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In this special bonus episode of the Patio Pondering Podcast, recorded live during Ag Day at the Allen County Fair, Jim Smith sits down with three respected voices in agricultural markets and communications: Rob Winters, Jon Cavanaugh, and David Kohli.

Collectively, these three gentlemen bring well over 150 years of experience serving agriculture. From broadcasting and market reporting to grain merchandising, commodity brokerage, and risk management, they have helped generations of farmers navigate changing markets and economic conditions.

Their conversation explores today's agricultural economy, compares current conditions to the challenges of the 1980s farm crisis, and discusses what producers should be watching in the months ahead. Drawing on decades of experience, they share candid perspectives on farm profitability, grain markets, interest rates, and the resilience of American agriculture.

Whether you remember listening to farm radio on the tractor or are simply interested in where agriculture may be headed next, this discussion offers valuable insights from three men who have spent their careers helping farmers make sense of uncertainty.

Guests:
• Rob Winters – Agricultural Broadcaster
• Jon Cavanaugh – Grain Merchandiser and Marketing Advisor
• David Kohli – Commodity Broker, Marketing Advisor, and Risk Management Consultant

Recorded live at the Allen County Fair.

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What does farming really cost?

For Mike Burkhart, the answer goes far beyond machinery, land, and interest rates.

In this conversation, Mike reflects on beginning his farming career in the 1970s, surviving the 1980s Farm Crisis, the growing dependence on off-farm income, and the financial pressures that continue to reshape American agriculture. Along the way, we explore family succession, the realities of cash rent, why "it's just business" isn't always enough, and how one family's tragedy changed the course of their lives forever.

Today, Mike spends much of his time educating consumers through social media and serving others through the Travis Burkhart Foundation, proving that purpose doesn't end when a farming career does.

This is a conversation about resilience, stewardship, and discovering that some of life's greatest harvests happen long after the last crop is planted.

A few things we discuss:

• Growing up and farming through the 1970s and 1980s
• The Farm Crisis and its lasting lessons
• Why off-farm income shouldn't carry a stigma
• Cash rent, consolidation, and the changing structure of agriculture
• The impact of Travis Burkhart's accident on the family and farm
• Retirement, purpose, and serving others through the Travis Burkhart Foundation
• Lessons every generation of farmers can learn

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Agriculture today faces many of the same pressures it did during the 1980s farm crisis—but the solutions may look very different.

In this episode of the Patio Pondering Podcast, I sit down with Purdue agricultural economist Dr. Michael Langemeier to discuss how modern farm businesses can navigate low margins, rising costs, global competition, and generational transition.

Our conversation explores the difference between strong balance sheets and healthy cash flow, why working capital matters more than ever, and how strategic planning is becoming just as important as production efficiency. We also discuss the growing influence of Brazil in global agriculture, the challenges of succession planning, and why many farms need to think more like businesses without losing what makes family agriculture unique.

We finish with a fascinating discussion on artificial intelligence, lifelong learning, and how new technologies may help producers make better decisions in an increasingly complex industry.

Topics include:

• Comparing today's farm economy to the 1980s farm crisis
• Cash flow, debt, and working capital management
• Strategic risk versus production risk
• Value-added agriculture and competitive advantage
• Accrual accounting and financial decision-making
• Family business transitions and succession planning
• AI, decision support, and the future of farm management
• Why lifelong learning remains agriculture's greatest advantage

Dr. Michael Langemeier is a professor of agricultural economics at Purdue University and a leader within the Center for Commercial Agriculture. His work focuses on farm management, financial performance, strategic planning, and producer decision-making.