fair.
Senator Mark Warner’s Ag LA, Caitlin Runyan (L), and Legislative Correspondent Lauren
Marshall (R) with the new state record giant pumpkin at the Virginia State Fair.
September 29 – U.S. Secretary of Agriculture, Tom Vilsack, made
November 12–13 – Virginia
his first visit to the Virginia State Fair to announce more than a million
Agribusiness Council’s annual
dollars in grants to Virginia farmers markets in support of local foods.
meeting and state policy
development meeting took
place. The new documentary
Farmland was shown. The film
features Georgia farmer and
Farm Credit customer Leighton
Cooley, who attended the
meeting and spoke about the
documentary after the viewing.
October 1 – A Virginia Agribusiness Roundtable meeting took place
in Ringgold, Virginia and was attended by Bette Brand as well as local
Farm Credit lenders.
December 1 – Farm Credit was proud to help connect Senators Mark
Warner and Tim Kaine with a Virginia Christmas Tree grower in order
for them to display a live Christmas tree in their offices.
October 15 – Bette Brand attended the Virginia Agribusiness Roundtable
that took place in Weyers Cave, Virginia with local Farm Credit lenders.
Farm Credit of the Virginias
16
I NDUS T RY NEW S
Farmland Info
O
scar Winner James Moll’s new documentary Farmland
was released May 1 this year. This documentary offers
viewers an intimate and first-hand glimpse into the lives
of six young farmers and ranchers across the United States in their 20s
and early 30s, chronicling their high-risk/high-reward jobs and their
passion for a way of life that has been passed down from generation
to generation, yet continues to evolve.
Leighton Cooley, a young Georgia farmer, is one of six farmers
featured in the film. “In Farmland, audiences will hear thoughts and
opinions about agriculture, but not from me and not from a narrator,”
Moll says about his film. “They’re from the mouths of the farmers and
ranchers themselves.”
Leighton inside a poultry house with the film and camera crew.
The son of Larry and Terri Cooley, Leighton is a fourth-generation
farmer, currently in business with his father. Their operation consists
of 18 broiler poultry houses, a small cow-calf herd, and a hay operation.
Before committing to the family business, Cooley attended Valdosta
State University and obtained a degree in agricultural education,
becoming an FFA teacher in Crawford County. “I have an opportunity
to be in a business that I’ve known all my life,” says Leighton. “I’ve
been working in it since I was eight years old, which prepared me for
the responsibility.” Leighton was concerned by the realization that the
average age of farmers kept increasing and not many young people
were returning to the farm. The concern extends beyond himself, as
he and his wife, Brenda, have two young boys, Lawson and Lane. For
Leighton Cooley with his family.
Leighton, there was almost no other consideration for an occupation.
“I’m living my dream,” Leighton says. “I’d always wanted a farm that
“I’d always wanted a farm that
would sustain us and open up
opportunities for my kids and
my sister’s kids, for them to be
able to continue the operation,”
says Leighton.
would sustain us and open up opportunities for my kids and my sister’s
kids, for them to be able to continue the operation.”
Leighton has been a member of Farm Credit since 2005 when,
at the age of 22, he obtained his first loan. He is actively involved with
other cooperatives and ag organizations as well, holding a position on
the Board of Directors for Flint Energies EMC and serving as president
of the Crawford County Georgia Farm Bureau.
Leader Winter 2014
For more information on Farmland, visit
www.farmlandfilm.com.
17
A S S OC I AT I ON NEW S
T
“We cannot
always build the
future for our
youth, but we can
build our youth
for the future.”
~ Franklin D.
Roosevelt
he agricultural industry is ever
showcase their creativity and imaginations to
changing and evolving, giving
help promote agriculture in a variety of ways.
substance to the quote by Franklin
From cows and combines to barns and even a
D Roosevelt. We may not know where the
Hokie bird, the talent was obvious. A panel of
future is going, but the Farm Credit Knowledge
judges evaluated the decorations on Friday,
Center fully supports the next generation of
September 26, and selected the winners. First
agriculturalists. One of our focuses has been
place was awarded to a combine by Caroline
and the career opportunities that are available
and continues to be shaping and supporting
High School FFA, second place was a Holstein
in this very diverse industry. Students had an
today’s youth so they can be successful working
cow from Stuarts Draft Middle School FFA, and
opportunity to brainstorm their talents and then
in this incredible industry. The Knowledge
third place was a barn and silo from Patrick
see how those interests might lead to a career in
Center team has had the privilege of being
Henry High School FFA. This contest will
agriculture­—even if their interests are computers
involved in numerous student-focused events
be held again next year, and the Knowledge
and cameras rather than cows and corn!
this fall as we strive to be a resource for the
Center is already looking forward to seeing
In addition to these outreach
entire industry.
what other great ideas students come up with!
opportunities, the Knowledge Center is excited
At this year’s Virginia State Fair, the
A few weeks after the Virginia State Fair,
to unveil some new “tools” available to be
Knowledge Center was proud to sponsor the
Knowledge Center team members Matt Lohr,
used at different events for both youth and
Giant Hay Bale Decorating Contest. People
Kyley Clevenger and Rebecca Webert spent
adults! Thanks to the James Wood High School
who attended this year’s State Fair had the
two days at both Virginia Tech and Virginia
Agriculture Department, steer, lamb and hog
opportunity to enjoy these decorations all
State University presenting to over 600
cutouts are now available to be borrowed for
week, which were displayed outside of the
FFA members during their Fall Leadership
events. These animal cutouts have a spinning
Ag Pavilion. The hay bales themselves were
Conferences. They shared about agriculture
wheel and come with questions and answers
provided, but the 4-H and FFA groups were
responsible for bringing all of the items they
needed to decorate the bales. The contest
gave 4-H and FFA groups an opportunity to
The Farm Credit Knowledge Center sponsored
the Giant Hay Bale Decorating Contest at the
State Fair of Virginia. Pictured above is this
year’s winner.
