Risk management workshops yield positive results for crop producers

May 24, 2012

CASPER, Wyo. – A series of workshops in southeast Wyoming and the Big Horn Basin wrapped up this spring, helping agriculture producers learn about mitigating increased risk in their operations.


Risk Management Marketing, Serving Farmers and Ranchers through Targeted Risk Management Education, taught crop producers with limited knowledge of alternative commodity marketing strategies how to use price and financial risk management tools to improve marketing positions for their crop enterprises.


The workshop, sponsored by the Wyoming Business Council and PFM Inc., was successfully completed by six college students and 17 area producers at Eastern Wyoming College and 25 producers at Northwest College. College credit was offered to participants who successfully completed all sessions.


“Marketing agriculture commodities in today's extremely volatile markets will require our Wyoming producers to increase their marketing tools tremendously,” said Donn Randall, Crop and Forage Program manager in the Wyoming Business Council’s Agribusiness Division. “I am confident the quality of marketing information presented by Linda Cruikshank of PFM Inc., will yield positive results for the college students and producers that completed the program. I feel this program definitely has added some very useful commodity marketing tools to be used by our producers in the future.”


“I was very pleased with the participation in both areas and the discussion and comments that occurred during classes,” said Linda Cruikshank of PFM Inc. “I think the ag sector is underserved in the area of marketing, risk management and planning for long term growth and profitability. With the ever changing markets and world economies, it is vital for producers to have as many resources to assist and support them, as possible. We are really pleased to offer educational information to help them ascertain which tools are most advantageous for their operations. We look forward to continuing our efforts in assisting our Wyoming producers and ranchers with these issues and their long term success.”


Participants in the workshops gained improved understanding of market volatility and the reason markets change; completed breakeven worksheets and determined profitability objectives; committed to performing a risk management marketing plan; attended workshops to complete marketing worksheets; participated in group marketing discussions and applied marketing principles for their specific operational needs; developed marketing plans that describe how to utilize cash markets and cash contracts; and utilized risk management tools such as insurance, hedge trades, options, carry markets, and others to ensure sustainability of their production.


A final state-wide wrap-up program is planned for this fall to present the commodity challenge marketing team awards to the two winning teams and to hear testimony from the participants as to how they have utilized the skills and marketing knowledge that they gained from completing the program.


For more information, contact Randall at 307.777.6578 or email donn.randall@wyo.gov.


The mission of the Business Council is to facilitate the economic growth of Wyoming. The Business Council, a state government agency, concentrates its efforts on providing assistance for existing Wyoming companies and start-ups, helping communities meet their development and diversification needs, and recruiting new firms and industries targeted to complement the state’s assets. For more information, please visit www.wyomingbusiness.org.


###

Category: Agribusiness, Entrepreneur, In State Companies, Community, Business, Education