WSU Planning Marketing Workshops
The One Minute Marketer
by Dennis Fiess
We as wheat producers have been very successful in adapting new production technology that has resulted in dramatic increases in crop yields. Unfortunately, we have not achieved the same success in increasing profitability. One way to help profitability is to improve how you market your crop. We have all seen examples of growers who held $3.50 wheat, waiting for $4 and eventually selling at $3 or less. We can no longer afford the luxury of that kind of marketing mistake. Until recently, we could get by with two basic marketing strategies: sell at harvest or take the government loan and try to pick the market high for the year. In today's high cost, highly volatile business environment, such simplistic strategies are no longer viable.
A marketing plan does not have to be complicated. It can be as simple as forward contracting a portion of your crop at the local warehouse, to buying and selling options on the Chicago Board of Trade. The key to a good plan is not its sophistication, but rather how it fits your personality and your business and/or family situation.
The WSU Western Center for Risk Management Education is committed to helping you develop a marketing plan that is right for you. With that in mind, we have several activities planned over the coming year.
- Winning the Game Workshops – Presented in a competitive game format, this workshop is an excellent way for you to learn more about what it takes to improve your marketing skills. We are planning November workshops in Coulee City, Davenport, Ritzville, Walla Walla, Clarkston and Colfax. You will be receiving more detailed information from your County Extension office.
- Marketing Clubs – Marketing clubs have proven to be effective in helping growers improve their marketing skills. We will help create and support clubs in any community or area where growers are interested in participating.
- Wheat Life Articles – This article is the first in a series of marketing articles that will be included in future issues of Wheat Life. In them, we will give you food for thought about how you might become a more effective marketer.
Click
for Winning The Game Schedule.
2006 Women in Ag Conference Proceedings
April
6 & 7, 2006
St. Louis, MO
The
goal of this conference was to broaden educational programming
to women in agriculture, to encourage new programming
efforts, and to strengthen existing programs.
Adjusted
Gross Revenue Lite Video
Conference still available for viewing
Agricultural
producers and agri-business professionals are invited
to take advantage of a panel discussion on a Federally
subsidized insurance plan called Adjusted Gross Revenue
Lite (AGR-Lite). The Video Conference (via the Internet)
is scheduled for November 4, 2005 from 9:30 a.m.
to 11:30 a.m. Pacific Time.
Interested
parties are invited to join in the interactive presentation
by accessing the Western Center for Risk Management Education
AGR-Lite Video Stream
Conference. Presenters will include an accountant,
an economist, banker, an agriculture director and insurance
professionals; illustrating the benefits of the whole-farm
revenue plan of insurance and why it should be considered
as a risk management tool by farmers and ranchers. Participating
farmers will comment on how they include it in their risk
management plan.
AGR-Lite
is an insurance product that covers virtually all agricultural
income reported on Schedule F (or the equivalent) of the
IRS tax form reflecting commercial agricultural production.
Please take time to join us for a few hours that may change
the way you look at Federal crop insurance and what it
can do for your financial security. This presentation
will be archived and made available at the same location
for viewing on demand by those unable to join us at the
live event or wish to view it again at a later time/date.
Participants with questions may contact John Nelson at
the Western Center at 509-477-2176 or Jo Lynne Seufer
at USDA Risk Management Agency at 509-353-2147.
(Companion
article follows.)
New
Farm Insurance Plan Increases Policy Limits
SPOKANE,
Wash. -- Income protection with streamlined record keeping
for most farm-raised crops, animals and animal products
is available under newly approved insurance called Adjusted
Gross Revenue Lite (AGR-Lite).
AGR-Lite
provides whole-farm revenue protection against low returns
due to unavoidable natural disasters and market fluctuations
that affect income from commodities produced during the
insurance year, according to Dave Paul, director of the
U.S. Department of Agriculture's Risk Management Agency
(RMA) Spokane Regional Office.
"Our
goal is to provide regional producers with the best possible
risk management choices," Paul said. "With AGR-Lite,
farmers now have the opportunity to purchase insurance
covering all their farm production - even crops for which
previously there was not a federal crop insurance policy
available."
2005
celebrated the effort of the Western Center for Risk Management
Education working in concert with Spokane Regional RMA
and Pennsylvania Department of Agriculture to introduce
AGR-Lite to Alaska, Idaho, Oregon and Washington. This
year further collaboration has yielded increased policy
limits from $250,000 to $1,000,000 liability. Since this
all-farm revenue insurance can be complemented with other
FCIC insurances it is important to contact an insurance
agent ASAP to meet earlier commodity specific sales closing
dates. For first time buyers, it is also prudent to have
this coverage early to avoid losses prior to insurance
attaching.
As
a streamlined whole-farm revenue protection package, AGR-Lite
guarantees a percentage of the gross revenue derived from
the sale of agricultural commodities. Most farm-raised
crops, animals and animal products are eligible for protections.
The AGR-Lite concept is based on a producer's five-year
historical tax form information and an annual farm report
to provide a level of guaranteed revenue for the insurance
period. Maximum coverage amount for an AGR-Lite policy
is now $1,000,000.
The
final day to apply for AGR-lite is currently under discussion
so it is necessary to contact your crop insurance agent
for the closing date. Crop insurance is sold and delivered
solely through private crop insurance agents. Producers
are encouraged to contact a local multi-peril crop insurance
agent as soon as possible to learn additional details.
A list of crop insurance agents is available at all USDA
Service Centers throughout the United States or on the
World Wide Web at http://www3.rma.usda.gov/tools/agents/.
Agricultural producers and agri-business professionals
are invited to take advantage of a panel discussion on
this federally subsidized insurance plan called Adjusted
Gross Revenue Lite (AGR-Lite). The Video Conference (via
the Internet) is scheduled for November 4, 2005 from 9:30
a.m. to 11:30 a.m. Pacific Standard Time.
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