Iowa State University Extension and the Iowa Farm Bureau Federation will sponsor four different Central Iowa Ag Marketing Club meetings on Nov. 19, 20 and 21. The topic will be "Storing Unpriced Grain: Strategies & Tools" and feature Steve Johnson, ISU Extension Farm Management Specialist and Ed Kordick, Commodity Services Manager with the Iowa Farm Bureau Federation.
The Iowa Commodity Challenge, an online market simulation game will also be featured as a way to improve crop marketing skills. Participants will develop their own strategies for marketing corn and soybeans and learn how to use a number of tools. Participants can enroll in the Iowa Commodity Challenge, an online market simulation game. The game provides participants 75,000 bushels of corn and 25,000 bushels of soybeans virtually stored at a local elevator. The online game starts at the Ag Marketing Club sites and ends March 12 when participants will need to have sold their stored bushels and settle any of their futures or options positions.
Anyone interested in improving their grain marketing skills is encouraged to attend; also checkout the newly updated curriculum webpage
The public is invited to attend and a small registration fee may be charged at the door. The schedule and contact information for each site includes:
Nov. 19: Lynnville - First State Bank, 6:30 p.m., (641) 623-5188
Nov. 20: Conrad - Mid-Iowa Grain Merchandising Office, 6:30 p.m., (319) 824-6979
Nov. 21: Fort Dodge - Webster County Extension Office, 1 p.m., (515) 576-2119
Nov. 21: Ogden - Community Center, 6:30 p.m., (515) 432-3882.~~~PAGE_BREAK_HERE~~~
"We are updating the curriculum webpage," says ISU's Steve Johnson. "The Commodity Challenge web page has been revamped and should provide some interesting marketing strategies and use of futures and options."
USDA November Crop Report showed many changes in production and demand
The November USDA reports held plenty of changes on crop production and demand. The trade had expected larger production and that's what appeared in the reports. Corn production approached the 14 billion bushel level. Soybeans gained roughly 100 million bushels. But the demand shifts were large enough to basically offset those production gains, says Chad Hart, ISU Extension grain marketing specialist.
For corn, the biggest surge came from the export market as 175 million bushels were added. Mexico and China have led the way there, he notes. Feed and residual use grew by 100 million bushels as meat production held relatively steady and thoughts of harvest and residual loss increase. Ethanol usage of corn held steady at 4.9 billion bushels. On the soybean side, domestic crush increased 30 million bushels as soybean meal exports are on the rise. Soybean exports are also increasing, up 80 million bushels. That surge is also being led by China.
November report is helping stabilize crop prices after the drop in prices during the summer
"Overall, this November USDA Crop Report was a little shot in the arm for the markets, helping stabilize prices after the drop in prices during the summer," says Hart.
Looking at the USDA November Crop Production report, you see that the average Iowa corn yield for 2013—as of November 1--is estimated at 169 bushels per acre, up 32 bushels from last year. That would indicate just over 2.2 billion bushels of corn production in Iowa, says Hart. So Iowa will retain its #1 ranking in corn. But Iowa will slip to #2 in soybeans. The average Iowa soybean yield is estimated at 45 bushels per acre, up a half of a bushel from last year. Iowa's production is put at 415 million bushels. Illinois, on the basis of a better yield (49 bushels per acre) and higher harvested area (9.4 million acres), will take over as the state with the highest soybean production.