These animal cutouts, created by James Wood High School, have a spinning wheel and come
with questions and answers as well as by-product fact sheets, worksheets, and answer keys for
each of the three species.
Farm Credit of the Virginias
18
as well as by-product fact sheets, worksheets
As always, there is also a section
The Knowledge Center team has
and answer keys for each of the three species.
dedicated to youth on the Knowledge Center
thoroughly enjoyed the opportunity to work
They are great for family events, 4-H and FFA
website (www.farmcreditknowledgecenter.
with so many students across our footprint in
activities, and much more! If anyone has an
com) where information is posted about
the last several months, and looks forward to
interest in borrowing one or more of these,
upcoming events and workshops, scholarship
continuing to help shape and build our youth for
please contact Kyley Clevenger at kclevenger@
opportunities and resources that may be
the future. With the caliber of youth today, the
fcvirginias.com or by calling 703-777-3311.
useful for youth.
future of agriculture is looking bright indeed!
FarmCreditKnowledgeCenter.com
Ag Biz Planner
The 4th Consecutive Farm Credit of the Virginias
Ag Biz Planner Program is Under Way
Brother and sister participating in this year's
program run this family poultry operation.
T
he Farm Credit University Ag Biz Planner Program is off to a great start as the fourth
consecutive class kicked off at the end of August. Through Farm Credit University,
For more information
on Ag Biz Planner:
Farm Credit of the Virginias is partnering with Farm Credit associations in Virginia and
North Carolina to conduct the program. The course is designed to grow and enhance financial
planning, budgeting, management, and record-keeping skills for agricultural businesses and
farming operations. The program consists of 10 online modules, the development and completion
of a business plan, mentorship from a loan officer, and countless networking opportunities.
The program runs through March 2015, with a graduation ceremony held in Raleigh,
North Carolina. Over the next several months, the participants will interact with Dr. Dave Kohl,
emeritus of Virginia Tech and Dean of Farm Credit University, alongside fellow classmates from
participating associations. “On-farm” visits will be conducted with all the participants as their
loan officers and mentors walk through their operation and listen to their ideas and what they
Kyley Clevenger
Office: 703.777.3311 Ext. 5616
[email protected]
envision for the future of their operations and businesses.
Farm Credit of the Virginias looks forward to the Ag Biz Planner Program each year.
We are excited to see and hear about the advocates in agriculture within the 2014–15 class.
“The knowledge that participants will gain
regarding the marketplace, record keeping,
and financial and business management tools
is imperative and invaluable to the success
of their agricultural businesses. These 10
participants are taking the necessary steps to
ensure the operations are sustainable, reliable,
A 300-head Holstein dairy operation located in
the Shenandoah Valley owned and operated by
a husband and wife team.
and successful for themselves and for future
generations,” states a program mentor.
Leader Winter 2014
19
John Day
Office: 540.347.3344 Ext. 5513
[email protected]
I NDUS T RY NEW S
Improving Your Chances of
LANDing a Loan
By: Zack Purvis, Vice President, AgFirst Farm Credit Bank
Y
ou’ve certainly heard about (or
experienced) the reduction in
available credit for land purchases.
There is still ample money available for
higher-quality loans—loans with large
down payments, consistent and adequate
repayment sources, reasonable amortizations
with frequent payments, etc. But the more
questionable loans that were easy to get three
or four years ago are no more—those with
little money down, repayment dependent
on capital gains, long repayment terms with
interest-only payments, limited or nonexistent
loan conditions, and so on.
So, the question becomes, if I’m in the
market for a land loan and I know conditions
are tighter today, what can I do to increase my
chances of approval? Here are a few ideas for
you to consider:
Set Reasonable Expectations
you’re looking for a loan on a tract of timberland
Prepare a Professional
Financial Information Package
and you want to put down 5 percent, pay only
You will need to provide financial information
information mentioned above on your
interest for two years, and that you plan to pay
to get a loan, so why not go ahead and prepare
company).
for the land by selling another tract you own,
If you meet with your lender and tell them
• Business information (if you own
a business, provide the same
this before you start making the rounds
Your lender may eventually ask for
not only will you get turned down for the loan,
talking to lenders? At a minimum, gather
some additional documents, but having this
but you will make it very difficult to cut any
the following:
information ready up front in the application
other deal with that lender.
