Steve Johnson, farm management specialist at Iowa State University speaking at the Soybean Expo in Wahoo, Neb. gave farmers in the audience his top ten must-do management strategies for 2010.

Dr. Steve Johnson speaking to growers at the Nebraska soybean expo.

Take responsibility for your own farm and actions. Don't always compare yourself to your neighbors and peers and let their actions determine your actions.

Communicate with your lender. They have to be your best friend to stay in business in turbulent times.

Know your costs of production and breakevens and set you market goals above this.

Focus on income tax planning. Farmers might need additional income in '09 to cover addition costs for the year. Don't just naturally plan to pull it all over to '10.

Have a plan to sell your corn and beans. Sell beans first and pay down debt. Johnson emphasized that growers should core out their bins with corn and move poor quality corn (probably No. 1 {mean #3}) to market. And if they are going to hold corn, better to hold No. 2 corn.

Finish your 2009 end of year financials and start you 2010 cash flow planning early to get in good graces with your lender.

Prepay as much as possible for 2010 inputs to take advantage of discounts that can be very steep in some instances.

Presell new crop using a variety of strategies, selling in increments, capturing seasonal spring highs and using crop revenue insurance.

Manage your margins. Set you margin goal per acre and grab it when it comes. Temper your expectations that it will go higher like back in '08.

Mitigate your financial risks as much as possible.

As a farmer, albeit small these seem like very sage advice to me.