Grain marketing decisions can be made based on information, facts, opinions, emotions, or any combination. There is no one perfect combination of marketing information and decision-making strategy for every farmer, or even every situation. Here are some of the sources we use to collect marketing information:
· Cargill – we access the marketing email service via a subscription
o Market alerts – major movements
o USDA reports – report and synopsis
o Stats Can reports – report and synopsis
o US/Canadian dollar exchange
· Direct texts from local grain buyers – we opt in to get direct texts, ranging from once per day to once per week, depending on the company.
· Futures Trading Charts – we access the free portion of this site, which houses information on many commodities
· Real Agriculture – this is a curated collection of articles pertaining to all aspects of ag, some specific to marketing and some about ripple effect market impacts
· Ag Talk – this is a great source of farmer opinions, which helps to diversify your perspective as you learn about marketing logic employed by others
Selling crops is both an art and a science; it utilizes two skills that farmers put to work every day – the ability to make split second decisions and the ability to be patient. Grain marketing is about having a combination of solid information, a good understanding of your own business demands as well as a good understanding of your tolerance for risk.