An Urban's Rural View

Bring 690 ag professionals together for two and a half days, as DTN/The Progressive Farmer just did at its seventh annual Ag Summit in Chicago, and you get 690 different lists of most-memorable moments.

Here's mine:

-- Moment: Richard Fisher, the president of the Dallas Federal Reserve, unveiling the mysteries of monetary policy and explaining how the Fed's 19 policymakers reach decisions. His advice to farmers: Make the most of today's easy-money environment, because it won't last much longer. It was a remarkable address and you can read the whole thing here (http://tiny.cc/…). Chris Clayton also did a great job of summarizing it in his story the other day. As valuable as were Fisher's insights into where monetary policy is headed and his civics lesson on how the Fed operates, I was also intrigued by his disclosure that as a boy growing up in Mexico City, his little-league coach was Norman Borlaug.

-- Moment: Strategist Ray Wyse of S.W.A.T. LLC throwing cold water on the assumptions underlying the oft-heard scenario of the world producing 70% more food by 2050 to serve a much larger and more affluent world population. Wyse gave us a useful reminder of the need to challenge conventional wisdom. While I at times found myself challenging Wyse's challenge, his was undoubtedly one of the event's most original and thought-provoking presentations. His advice to farmers: Chase higher yield, not additional acres.

-- Moment: DTN Senior Analyst Darin Newsom thinking the unthinkable -- corn back below $2 a bushel. Darin delivered the blow with his customary mordant humor and was quick to say he wasn't predicting it would happen. But the mere mention of the possibility cast a chill on the proceedings. I admit to prejudice: I almost always find Darin's analyses trenchant, and this was one of his best. But agree or disagree, I think he should speak his mind, even at the risk of being branded a Cassandra. Does anybody really want the weatherman to bite his tongue when he sees a storm coming because he doesn't want to spoil our picnic?

-- Moment: CliftonLarsonAllen principal and accounting guru Andy Biebl explaining how the top federal income-tax rate has snuck up over the last year to 45% from 35%. It's all about a series of surtaxes on upper-income Americans and unfortunately they kick in at different income levels, adding enormously to the complexity of tax planning. It will take a separate computer run for each scenario, Biebl said, which means tax-preparation fees will go up, too. What an eye-opener.

-- Moment: Don Mann, trainer of the U.S. Navy Seal Team Six warriors who took out Osama bin Laden, on how he qualified for the team by passing out -- literally. One of the tests prospective team members had to take required a somersault into a pool, an underwater swim to the other side and an underwater swim back. "Don't worry if you pass out," the candidates were told. "We'll fish you out." The first time he took the test, Fisher flunked; he had to surface for air on the return lap. Given a second chance, he blacked out on the return lap and having indeed been fished out was told he'd passed the test. Never quit, no matter how severe the pain, the Seals were taught; take it to the breaking point and beyond. No one who heard Mann will ever regard the Seals the same way again.

If you attended the Ag Summit, please feel free to share your list in the comments section.

If you didn't attend, there's always next year. Why not save the date now? It's December 8-10 at the Fairmont Hotel in Chicago.

Urban Lehner

urbanity@hotmail.com

(ES)

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