The South Dakota Corn Growers in conjunction with Farm Credit Services of America have once again wrapped up their fall series of educational opportunities for South Dakota growers faced with grain marketing decisions. A total of seven GrowingOn meetings took place across eastern South Dakota as large crowds gathered to hear Farm Management expert Steven Johnson, Iowa State University Extension talk about crop risk management strategies for the coming year.
The subject couldn’t be timelier for farmers as corn prices have fallen dramatically in the past year, leaving producers with near break-even margins as spring time demands signaled the need for a big crop. Due to adequate weather, advances in technology and improved seed genetics, farmers delivered a likely record crop both nationally and in South Dakota. Now with the huge supply and uncertainties with the farm bill and RFS, grain farmers have plenty on their marketing plate as we enter 2014.
To tackle these margin challenges, Johnson urged growers to use a large toolbox when marketing their grain by utilizing calls, puts, basis contracts and more. Johnson expressed the importance of being accustomed to all of the available marketing tools, which is why the South Dakota Corn Growers are sponsoring the South Dakota Commodity Challenge. Basically, it’s fantasy football for grain marketing where folks can buy and sell fictional bushels to become accustomed with hedges, options and futures.
For more information or to get signed up for the South Dakota Commodity Challenge, click here:
If you were unable to attend one of our GrowingOn meetings, you can watch Steven’s presentation on Managing Crop Volatility by clicking on the link below: