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Using forward pricing tools like contracts, futures, or options can be confusing.
They can be excellent price risk management tools if used properly.
However, you need to feel comfortable in your knowledge of both the mechanics and expected outcomes
of their use. Even more importantly, you need to have an understanding of the
possible outcomes of their use.
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Basics of marketing is a
presentation that can help you to understand how futures and options can be
used in marketing your crops.
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The ability to evaluate agricultural production contracts (audio presentation)
is very important. Evaluating a Specialty Grain Contract (audio presentation) requires
additional care. Checklists for
Current production contracts
are also available from the Iowa Attorney General's office. If you are producing
crops or livestock under contract in Iowa you have the ability to file a
Contract Producer Lien
with the Secretary of State against the production.
Understanding price risk management tools will allow you to use a
marketing plan.
A critical first step in developing a marketing plan is estimating a target price.
Otherwise, you don't know whether the market is offering an acceptable profit level. Given our
current price situation, Loan Deficiency Payments have become increasingly important. A
daily LDP update is available
thanks to the Center for Agriculture and Rural Development.
There is currently a bit of discussion with regards to the marketing of GMO crops.
Media attention has indicated that the market is willing to pay a significant
premium for segregated crops, but those premiums seem to be rather minor at the farm level.
The Iowa Grain Quality Initiative
has sponsored three meetings on the issue in the past year.
Next, analyze the market outlook to determine
the direction that the experts expect the market to head.
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