Even though you may be willing to accept
• Three years of tax returns (including
process will show you are on top of your
finances and are a serious loan prospect. Also,
schedules);
terms that are less liberal, you have put it into
• Personal financial statement / balance
having this information together early in the
the lender’s mind that you’re just like the folks
sheet (you can find templates online);
process will make it easier for you to shop for
he lost (or is currently losing) money on. Start
• Verification of liquid assets (cash,
the best rate and terms, as your lender will need
the process knowing that you will not get a
stocks, mutual funds, etc.); and,
some idea of your financial profile to give you
loan with terms like those available in 2006.
the best quote they can offer.
Farm Credit of the Virginias
20
C OM M UNI T Y S ERVI C E
Pull a Credit Report
You can do this for free at www.
Blue Jean Fridays
annualcreditreport.com. If there is
something incorrect on your report, the site
has instructions on how to request that it
be corrected. If you have any judgments,
collections, significant delinquencies, or other
issues, go ahead and bring these up with your
lender early on in the process. They will find
out about it eventually, so it’s best to get it out
there and explain what happened. Believe it
or not, lenders are human, too, and we don’t
like getting surprised.
W
hat’s so special about blue jeans? It’s not that they were first introduced by
Levi Strauss in 1873, or the fact that they used to be called “waist overalls”
long before they were called “jeans,” or even the fact that one bale of cotton
can make up to 225 pairs of jeans. What’s so special about a pair of jeans is the impact it has
on our local Farm Credit communities.
Farm Credit is fortunate to have a group of team members who are dedicated to giving
Gather Information About
the Land
back to their local communities. So dedicated, in fact, that each Friday, many offices participate
You may not have identified your dream tract
blue jeans are able to do so as long as they make a contribution to the local organization of
yet, and that’s all right. I encourage you to
the branch office’s choice.
in what they like to call “Blue Jean Fridays.” Each Friday, those who would like to wear their
start your conversation with your lender early,
Our team members understand the
even before you settle on a specific property.
importance of giving back to our community.
But, if you have identified a tract you like,
We strive to be present and help make a
bring as much information as possible with
difference, even if it means wearing a pair
you when you meet with the lender. When
of jeans.
prices on land—regardless of quality—were
increasing year after year, many folks quit
paying attention to all the details that are very
important to a successful land transaction
(whether as an owner or lender). That ship
has now sailed, so your lender will be very
interested in the characteristics of your tract
that drive value and marketability (e.g., road
frontage, water sources, income-generating
potential, easements, soil types, neighborhood,
structures on the property, timber volumes,
Shannon Nicholson and Nancy Biscoe donate to
their local food pantry as part of their community
service involvement.
The Romney office looks forward to “Blue Jean
Fridays” and puts funds collected towards
Relay for Life.
Scott Glenn, who works at the Staunton
branch office, supports the local food bank by
participating in “Blue Jean Fridays.”
Jashaun Carter, Elizabeth Dove, Sarah Gibson,
Megan Virts, Cheyenne Cline and Lisbe Morales
participated in the Wounded Warrior marathon.
The Harrisonburg Office supports many different
causes with their blue jean money as do other
Farm Credit offices.
and so on). Start your “sales pitch” from the
first meeting to make sure your lender is
comfortable committing money to the property
you’ve chosen.
Financing is definitely still available for
land purchases, so start the conversation with
your lender early and follow these tips to make
your transaction a successful one.
Leader Winter 2014
21
I NDUS T RY NEW S
Managing Price Risk in
a Volatile Market
By: David Cuddy
T
he last couple of years have been
nothing short of amazing as cattle
prices climbed steeply and rapidly.
This could well end up being one of those
“once-in-a-generation markets” that people will
reminisce about years from now. The problem
with a couple years of good times, especially
when they’re as good as this year has been,
is that it can sort of lull us into a false sense
of security, subconsciously causing us to let
our guard down a little. We’ve not had to try
by leading industry analysts, it also appears
time. If you’ve been hesitant to think about this
very hard lately to make money. If we could
that margins for stocker operators will begin
stuff because it hurts your head and crosses your
gather up some cattle and keep them upright,
to pull back to more “historical” levels, which
eyes, let's hope you’ll learn just enough in the
we probably made a lot of money.
to me, means there is still opportunity to be
following lines to take the edge off and begin to
As we’ve progressed through August,
profitable, we’re just going to have to be more
dig into what could be a key factor in keeping your
though, prices for both fats and feeders have
careful in terms of the decisions we make, and
operation profitable over the next few months.
taken a sharp drop. There are still plenty of
or attitude toward risk.
We’ll look at three basic strategies to
factors providing support for prices. Cattle
A good risk management plan can help
help protect you from price risk: 1) Forward
numbers remain low and recovery of the beef
you make sure you stay profitable as the
contracting; 2) LRP Insurance; and 3) futures
herd will take time. The feed markets have
markets sort themselves out. The term “risk
and options markets.
provided room for feeders to remain profitable,
management plan” is just a fancy term for
The first is probably the simplest way
even in the face of higher feeder prices. But
making sure you don’t go broke. Simply put,
to know what you can expect at sale time—
there is a limit to how high things can go on
the key objective is simple: Take emotion out of
referred to as forward contracting. This is
the retail side, and as these factors converge
the decision-making process. Decisions driven
an agreement between a buyer and a seller
and the markets find the top, the potential for
more by emotion than facts are rarely good.
to purchase your cattle at a given time and
volatility becomes huge. Based on comments
Our goal should be to spend the time making
for a set price. Important considerations for
decisions before we’re forced to, which will
forward contracting are fairly straight forward:
usually lead to greater success in the long run.
