The slogan think globally but act locally applies to farm management. We have to know the situation and how it is changing but make decisions based on the individual circumstances. Another point to remember is that we will have to expect volatility. Weather has always influenced the fortunes in agriculture. Now, for good or bad, the U.S. has chosen to follow an agricultural policy that relies heavily on exports.
Exports introduce a new level of complexity in the supply and demand determination.
We will not only have the problems of weather and general economic policies at home but we will now have the same issues for all our trading partners. Farmers will have to take advantage of good prices when they are here and be prepared for poorer prices when they inevitably will come. Finally, we must recognize the difference between macro and micro considerations. Farmers deal in a macro situation but they must make their decisions at the micro level. In other words, remember the level of analysis.