You may know what you want out of your operation, but do you record what you put into it? Knowing the difference between what you get and what you give is essential for profitable decision-making. This is the purpose of calculating cost of production.
The Canadian Cow-calf Cost of Production Network launched in 2020 with the objective to benchmark different production systems across Canada. Baseline data was collected from 115 producers who attended virtual focus groups between January and March 2021. This created 25 cow-calf and 3 dairy-beef production systems. These benchmarks are the first set in a standardized pan-Canadian process looking at the many types of cow-calf production systems across the country. The network only requires data to be submitted every five years; and should reduce response burden for producers while allowing for improvements to be tracked into the future. Results from the 2020 reference year are now available online. Continue reading