It is the local farm where you may purchase livestock and animal supplies. Yodel Ranch is owned and run by Barley and you can buy things from him when he's standing behind the counter during business hours. His young granddaughter May also lives here.
It's open from 10AM until 3PM and is open every day except for Mondays and holidays. If you befriend Barley, the store will be open from 9AM-3PM. Befriending Barley will also allow the player to get upstairs.