ND crops marketing specialist advises growers to understand markets and contracts.
With new market opportunities opening up across the Canada/US border, producers face new challenges.
In a recent interview broadcast on CTV Saskatchewan’s Farmgate, Dr. Frayne Olson, Crops Economist/ Marketing Specialist, North Dakota State University Extension Service says that price volatility is causing the most frustration for growers globally.
Dr. Olson advises that farmers both in Canada and the United States “have to pay attention to what’s happening…to spend more time studying and understanding what the influences are that are impacting the markets and commodity prices. Pay attention to those on a regular basis.”
Knowing the cost of production is something marketers have been emphasizing for years. However, it is even more critical when growers are trying to determine a good price and achieve the kinds of profits they expect.
Growers looking to forward contract their cereals need to be aware of exactly what the contract is for.
“I tell farmers to be very careful, to read and understand what the contract provisions are,” Olson says. That means asking a lot of questions to completely understand the expectations and terms of the contract. More information is available here.
Does the average grower understand the implications of marketing grain? Let us know what you think.
Ron Wall was born in Saskatchewan, lives in Missouri and writes from both sides of the border.