Growers have enjoyed high commodity prices over the past few years. However, as prices decline and input costs increase, many anticipate 2015 will bring tighter margins and a new challenge to remain profitable.
ILSoyAdvisor.com continued its winter webinar series on Wednesday, March 4, to answer grower questions about the upcoming season. In “Achieving Profitability in Challenging Grain Markets in 2015 Through New Tools,” Chris Beavers and Dan Dempsey of AgYield joined Kevin Kennedy of Kennedy Family Farms to present the process of building a profitable revenue management and grain marketing strategy for 2015.
Watch the webinar below for tips on profitability planning and the results from AgYield’s work on Kevin Kennedy’s farm.
Changing grain markets indicate that 2015 will be a challenging marketing year, continuing through 2016 and potentially 2017. These challenges include:
Set crop insurance prices
High input costs
Growers have tools as their disposal to make 2015 a profitable year.
Precision planting technologies – A range of agronomic tools, including variable rate planters and hybrid seeds, are available during the growing season.
Precision marketing – Growers can manage revenue through software and on-farm planning throughout the year.
A profit strategy is essential for a successful growing season and marketing year.
Always consider next year’s market – Growers who sold 2014 grain have less stress going into 2015.
Consider private insurance policies – Private policies are an added cost, but they can lessen risk and give lenders peace of mind.
Watch the market – The grain market fluctuates, but watching the changes can prevent rash decisions.
Identify potential risks – Reduce revenue risk by looking at futures for corn and soybeans, estimating revenue for corn and soybeans and choose your crop accordingly.
AgYield is revenue management software that gives growers tools to create profitability plans, reduce risk and monitor profitability throughout the season. To learn more, visit www.AgYield.com.
Join us for the next webinar on Wednesday, March 18, as Jason Bond, Ph.D., plant pathologist, Southern Illinois University and Mike McCarville, Ph.D., scientist/technical service representative, Bayer CropScience, review top SDS management strategies. Register today.
The Illinois Soybean Association (ISA) checkoff and membership programs represent more than 43,000 soybean farmers in Illinois. The checkoff funds market development and utilization efforts while the membership program supports the government relations interests of Illinois soybean farmers at the local, state, and national level, through the Illinois Soybean Growers (ISG). ISA upholds the interests of Illinois soybean producers through promotion, advocacy, and education with the vision of becoming a market leader in sustainable soybean production and profitability.