About

Steven L. Klose, Ph.D., is a Professor and Extension Economist in the Department of Agricultural Economics at Texas A&M University, serving as Associate Head for Extension. His primary responsibility is coordinating the FARM Assistance program, an intensive extension effort that provides strategic planning and risk management analysis to agricultural producers on an individual basis. Over more than 20 years, this program has supported more than 2,700 crop and livestock operations across Texas and has been recognized as a Distinguished/Outstanding Extension Program by multiple agricultural economics associations. Dr. Klose's expertise includes farm management, crop insurance, financial planning, strategic planning, and agricultural policy. He coordinates enterprise budget publications, the Texas Custom Rates project, and contributes as a topic editor for Southern Ag Today. Additionally, he is a member of the Agricultural and Food Policy Center, where he researches the implications of policy alternatives on farms and ranches nationwide.

Research topics

• Medicine
• Archaeology
• Geography

Selected publications

• Analyzing the Impact of COVID-19 on Texas High Plains Agriculture

  Western Economics Forum · 2021

  • Geography
  • Archaeology
  • Medicine

  Texas High Plains producers faced many new uncertainties with the arrival of COVID-19. Significant supply chain disruptions, reductions in consumer demand and decreases in travel negatively affected agricultural operations. In addition, efforts taken to stem contagion lessened the amount of food consumed away from home, and restrictions on movement sharply reduced gasoline usage, and with it demand for grain ethanol. Elevated cases among livestock processing facilities disrupted normal business practices and increased costs. In fact, early in the pandemic the Texas High Plains region was considered a COVID-19 “hot spot” as many area processing plants faced reduced workforces and slower production times due to high numbers of positive cases. This study looks at the farm-level impacts of COVID-19 on six case study model operations created by local Texas A&M AgriLife Extension Risk Management Specialists.

  PublisherOA PDFDOI

• Economic Impact of Beef Cattle Best Management Practices in South Texas: Stocking Strategies during Drought

  Journal of Applied Farm Economics · 2018-05-01 · 2 citations

  articleOpen accessSenior author

  In a drought situation, forage is normally reduced due to lack of adequate moisture. Moreover, the availability of hay may become limited, and hay prices often escalate. Cow-calf producers are faced with the integral decision to maintain their herds and supplemental feed or reduce the herd to minimize feeding requirements and costs. The management decision to maintain versus destock can significantly impact producer profits and financial position. This paper illustrates the financial implications of alternative management stocking strategies in a drought situation optimizing profitability of ranching operations.

  PublisherOA PDFDOI

• Factors Affecting Changes in Managerial Decisions

  Agribusiness · 2017-02-07 · 3 citations

  articleSenior author

  ABSTRACT It is commonly held that revealed managerial decisions depend on the interaction of risk attitudes and preferences, as well as market and firm conditions. In agriculture, production plans can have a horizon of a few months to several years. However, it is not always the case that managers follow through on their plans once established. The purpose of this paper is to investigate factors that contribute to changes between managers’ planned decisions and eventual actions. A unique dataset consisting of farm financial data, consultant generated production plans, and a follow‐up producer survey was constructed with participants in the Texas FARM‐Assistance program. We evaluate the effects of managers’ behavioral attributes, farm financial indicators, and production characteristics on the decision to follow through on business plans. Our findings provide new insights into the decision‐making and planning processes of managers under risky market conditions, and the interactions of same with behavioral characteristics. [EconLit citations: Q12; Q13; Q14; D22; G02].

  PublisherDOI

• Profitability of Beef Cattle Best Management Practices in South Texas: Reproductive Management

  RePEc: Research Papers in Economics · 2016-01-01

  preprintOpen access

  Cow-calf producers are expanding herds in response to high cattle prices and better forage conditions across Texas. Reproductive management practices such as pregnancy testing, bull breeding soundness exams (BSE), and vaccinations for reproductive diseases are important practices that can increase the number of live calves born and weaned, and profits.

  PublisherOA PDFDOI

• USDA Commodity Costs and Returns (CAR) and Monthly Milk Cost-of-Production (COP): A 2016 Data Product Review and Proposals for Change, Staff Paper P16-4

  2016-09-01

  article

• USDA Commodity Costs and Returns (CAR) and Monthly Milk Cost-of-Production (COP): A 2016 Data Product Review and Proposals for Change

  AgEcon Search (University of Minnesota, USA) · 2016-01-01

  articleOpen access
  PublisherOA PDFDOI

• USDA Commodity Costs and Returns (CAR) and Monthly Milk Cost-of-Production (COP): A 2016 Data Product Review and Proposals for Change

  RePEc: Research Papers in Economics · 2016-09-01

  preprint

  Farm Management, Production Economics, Research and Development/Tech Change/Emerging Technologies

  Publisher

• Reoptimization or Bias? Factors Affecting Changes in Production Decisions of Farmers

  AgEcon Search (University of Minnesota, USA) · 2015-01-01

  articleOpen access

  The decisions of managers aim to maximize profit. In agriculture, depending on the crop, production plans can have a horizon between a few months and several years. However, it is not always the case that managers follow their production plans once they have been established. This is because the information set available to the manager may change over time. The new information may be significant enough as to reconsider the original plan. The reassessment of the production plan depends mainly on the effect that new information has on expected profit, risk perceptions, and risk attitudes. Accordingly, this paper analyzes the variables that contribute to the manager’s decision to update his or her production plan. In particular, we evaluate the effects of managers’ behavioral attributes, farm financial indicators, and production characteristics, on the decision to revise their initial production plans. Our findings provide new insights into the decision-making process of farm and ranch managers, including their expected behavior under different market conditions as well as information processing methods.

  PublisherDOI

• Reoptimization or Bias? Factors Affecting Changes in Production Decisions of Farmers

  RePEc: Research Papers in Economics · 2015-01-01

  preprint

  The decisions of managers aim to maximize profit. In agriculture, depending on the crop, production plans can have a horizon between a few months and several years. However, it is not always the case that managers follow their production plans once they have been established. This is because the information set available to the manager may change over time. The new information may be significant enough as to reconsider the original plan. The reassessment of the production plan depends mainly on the effect that new information has on expected profit, risk perceptions, and risk attitudes. Accordingly, this paper analyzes the variables that contribute to the manager’s decision to update his or her production plan. In particular, we evaluate the effects of managers’ behavioral attributes, farm financial indicators, and production characteristics, on the decision to revise their initial production plans. Our findings provide new insights into the decision-making process of farm and ranch managers, including their expected behavior under different market conditions as well as information processing methods.

  Publisher

• Focus Assistance FARM

  2014-01-01

  articleSenior author
  Publisher

Frequent coauthors

• Joe L. Outlaw

  Texas A&M University

  90 shared

• James W. Richardson

  63 shared

• David P. Anderson

  43 shared

• J. Marc Raulston

  Texas A&M University

  43 shared

• Brian K. Herbst

  39 shared

• George M. Knapek

  36 shared

• David P. Anderson

  30 shared

• P. A. Feldman

  29 shared

Education

• B.S., Agricultural Economics

  Texas A&M University

• M.S., Agricultural Economics

  Texas A&M University

• Ph.D., Agricultural Economics

  Texas A&M University

Awards & honors

• Distinguished/Outstanding Extension Program by the Agricultu…
• Distinguished/Outstanding Extension Program by the Western A…
• Distinguished/Outstanding Extension Program by the Southern…