So, what’s the best marketing decision you’ve ever made? That’s the question Deb Rood, University of Nebraska program coordinator for the Ag Economics Department, asked farm women attending her annual Women in Ag Marketing seminar.
"The big answer came about selling $5 corn. Another was the farmer who realized he still had corn stored when a neighbor called and commented about high prices," she says. "Those are wonderful marketing stories. But, they’re blips. You aren’t going to do those on a consistent basis in marketing. It’s not good marketing it’s just luck.
"Real marketing is watching the markets, knowing the LDPs, knowing how to use the tools that are out there and taking advantage of what the market gives you," Rood says.
"A better example of good marketing decisions was given by one of the women who has been a regular at our Women in Ag Marketing seminars," says Rood. "She asked her husband last year if he’d accept $2.56/bu for his corn. He was more than happy to accept that price.
"At harvest she took a 45 cent LDP on their dryland corn and stored the crop on the farm. In January, their local elevator had a posted bid of $2.11 for March delivery. So, she locked in the price, hit her $2.56 goal, and actually was able to deliver the corn in February."
Rood notes that this same farm wife also sold some corn at $5/bu when prices peaked a few years back. But, she doesn’t rely on those price spikes to sell corn at profitable levels each year.
You can contact Deb Rood for more information about her Women if Ag Marketing curriculum at drood@unl.com.