• You need to have a level of knowledge
David Cuddy is
a commercial
agriculture loan
officer with Farm
Credit of the
Virginias, based
in the Abingdon
Branch. He can
be reached at
(276) 628-5191 or
[email protected].
We need to make sure we can get a price for
and trust with the buyer, so that you
our cattle that covers purchase and input costs,
can expect them to follow through on
and leaves some money in the bank. The practice
the agreement if markets move against
of risk management can help us do that. This
their position.
is where many of us start to get a little glassy-
• The contract should be in writing. This
eyed. The good news is, with a little work and
protects both you and the buyer and
some good advice, there are many alternatives
defines the terms of the agreement so
available for protecting your bottom line at sale
there’s no question later.
Farm Credit of the Virginias
22
• You need to make sure you have
some idea of what a fair price is.
Our goal should center on consistent profitability.
Relationships and reputation are
key here, on both sides. If there’s
option or sale of a futures contract. A put
it, and very quickly, if and when it’s needed.
a down-side for the seller with this
option works similarly to the LRP insurance
If liquidity is a problem for you to begin with,
method, it’s that you can’t take
described above. The seller pays a premium
this could cause serious issues.
advantage of the up-side if markets
based on a certain price level or strike price,
There are distinct advantages and
rise, so you need to honor your
which sets a floor price, by giving you the
disadvantages to a futures contract vs. a put
commitment, too.
option to sell a futures contract, at your strike
option. In a nutshell, though, futures contracts
price, if the market falls below that price.
work best for sellers in a declining market. Put
The second is a federally subsidized
The higher the strike price, relative to the
options are a great tool to protect down-side
insurance program called Livestock Risk
futures market, the more expensive the put
risk if prices are steady to rising, and a key
Protection, or LRP insurance, a fairly simple
will be. The goal here is not to make money,
advantage of options is that they do not expose
way to put a floor price on your cattle. While
so much as to control loss in a major market
you to margin calls unless you exercise the
not intended to lock in a big profit, this is a
decline. The futures contract, or hedge, involves
option and sell the contract.
good way, particularly for smaller producers, to
selling of a contract at the futures price for the
The key to success in using futures and
protect against excessive losses. There are two
month cattle are expected to be marketed. If
options is to find a broker you can trust and
big positives with this program. First of all, you
the market declines prior to sale, the contract
who will help you develop a specific strategy
don’t have to deal in a load-lot product, as you do
will make up the difference. When you enter
for your operation. In addition to those
with the third option we’ll discuss. As few as five
into the futures market, you’re required to
described above, there are several other
cattle can be insured, with an annual maximum
deposit a set amount of money into a margin
products or combinations of products that
of 2,000 head. Additionally, the program works
account. To vastly over-simplify the concept,
can work extremely well depending on the
similarly to a put option in that you determine a
margin on a futures contract generally works as
circumstances, but without the advice of a
strike price or level of protection, based on the
follows. When you sell a futures contract, you
good broker, it could be dangerous for an
futures market at or near the time you expect
are taking a position expecting the market to go
inexperienced trader to rely on these products
to sell. A premium is calculated, based on the
down, referred to as shorting the market. If the
as an effective strategy.
level of protection you choose. Generally, the
value does indeed go down, the value of your
Another key person to have a discussion
closer to the actual futures price you get, the
contract will increase relative to the market,
with is your lender. If you’ll need to use funds
more expensive the insurance is. A portion
and funds will be deposited into your margin
from a line of credit to meet margin calls,
of the premium is subsidized by the federal
account according to the level of movement in
you’ll need to make sure your lender is on
government, reducing the cost to producers.
the price of the contract you’ve sold.
board before you commit yourself to funding
This program allows a producer to place a floor
Conversely, if the price of the contract
the account. This discussion of futures and
price on their cattle, while maintaining the
rises, you’ll be required to deposit money
options assumes that you have cattle to offset
ability to take advantage of a rise in the markets
into the margin account as the value of your
any position you may take. When you enter
prior to sale date. Additional information on
contract decreases relative to the current
the market without the cattle to offset the
LRP insurance can be found through: your local
price of that contract. This can seem quite
position, you become a speculator, and this
USDA office—or usda.gov; several insurance
complicated, but the simple rule to remember
can be a very dangerous game. As a lender,
companies, including Farm Bureau; and your
is that when you sell a futures contract, you
I would never advise you to speculate in the
local Farm Credit office.
run the risk that if the market rises, you’ll have
markets, particularly with borrowed funds.
