More farmers are opting for joint ventures in an attempt to become more efficient and reduce costs. Which one would you prefer between contract farming, share farming, or pooling of labor and machinery? I would settle for the last option because it gives the farmer more independence!
Pooling your machinery is a good way to go. Doing this, in my opinion, would also mean pooling the insurance, both by cost and name. This would help ensure that both parties are responsible with it.
Pooling would be my choice too. Of course there would have to be some agreement (maybe written) about wear and tear on the equipment. I would not want to share fields or animals.
I would also pool labor and equipment. I think that would be the most beneficial to all of us. I'm not sure I would want to do any of the other choices. I wonder how many other farmers do this?
I would never opt for share farming. If there is some land not in use, it is better to lease it out. That makes pooling the less risky option for any farmer!