ORANGE CITY, Iowa -- What a difference a year makes! So far, 2008 has been full of surprises with a wet and cool spring, soaring grain prices, high fuel costs and a new Farm Bill. Currently, corn is well above $7 on the futures markets and with widespread flooding, grain prices will be strong.
For cattle producers, risk is inevitable. It's a factor in almost every decision they make, but it can be managed with proper tools and insight.
To learn about various marketing strategies, ISU Extension is offering several beef workshops beginning in August. The workshops are targeted toward cattle producers, agricultural lenders and other cattle industry stakeholders. Participants will learn how Livestock Risk Protection (LRP), Livestock Gross Margin (LGM) insurance and forward cash contracts -- as well as CME futures and options -- can help control risk and affect their bottom line.
The "Cowherd" workshop focuses on management and marketing decisions pertaining to calves and stockers. Workshops are Aug. 6 at the Western Iowa Research and Demonstration Farm, Castana, and Sept. 3 at the Social Center, Ruthven. Both workshops are from 9:30 a.m. to 3:30 p.m.
The "Feedlot" workshop will allow participants to make management and marketing decisions pertaining to stockers and finished steers. At the conclusion of the workshop, participants will have an improved understanding of how various price risk management tools can be used to manage risk in their operation and will be able to evaluate different marketing strategies for their own operation. Workshops are Aug. 21 at the ISU Extension Office, Orange City, and Aug. 28 at Vinny's BBQ, Dakota City. Both workshops will be from 9:30 a.m. to 3:30 p.m.
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There is a fee for the workshop, which includes a meal and materials. The Iowa Farm Bureau Federation will sponsor its members. To register, contact Beth Doran, ISU Extension Beef Field Specialist, at (712) 737-4230.
