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Managing Risk with Grain Marketing Education in Ohio

Chris Bruynis, Amanda Bennett, Amanda Douridas, and Ben Brown

Summary

Grain marketing education was an expressed need from farmers in Ohio, especially younger and beginning farmers. OSU Educators modified existing curriculum to provide curriculum targeting younger producers and delivered programming both in person and webinar based. The curriculum consisted of activities, both in class and homework, readings and lectures. There were five three-session courses offered in 2019. Additionally, local grain originators were invited to discuss the variety of products offered locally.

Immediately following the program, participants responded to learning objectives using a retrospective pre/posttest with a 5-point Likert scale. Knowledge was gained on all eighteen indicators. Indicators with the greatest knowledge gain were on the topics of option fences (+2.17), difference between put and call (+1.54), writing grain marketing plans (+1.18) and using a pricing decision chart (+1.11). Eighty percent of the participants were using crop budgets to set marketing targets, but only eleven percent and twenty-six percent had brokerage accounts and written grain marketing plans respectively.

Participants were asked what they would change in the next six months. Fifty-seven percent said they would, and forty-three percent said they might create a written grain marketing plan. Compared to only twenty-six percent currently having a written plan, this could be impactful. Additionally, sixty-eight percent indicated they would try a new grain marketing tool in 2019. Participants indicated they were better prepared to manage grain marketing risk through knowledge of their cost of production, knowing their farm’s financial risk capacity, having a written grain marketing plan, and knowing when to use certain marketing strategies.

Details

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