Conferences
Improving Crop Risk Management Skills
Steven Johnson
Summary
Johnson, S. D.1
1Farm & Ag Business Management Specialist, Iowa State University Extension, ALTOONA, IA, 50009
In 2018 Iowa net farm income was projected to have dropped by more than 50% from the record high in 2013. While Iowa corn and soybean yields have been above trendline every year since 2013, the state average cash price had declined by more than 20% for corn and 34% for soybeans, respectively during this same time frame.
Iowa State University (ISU) Extension of Central Iowa had established 3 successful ag marketing clubs that meet during the winter months more than 15 years ago. In 2010 the Iowa Commodity Challenge web page was developed through a partnership with the Iowa Farm Bureau Federation to provide weekly updates and year-round learning opportunities. The site includes 15 videos, a marketing tools workbook, various learning activities, basis tracking tables updated weekly and encourages the use of written crop marketing plans for both old and new crop bushels.
A goal for 2018 was to improve net farm income of participants by at least $3,000 per farm operator through improved marketing strategies, tools and market planning. Surveys were completed in March of 2018 and March 2019 to measure this impact. A total of 582 participants attended an ag marketing club and/or utilized the Iowa Commodity Challenge web page. Completed survey responses were obtained from 123 respondents in March 2018 and March 2019 to evaluate the effectiveness of these educational efforts.
Respondents indicated that their net farm income resulting from the ISU Extension educational efforts in crop marketing averaged a positive $4,732 per farm operator. Average farm size of respondents was 462 tillable acres of corn and soybeans. Thus, the impact of this educational program was $10.24 per tillable acre and over $500,000 for the respondent farm operators. Plans are to expand the program statewide in 2019 with more videos, an updated of the Marketing Tools Workbook and the addition of an Online Crop Marketing Course
Details
| Conference | 2020 Extension Risk Management Education National Conference |
| Presentation Type | Poster |