The third is the futures and options
to send a check to your broker. The more the
Each of the tools discussed above,
market, and we’ll take a very brief look. Time
market rises, the more you’ll have to send. As
whether simple or complex, has distinct
and complexity necessitates that this discussion
long as you’ve got the cattle, and you sell them
advantages and disadvantages, and there’s
remain extremely basic, but we’ll provide
at the higher market, you won’t actually lose
no one-size-fits-all tool. Any of these tools
some food for thought. The two most basic
that money (you’ll make it back when you sell
could work very well alone or in combination,
tools useful to sellers are purchase of a put
the cattle), but you still have to have access to
depending on your operation and market
CONTINUED ON PAGE 26
Leader Winter 2014
23
YOUNG FA RM ER PROF I L E
operation and apply it. I went to Virginia Tech
where I received my Associate’s Degree in an
Ben Smith
ag tech program. Going to school gave me the
chance to experience things that I wouldn’t
have been able to otherwise, such as interning
Cool Lawn Farm
and networking in order to gain contacts in the
By: Jenna Roeder
industry. While interning I worked for Scott
and Joel Hetrick from Pennsylvania who own
and operate a 900-cow dairy. They taught me
a lot about cow management and the dairy
Ben, tell us a little bit about yourself.
soybeans. It's been a great experience altogether
industry overall. I will never forget the time
My name is Ben Smith and I reside in
and I have had a lot of support from my family.
I was interning for Pete Gelber of Barrington
Remington, Virginia, close to the family dairy
My dad lets me rent the farm equipment which
Dairy in Perry, Georgia, who operates a 10,000-
operation, Cool Lawn Farm. I am 23 years old
has helped me get ahead rather than having to
cow dairy farm, and he told me that he had “the
and I work on the family farm. The dairy is a
purchase my own.
bug” when it came to dairy farming. I guess
fourth-generation farm that was started by my
it is safe to say that I have “the bug” as well.
great grandfather in Hartford County, Maryland.
Have you always known you wanted
My grandfather, Charles Smith, moved to
to be a dairy farmer?
What have been your biggest
Remington 45 years ago and purchased 200
I have always wanted to be a dairy farmer;
obstacles?
acres, and we have grown from there. My father
I grew up in the industry. I am the fourth
Time management has never been something
purchased the farm from my grandfather just
generation of the dairy operation my great
that I was ever great at, but I have been learning
over 16 years ago. Today, my family and I milk
grandfather started. It has always been a
how to better manage the time that I do have.
over 500 dairy cows on 750 acres. In addition
huge part of my life, and I knew it would
So much of what I do revolves around the
to the family dairy operation I help manage, I
continue to be even after school. Knowing
dairy that it is hard to find time to incorporate
have also started growing my own field crops.
that I wanted to farm full time, I knew I still
other things into my schedule. Even finding
I rent land close to the family operation, and
needed to go to school and take advantage
the time to be a crop producer in addition to
for the past year and a half I have been raising
of the opportunity to learn more within
dairy farmer is sometimes more difficult than
row crops, but recently started crowing corn and
the industry so I could bring it back to the
I anticipated.
Farm Credit of the Virginias
24
What have been your keys to success?
I took advantage of each one. I have been able
Farm Credit was to purchase a truck, and
I wouldn’t have been able to branch out on
to apply something from each experience to
I have worked with them ever since. Not
my own and start raising row crops and take
our operation today. Working with different
only do they have an understanding of what
part in the transitioning of the family farm if
people with different views from all around
their customers’ individual needs may be,
it wasn’t for the support of my family. They
the country have broadened my horizons.
but they have their customers’ best interest
gave me the opportunity to experience college
at heart. I know that first hand because I
and many internship opportunities and then
What is your ultimate goal?
was encouraged to participate in their Ag
the chance to come back to the farm. Those
My goal isn’t to make the most money or to be
Biz Planner program which is offered only
experiences were invaluable, and they helped
the biggest dairy operation. I just want to do the
through Farm Credit to help take you and
me gain more knowledge in the industry that
best that I can and give people the best quality
your business to the next level. Dr. Kohl, a
I could bring home and apply to our own
product. I want people to associate me and my
former Virginia Tech professor, developed the
operation. I was also able to gain contacts by
work with the best quality. My granddad gave
material and the professor for the program,
networking, which I am so thankful for.
my dad the chance to purchase the dairy and
covers material that is relevant to everyone in
transition it from one generation to the next.
the agriculture industry. John Day, director,
What have been some of your greatest
It is my goal to be able to transition into the
lending initiatives, really pushed for me to
accomplishments?
operator and owner of this farm one day like
be a part of the program and I am so glad
Going after dreams of mine before I was
the generations before me.
I took advantage of it. Knowing that Farm
committed to working the family dairy was
Credit wanted to give me extra tools to be
something I will always be proud of myself
How would you describe your
even more successful with the dairy operation
for taking advantage of the opportunity. I
relationship with Farm Credit?
at no extra cost to me speaks volumes. What
consider myself fortunate to have been give
The relationship that I have with Farm Credit
other financial lending institute is going to
the chance to chase my dreams. When I was
is excellent. Susan Belford, my loan officer,
do that for you?
given multiple chances to experience interning
has been great to work with and has a lot of
For more information on how you can
on dairy farms in places like Pennsylvania,
experience in agriculture, so she understands
participate in the 2015-2016 Ag Biz planner
Georgia, and joining a combine crew out West,
my financial needs. The first time I dealt with
see page 19.
The relationship that I have with Farm Credit is excellent. Susan Belford,
my loan officer, has been great to work with and has a lot of experience in
agriculture, so she understands my financial needs.
