Marketing spotlighted in new season of risk management series from MSU Extension

Chris Bardenhagen<bardenh1@msu.edu>, Jonathan LaPorte<laportej@msu.edu>, Molly Sears<searsmo1@msu.edu>, Frank Wardynski<wardynsk@msu.edu> and Steve Whittington<whitti34@msu.edu>, Michigan State University Extension - October 30, 2024

Marketing is the main emphasis of this year’s Farm Policy and Risk Management Series

Michigan farmers need to manage many risks. Production risk brought on by weather, price risk from volatile markets, and even input cost risk can be challenging to manage. To aid producers in managing or reducing impacts from these types of risks, MSU Extension is announcing a new season of the virtual Farm Policy and Risk Management Series.

Last season, educational webinars on USDA insurance and Farm Bill programs were offered with a focus on specific Michigan production areas. These sessions covered the basics of each risk management program and presented how their use can benefit farm producers. The recordings of these sessions are available in the video section of the Farm Business Revenue Insurance website.

New to this season is an emphasis on understanding marketing environments to better help producers position their farms to take advantage of price opportunities. The returning topics of insurance programs for livestock and Farm Bill commodity programs will round out this year’s program. Several sessions will feature guest speakers and/or panelists from within the agriculture industry.

Marketing & Input Strategies – Thursday, November 7 at 6:30 PM and Tuesday, December 3 at 6:30 PM

How do grain prices and market conditions influence revenue or product availability? Can you act now to secure profits or priority needs? Identifying your crop price and input needs are all part of maximizing yield potential and secure profits. In these repeat sessions, speakers will discuss current market conditions and optimal strategies for putting your farm plans into action. Participants are encouraged to attend either or both sessions.

Livestock Insurance – Tuesday, November 12 at 6:30 PM

Wyatt Mohr from Livestock Risk Partners will speak on livestock insurance programs for beef and swine producers. During this session topics will be covered that outline how the program functions and how to work with an insurance agent. The session will also review how to develop protection strategies and how to calculate program costs and indemnity payments.

Farm Bill Commodity Programs– Tuesday, January 21 at 1:00 PM and Tuesday, February 11 at 6:30 PM

These sessions will help agricultural producers explore their options for 2025 Farm Bill commodity programs. MSU Extension experts will provide information on current policy updates and how these relate to the Farm Bill. Program statistics and payments from 2024 will also be highlighted. Speakers will explain how current and new program payments, such as Price Loss Coverage and Agricultural Risk Coverage, are calculated. They will also review how Farm Bill programs interact with crop insurance policies. The session will also provide examples using the MSU Extension Farm Bill calculator. The calculator helps showcase which programs may produce the most benefits for a producer’s individual needs. These are repeat sessions focusing on corn, soybeans, and wheat crops. Participants are encouraged to attend either or both sessions.

Note: these sessions are contingent on existence of commodity programs based on passage of a new Farm Bill or extension of the 2018 Farm Bill.

Managing Risk Through Diverse Specialty Crop Marketing Strategies – Tuesday, January 28 at 1:00 PM

Finding the right mix of specialty crop marketing strategies to match your goals and skill set can be an important piece of risk management for your farm. Having multiple outlets available to sell your items provides resiliency and options. Fortunately, there are lots of options to consider. This presentation will provide an overview of various direct and intermediated market channels for specialty crop producers, including the benefits and risk management considerations of each.

Michigan Apple Cost of Production (COP) – March, time/date TBD

Chris Bardenhagen and Molly Sears will host a webinar to discuss the 2025 Michigan Apple Cost of Production (COP) study. They will cover the main results of the study, including harvest/picking costs, establishment and production costs, and break-even analysis. They will also discuss how to use the Apple COP as a decision tool, using your farm’s numbers to calculate your farm-specific costs. Date and time of webinar will be announced in late winter.

At each session, MSU will also be offering a short segment on available farm safety and prevention resources. Resources will correspond with the main session topic, such as pesticide and storage handling resources at the marketing and input strategies sessions.

The Farm Policy and Risk Management Series is a free program presented by Michigan State University Extension. To participate, registration is required. To register today, visit: https://events.anr.msu.edu/fprms/

This article was published by Michigan State University Extension. For more information, visit https://extension.msu.edu. To have a digest of information delivered straight to your email inbox, visit https://extension.msu.edu/newsletters. To contact an expert in your area, visit https://extension.msu.edu/experts, or call 888-MSUE4MI (888-678-3464).