Grain marketing is an emotional roller coaster!
Human emotions can be our worst enemy when dealing with financial market transactions, commodity futures markets especially. As I discuss in this post, 99.9% of grain sales can be considered “wrong”. You either should have sold 100% of your crop or 0% of your crop when judged with the benefit of hindsight.
The future is always uncertain. We need to embrace this and make the best decisions we can today. Producers should implement risk management strategies with a focus on the bottom line.
To help in this process, we’ve added a grain marketing plan builder to our farm business software package. This tool allows you to:
- Set profit-based price targets.
- Set decision-date targets.
The marketing plan builder allows you to craft a plan with your specific cash flow in mind. It can be used for both old crop and new crop marketing. No marketing plan is perfect but this tool will allow you reduce the emotion associated with ever-volatile commodity markets.
Once a plan is saved, you’ll receive email notifications when your targets are hit and follow-up reminders. Our goal is to keep building tools to help farmers with the business and we’re going to keep improving this feature over time. If you’d like to review the entire software package we’ve built to-date, click the button below.
Building a marketing plan is a mix of art and science. Next week we’ll discuss our thoughts on how/where to set these date and price targets. In the meantime, check out an overview of this feature below.