Pictured above are members of Ben's family. From left to right are Frank
Smith (uncle), Ben, Charles Smith (grandfather) and Ken Smith (father).
Holstein cows in Cool Lawn's recently built 600 free stall style dairy barn.
Leader Winter 2014
25
A S S OC I AT I ON NEW S
MANAGING PRICE RISK IN A VOLATILE MARKET, CONTINUED FROM PAGE 23
conditions. I’ve hardly done justice to either
much more damaging than ever before. With
will sometimes result in some money left on
LRP or the futures and options market, and
the investment of a little time and some good
the table when the dust settles, and we have to
I hope those of you who are well versed in
advice, though, there’s a lot you can do to protect
accept that as the trade-off for the times that it
the subjects will grant me pardon. My goal
your bottom line and your business. Those
keeps us in the black, rather than drowning in
was to plant a seed for thought and fodder
who are the most successful over the long run
red ink. Our goal should center on consistent
for discussion, not to provide an in-depth
don’t allow themselves to get caught up in the
profitability so that we’re in the game for the
education about these tools.
emotion of the markets or the size of the number
long run, rather than a flash in the pan.
The large amount of capital required now
in the calculator. Instead, they focus on making
Here’s to the best year in the cattle
means that if we’re not prepared if the market
good decisions before they are forced to, taking
business most of us may ever see, and many
moves against us, the losses we incur could be
emotions out of the equation. Managing risk
more good years to come.
Please review the following list of unclaimed
property. Unless these funds are claimed, they
Unclaimed Funds
will be considered forfeited to Farm Credit
or sent to the Unclaimed Property Division,
If your name is listed, we may have funds for you!
depending on state law. Please contact our
office at 540-886-3435 or 800-559-1016 ext 0
to inquire about unclaimed property.
Alexander, Jeffery A & Earl R
Alt, Charles Daniel & Rebecca B
Anders, Ruth A & Martin L
Austin, Leah G & Terry D
Bailess, Carroll G
Bean, Nelson A, Jr & Lorrie A
Blair, Larry W & Cynthia W
Board, Jonathan C
Bowles, Todd E & Kenneth G
Bowmar, Carl J, II
Bowmar, Charles M
Buckwalter, Victor L & Christina J
Burnette, Tony A & Tina W
Carter, John K & Clyde E
Clarke, Kevin M
Cox, Carlis D & Michael T & Elizabeth B
Crawford, Paul E, Sr & Sharon P
Czaja, Mark
Datadeen, Kousilla
Dawson, Jonathan A & Dennie E
Debarr, David L & Charlene L
Delawder, Timothy G & Morgan, Jason R
Douglas, Cynthia R
Dulin, Benjamin D & William C
Estep, Greg
Ferguson, Charlie Wayne, Sr & Nancy L
Ferri, Michael R & Michele V
Fox, Paul A & Zeda R
Gray, Robert E, Jr & Annemarie K
Hankins, David W
Harris, Nelson George
Harris, Scott N & Lynette M
Hedrick, David M & Stiles, Deborah K Hess, Samuel L, III
Javins, Beverley J
Judy, Timothy R & Amanda L
Larson, Lauren A & Koritko, David R
Abingdon, Va.
Moorefield, W.Va.
Floyd, Va.
Boones Mill, Va.
Hurt, Va.
Jane Lew, W.Va.
Gate City, Va.
Sissonville, W.Va.
Goodview, Va.
Tunnelton, W.Va.
Tunnelton, W.Va.
Keezletown, Va.
Bedford, Va.
Ft Blackmore, Va.
Fairmont, W.Va.
Rocky Mount, Va.
Troutville, Va.
Grennville, W.Va.
Queens Vlg, N.Y.
Hurt, Va.
Buckhannon, W.Va.
Timberville, Va.
Newport, Va.
Dover, Dela.
Liberty, W.Va.
Vernon Hill, Va.
Warrenton, Va.
Layland, W.Va.
Hendersonville, N.C.
Axton, Va.
Hurricane, W.Va.
Pilot, Va.
Parsons, W.Va.
Elkton, Va.
Berryville, Va.
Maysville, W.Va.
Alexandria, Va.
Link, Earl C & Link, Leola Foxx
Alton, Va.
Long, Aaron P & Amanda M
Boones Mill, Va.
Lumpkin, Raymond Wayne
Penhook, Va.
Marcum, Dennis Lee & Penny C
Jonesville, Va.
Mason, Daryl W
Pavillion, N.Y.
May, Stephen F
Broadway, Va.
McKenna, Jesse V
Sutherlin, Va.
Messick, Jonathan & Jeremy P
Midland, Va.
Mitter, Jeremy
Masontown, W.Va.
Pate, John L & Corley, William C, Jr.
Daniels, W.Va.
Pendry, Joshua Glen Fork, W.Va.
Ramaska, Thomas J & Henegar, Sharon L
Hardy, Va.
Ramsey, Cole & Douglas C
Lyndhurst, Va.
Ramsey, Kate & Douglas C
Lyndhurst, Va.
Raney, C Craig & Lucy M
Charlottesville, Va.
Riddle, Melissa A
Roanoke, Va.
