After nearly a year of trading in highly volatile corn and soybean markets, winners of MarketMaxx 2007 used options strategies to plow their paths to grand prize glory.
There were nearly 7,000 players in MarketMaxx 2007, and sign-up is underway for the 2008 corn and soybean marketing contest from Corn & Soybean Digest.
Grand prize winner in the 2007 corn marketing contest is Chris Waymire, 43, Yellow Springs, OH. His average selling price of $5.36.45/bu. for his simulated 100,000 bu. of corn was more than $1 higher than second place winner, Chip Shriver, 51, Ursa, IL.
Waymire farms about 550 acres of corn and 400 acres of soybeans. He used call options to garner the high $5-plus average price. (See a more in-depth look at his marketing strategy and strategies from other MarketMaxx winners in upcoming issues of Corn & Soybean Digest.)
“MARKETMAXX HELPED ME realize how much emotion is involved in marketing,” says Waymire. “With the game, I had the guts to make bull decisions. There's no emotion when you're playing with phony money compared to how I am with my own grain.”
As grand prize winner, Waymire receives one year's use of a Gleaner R5 or A5 series combine (not to exceed 100 separator hours).
For his second place finish in the corn marketing contest, Chip Shriver, Ursa, IL, wins a complete computer system plus software from Syngenta Crop Protection. He sold his 100,000 bu. of corn for an average price of $4.28.27/bu., using the game to help teach his son, Matt, how to use options. “MarketMaxx is a great learning tool,” says Shriver.
Shriver and his family operate a farm with 700 acres of corn and 300 acres of soybeans and run a 500-head dairy.
Winner in the MarketMaxx 2007 soybean marketing contest is Ron Falk, 47, of Monticello, IL. He and other players had 50,000 bu. of simulated soybeans to trade.
His top selling price of $11.92.3/bu. earned him the grand prize of one year's use of an AGCO RT or DT series tractor (not to exceed 250 hours). A part-time high school wrestling coach, Falk pinned the high price by riding up the value of soybean call options most of the year.
“MARKETMAXX GAVE ME the experience of using options that I probably wouldn't have received otherwise,” says Falk, who grows about 1,500 acres of corn and 1,500 acres of soybeans.
Second place in the soybean marketing contest is Kevin Johnson, 49, of Tyler, MN, with an average selling price of $11.40.25. He also won a complete computer system plus software from Syngenta Crop Protection.
Johnson used call options to take advantage of escalating soybean prices throughout the year. “This is fun and it's a good program for people to become familiar with the mechanics of trading when there's no risk involved,” he says.
SIGN UP NOW FOR MARKETMAXX 2008
All four MarketMaxx 2007 winners are eager to play MarketMaxx 2008. You, too, can get started improving your marketing skills by going to www.MarketMaxx.net.
That's where you can sign up for the game and manage your individual trading account. MarketMaxx 2008 runs through Oct. 31, 2008. The eligible farmers with the highest average selling price of his or her simulated 100,000 bu. of corn and 50,000 bu. of soybeans will be grand prize winners.
Grand prize for the 2008 corn contest is a Gleaner R5 or A5 series combine (up to 100 combine separator hours). The soybean winner will receive one year's use (not to exceed 250 hours) of the choice of any PowerMaxx CVT-equipped AGCO RT or DT series tractor. Second prize for each category is a complete computer system plus software from Syngenta Crop Protection. Third prize in the corn contest is a complete Leica mojoRTK auto-steer system from Leica Geosystems.
Remember, all trades are made on simulated corn and soybeans in your MarketMaxx account. You can use CBOT futures and options, as well as cash contracts, on both old- and new-crop corn and soybeans.
There is no financial risk — you have nothing to lose. However, you'll gain a better understanding of how futures and options trades work — information you can use to enhance your real-life corn and soybean marketing.
The www.MarketMaxx.net site features links to tips on writing a marketing plan. For novice players, there is a marketing term library. Up-to-the-minute CBOT corn and soybean futures prices and charts are on the site and there is regular market commentary and news on trends that can impact grain prices.
The site includes links to CBOT, ChicagoMercantile Exchange, New York Board of Trade, Kansas City Board of Trade, Minneapolis Grain Exchange, The Brock Report and CashGrainBids.com, site manager; a complete set of MarketMaxx 2008 rulesis also featured.
As a MarketMaxx player, you will receive a bi-weekly MarketMaxx e-newsletter, which lists corn and soybean trading leader boards, market commentary and news that can impact corn and soybean prices.
Go to www.MarketMaxx.net today and get started playing the fun and educational game from Corn & Soybean Digest.
You could be a grand prize winner in 2008.