The commodity price outlook for 2019 continues to be gloomy for corn, soybeans and wheat, as harvest wraps up across Michigan. Dairy stocks are continuing to build heading into the end of this year. 

The 2018 season was bad and it appears 2019 will be more of the same. Land rental rates, trade and tariffs, and input costs rising all contribute to the challenges facing farmers.

Historically, farm input costs adjust to the changes in commodity prices, but this tends to occur over a longer period of time. Farms will need to adjust their cost-of-production budgets, as well as the marketing plans, to survive until commodity prices improve, allowing the farm to generate positive returns.

To assist farmers with marketing decisions, a Milk and Grain Marketing Series will be held starting Dec. 18, and meet quarterly on March 19, June 18 and Sept. 17.

Fred Hinkley, Michigan State University Extension educator emeritus and marketing specialist, will provide insight and outlook on the milk and grain markets, and suggest strategies to minimize financial risk.

Agriculture markets are more volatile than ever. For most farms, profits are largely determined by how well production is marketed. Now more than ever your farm’s future success depends on the ability to understand the markets and use the basic marketing tools.

The meetings will be from 10 a.m. to 12 p.m. at the Isabella County Building, Room 320, 200 N. Main St. in Mount Pleasant, Mich. The cost for attending these meetings will be $400 per farm. This will cover all four meetings and will not limit the number from each farm or agribusiness that attends.

Preregistration is encouraged by Dec. 15. Register for the program online at Milk and Grain Marketing Series 2018-19.

For questions, call 989-317-4079 or email [email protected].

Source: MSUE