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Consider the average price over time
During the Commodity Classic show in Houston, Mosaic’s Sherry Koch talked with Edward Usset, grain marketing economist from the University of Minnesota, about how to get the most revenue based on markets and yields, and what their shared motto to “keep it simple” really means.
The decision on when to price or sell grain will never be easy, Usset acknowledges. While he says “keep it simple,” simple isn’t synonymous with easy. “There’s a distinction. … They are two different terms. When I say ‘keep it simple,’ I mean: Keep it uncomplicated.”
A lot of producers treat marketing as finding and knowing when the price will be highest, waiting for the perfect moment to sell, Usset notes. “I make the argument that old crop grain should be sold, or at least priced, by the end of June.”
Looking at seasonal patterns for grain prices in the average year, they are highest in the spring and early summer, and lowest at harvest.
His advice: We’re early in the game – let’s see what we can get to in the spring. But remember, “the person who holds grain too long, they’re riding the wrong side of the curve,” according to Usset. “Don’t try to get a high price. … Think about getting a good average price.”
Reduce complexity while increasing yield potential
While Usset acknowledges that the future is difficult to predict, he offers this support: Create a pre-harvest marketing plan, and stick to it. “If you have a plan and the world changes, I can go back to my plan and ask myself, ‘How does that change my approach?’ ”
Knowing that markets are one input into the revenue equation, growers can then focus on boosting yield.
For Mosaic, that looks like the next generation of crop potential: Advanced Crop Nutrition. By combining innovative fertilizer technologies and biologicals with the latest management practices, tools and technologies, Mosaic is transforming what’s possible.
Anything but simple, this approach of soil and plants working together with the right combination of complementary products reduces complexity. Learn how growers can get the most out of every acre with Advanced Crop Nutrition.
Additional Insights
• Get to know Sherry. Watch the first episode of her show!
• Calculate ROI, nutrient removal and more.
• Risk Management Begins with the Soil