Political dysfunction, a healthy ag economy, a lack of urgency and the start of a presidential election year are all reasons ag economists cast doubts on Congress’ ability to pass a new farm bill this year or even next year. If that's indeed the case, economists worry farmers could face crop prices below break-even before then.

Cost of production is one of those terms that can have multiple meanings. As you wrap up harvest and head into heavy planning season for next year, here are three ways to evaluate cost of production as well as how it impacts your operation.

Want to maximize profitability? If so, you need a variety of marketing tools in your toolbox. For example, not using futures is like going to the field with only a hammer, screwdriver and crescent wrench. Those tools will fix some problems, but you would be more effective and efficient with a diverse toolbox.