Rockwell, Charles R
Enterprise, W.Va.
Rodgers, Robert F, Brian, Linda K,
William T, Deena M & Robert E
Ronceverte, W.Va.
Salyer, Wendell P & Melissa
Nickelsville, Va.
Sanders, Arlene
Flint Hill, Va.
Saunders, J Bennett & Lynn W
Roseland, Va.
Snapp, Otha R, Jr
Tazewell, Va.
Sowers, Joseph L
Willis, Va.
Spurlock, Herman R & Carol A
Pinch, W.Va.
Tabor, Cindy L & James & Betty A
Odd, W.Va.
Terry, Harvey C, Jr & Clark, Fred S
Halifax, Va.
Thompson, Earl F
Falmouth, Va.
Thompson, Terry L & Roy E & Payne, Barbara M
Goshen, Va.
Tkaczuk, Yolanda M
Homestead, Fla.
Tolley, Frances K
Lexington, Va.
Updegraff, Jason M & Brittany E &
Hinchey, Troy A & Bonnie L
Meadowview, Va.
Whitlock, David A
Floyd, Va.
Williamson, Noleen P, Kathy R, Tevish H & Verne
Ashland, Va.
Wright, Brian D
Shinnston, W.Va.
Farm Credit of the Virginias
26
F I NA NC I A L REPORT
Farm Credit of the Virginias, ACA
Consolidated Balance Sheets
Farm Credit of the Virginias, ACA
(dollars in thousands)
Assets
Net loans
Cash
Loans held for sale
Loans
Other investments
Allowance
for loan
losses
Accrued
interest
receivable
Investments
Net loans in other Farm Credit institutions
Premises and equipment, net
Loans property
held for sale
Other
owned
Other investments
Accounts
receivable
Accrued
interest receivable
Other assets
Investments in other Farm Credit institutions
Total
assets
Premises
and
equipment, net
Other property owned
Liabilities
Accounts receivable
Notes payable to AgFirst Farm Credit Bank
Other assets
Accrued interest payable
Patronage
Totalrefunds
assets payable
Accounts payable
Liabilities
Other
liabilities
Notes payable to AgFirst Farm Credit Bank
Total
liabilities
Accrued
interest
payable
Patronage refunds payable
Commitments and contingencies
Accounts payable
Members'
Equity
Other
liabilities
Capital stock and participation certificates
Total
liabilities
Retained
earnings
Allocated and contingencies
Commitments
Unallocated
Members' Equity
Accumulated
other comprehensive income (loss)
Capital stock and participation certificates
Total
members' equity
Retained
earnings
Allocated
Total liabilities and members' equity
Unallocated
Accumulated other comprehensive income (loss)
Total members' equity
Total liabilities and members' equity
(dollars in thousands)
2013
(unaudited)
(audited)
September 30,
$
4,822
2014
1,551,901
(unaudited)
(12,785)
December 31,
$
5,617
2013
1,483,454
(audited)
(11,878)
$
$
$
$
$
$
$
Consolidated
Statements
of Income
For the three months
20,051
$
19,399
ended
September
30,
2014 —
2013 35
20,051
Interest
Interest Income
Expense
Loans
Notes payable to AgFirst Farm Credit Bank
Investments
Net interest income
Total
income
Provision
forinterest
loan losses
$
Interest
Expense
Net
interest
income after provision for loan losses
Notes payable to AgFirst Farm Credit Bank
Noninterest Income
Net
interest
income
Loan fees
Provision
for loan losses
Fees
for financially
related services
Patronage
Farmfor
Credit
Net interestrefunds
incomefrom
afterother
provision
loaninstitutions
losses
Gains (losses) on sales of rural home loans, net
Noninterest
Gains
(losses)Income
on sales of premises and equipment, net
Loan
Gainsfees
(losses) on other transactions
Fees for
financiallyincome
related services
Other
noninterest
Patronage refunds from other Farm Credit institutions
Total noninterest
income
Gains (losses)
on sales of
rural home loans, net
Gains
(losses)Expense
on sales of premises and equipment, net
Noninterest
Gains
(losses)
on
other
transactions
Salaries and employee benefits
Other
noninterest
income
Occupancy
and equipment
Insurance
premiums
TotalFund
noninterest
income
(Gains) losses on other property owned, net
Noninterest
Expense
Other
operating
expenses
Salaries and employee benefits
Total and
noninterest
expense
Occupancy
equipment
Insurance
Fundincome
premiums
Income
before
taxes
(Gains)
on other
property owned, net
Provisionlosses
for income
taxes
Other operating expenses
Net income
Total noninterest expense
Other comprehensive
Income
before incomeincome
taxes
Provision for income
taxes
Comprehensive
income
$
Net income
Other comprehensive income
Comprehensive income
$
20,051
8,198
—
11,853
20,051
—
$
$
$
$
$
$
$
1,604,498
1,471,576
5,617
722
1,483,454
2,989
(11,878)
7,508
25,707
1,471,576
7,754
722
2,337
2,989
31,362
7,508
5,209
25,707
1,560,781
7,754
2,337
31,362
1,209,905
5,209
2,858
21,161
1,560,781
3,617
12,630
1,209,905
1,250,171
2,858
21,161
3,617
12,630
17,313
1,250,171
92,568
200,739
(10)
17,313
310,610
