Nov 14 - More than 75 percent of crop farmers and 87 percent of livestock ranchers make marketing decisions independently, according to a marketing study released by Meredith Agrimedia, a division of Meredith Corp.
According to the study, these farmers/ranchers rate cash sale, forward cash contracts, and futures contracts as the top three marketing tools they use. In addition, the results demonstrated that participants were evenly split between managing risk and enhancing price when asked to categorize the primary goal of their marketing.
"Operation size seems to determine the goal of marketing for the participants," said Alejandro Munoz de la Cruz, manager of market research for Meredith Agrimedia. "The larger the operation, the more likely the farmer is to focus on managing risk rather than enhancing price."
In response to market need, Meredith Agrimedia has created The Successful Farming Marketing Academy for farmers and ranchers to improve their marketing skills. The course will be led by commodity trader Al Kluis, and Successful Farming staff members, and it will run for 12 weeks beginning in December. Class topics will include insight and instruction about how an exchange works, futures and options, charting and ways to improve revenue.
"We created a course that will serve as a tool for farmers and ranchers," said Mike McGinnis, markets editor for Successful Farming. "Those that are making independent marketing decisions need a resource to help them maximize marketing potential."