A futures market trading simulation game activity will be the centerpiece of a new Ag Marketing Club that meets in Ankeny monthly beginning Monday, November 15. The Iowa Farm Bureau Federation in cooperation with Iowa State University Extension will use the online market simulation game that allows participants to trade both futures and options contracts for managing price risk for the corn and soybean markets.
"This is strictly an educational exercise to help farmers and others improve their grain marketing skills," says Steve Johnson, ISU Extension farm management specialist. "It doesn't matter if you are a beginner or if you've actually had real life experience using futures contracts and options contracts. This marketing game is an interesting, fun way to learn."
Marketing club's first meeting Nov. 15 at DMACC Ankeny campus
Anyone interested in learning first hand how futures and options contracts work is invited to attend. The Ankeny club meets monthly at the FFA Enrichment Center on the DMACC Ankeny campus. The first club meeting is Monday, November 15th, beginning at 6:30 pm. Online trading will begin at this first meeting as each participant will be handling the marketing for an example Central Iowa farm with all transactions settled to cash price a local elevator. The game simulates a "real life" farm and marketing situation.
The $50 registration fee per participant covers total cost all 5 meetings and can be paid at the door beginning at 6 pm on November 15. For additional questions on the Ankeny Ag Marketing Club and its Online Market Simulation Game, please contact Steven Johnson, ISU Extension farm management specialist at (515) 957-5790 or send him an email at [email protected].
Four ag marketing clubs in central Iowa, ready to begin meetings
"We have a total of four ag marketing clubs in central Iowa that start their winter meetings the week of November 15," says Johnson. Only the Ankeny site will be using FACT Sim. The topic for the other clubs in November is Managing Crop Margins: Using Risk Management Tools." Ed Kordick, market analyst with Iowa Farm Bureau and ISU's Steve Johnson will be the featured speakers.
The other sites are Lynnville, Iowa, at the First State Bank on November 16; Conrad, Iowa, at the Mid-Iowa Co-op office on November 17; and Ogden at the Community Center on November 18. All meetings begin at 6:30 p.m., are open to the public and might have a small registration fee payable at the door. For more information about any of these meetings, please contact ISU's Steve Johnson a the phone number or email address listed above.