92,568
1,560,781
200,739
(10)
310,610
$
1,560,781
For the nine months
ended September 30,
2014
2013
(unaudited)
$
1,539,116
4,822
910
1,551,901
—
(12,785)
11,792
24,993
1,539,116
7,694
910
2,644
—
9,729
11,792
2,798
24,993
1,604,498
7,694
2,644
9,729
1,249,532
2,798
2,768
111
1,604,498
1,719
14,379
1,249,532
1,268,509
2,768
111
1,719
14,379
17,258
1,268,509
92,568
226,173
(10)
17,258
335,989
92,568
1,604,498
226,173
(10)
335,989
Consolidated Statements of
Comprehensive Income
For the three months
Consolidated Statements
of
ended September 30,
2014
2013
Comprehensive Income
Interest Income
Loans
Investments
(dollars in thousands)
Total interest income
December 31,
2014
Consolidated Balance Sheets
Assets
Cash
(dollars in thousands)
Loans
Allowance for loan losses
Consolidated
Balance
Sheets
September 30,
$
For the nine months
59,271
$
58,136
ended
September
30,
2014 5
2013 109
19,434
(unaudited)
59,276
19,399
8,437
35
10,997
19,434
1,000
59,271
23,779
5
35,497
59,276
1,200
$
58,245
$
58,136
25,345
109
32,900
58,245
2,600
11,853
8,198
9,997
8,437
34,297
23,779
30,300
25,345
11,853
142
—
4
3,199
11,853
199
16
142
33
49
3,199
3,602
199
16
33
3,986
2489
376
3,602
(11)
1,371
3,986
5,970
248
376
9,485
(11)
83
1,371
9,402
5,970
—
9,485
10,997
269
1,0005
3,142
9,997
105
15
269
(7)
175
3,142
3,546
105
15
(7)
3,778
17
261
307
3,546
(625)
1,386
3,778
5,107
261
307
8,436
(625)
19
1,386
8,417
5,107
—
8,436
35,497
471
1,200
22
9,451
34,297
344
44
471
61
22
150
9,451
10,543
344
44
61
12,501
150
903
1,081
10,543
175
4,611
12,501
19,271
903
1,081
25,569
175
135
4,611
25,434
19,271
—
25,569
32,900
616
2,600
23
10,626
30,300
531
40
616
19
23
178
10,626
12,033
531
40
19
11,593
178
928
913
12,033
(834)
4,163
11,593
16,763
928
913
25,570
(834)
49
4,163
25,521
16,763
—
25,570
83
9,402
$
19
8,417
$
135
25,434
9,402
8,417
25,434
—
—
—
9,402
$
8,417
$
25,434
$
49
25,521
25,521
—
$
25,521
The shareholders’ investment in the Association is materially affected by the financial condition and results of operations of AgFirst Farm Credit Bank. Copies of AgFirst’s quarterly and annual
financial reports to shareholders are available free of charge at www.agfirst.com, or by writing to AgFirst Farm Credit Bank, Financial Reporting Department, P.O. Box 1499, Columbia, SC 29202.
Farm Credit of the Virginias complete quarterly and annual financial reports are available online at www.farmcreditofvirginias.com
Leader Winter 2014
27
Farm Credit of the Virginias
P.O. Box 899
Staunton, Virginia 24402
PRSRT STD
U.S. POSTAGE
NMLS #456965
COLUMBIA SC
PERMIT 1160
PAID
Give Us Your
Best Shot!
2016 Farm Credit of the Virginias
Calendar Photo Contest
Here’s your chance to take your best shot for the 2016 Farm Credit of the Virginias Calendar Photo Contest and to win a prize!
We are looking for images that include anything related to farming, agriculture and rural lifestyles. Photo opportunities might
include crops, livestock, wildlife, scenery, or farm families and kids.
1st Place: $100.00
Prizes:
2nd Place: $75.00
3rd Place: $50.00
Requirements:
• The contest is open to everyone including employees and members of Farm Credit of the Virginias and the general public.
• Participants may submit up to three entries. We will not accept more than three entries per person. Submissions can be made
by anyone on behalf of the person who took the photo, but only the photographer will be eligible to win a prize and only the
photographer’s name will appear in the calendar.
• Only digital photos will be considered. Hardcopy prints will not be accepted.
• The preferred orientation is horizontal (landscape). Vertical (portrait) photos may not be considered due to the calendar format.
• Text or captions on photos, photo composites, resolution-enhanced photos and major image alterations are not allowed.
Photos can be cropped.
• All photo files must be at least 1 MB in size. Photos with original pixel dimensions of at least 2,700 pixels wide and 2,100 pixels
tall are ideal.
• No entries will be accepted by email. All entries must be made through the online form at FarmCreditofVirginias.com/photocontest.html no later than midnight eastern time, May 31, 2015.
• All photo submissions become the property of Farm Credit of the Virginias. No images will be returned.
• The top 3 photos will be featured in the 2016 Farm Credit of the Virginias Calendar.
Submit your entries at FarmCreditofVirginias.com/photo-contest.html
Contest Opens January 1, 2015!
2015 Calendar Winners!