| ||What do I need to consider, to get the best possible prices, when marketing my grain?
There are a number of things you need to assess, to have better "Market Power". These items include price information, market analysis, market outlook, and market strategies. The more current information is, the more valuable it becomes. When collecting information for pricing, one needs to consider local and regional cash prices, future delivery prices, future prices and current and forward basis levels. Market analysis information explains what and why things have happened in the market, and provides valuable detailed background information. Market outlook information gives estimates of market price direction, the supply and demand of products, trends in technical analysis, and changes/impacts to be aware of. Information collected on market strategies includes suggestions on how to deal with current situation and most likely future situations.
Where can I get good information for marketing?
The internet provides many sources that are current, which can be very reliable. Information is available through other sources, such as magazines and newspapers, but there is always some delay in attaining these. Services available that provide information will vary with the level of service and delivery method. Sites below provide information to attain "Market Power".
More links are available on "Ropin the Web" Links to Other Sites and type in "Marketing"
What kind of Market Strategies should I have?
Compiled from presentation on Basic Marketing Principles and Risk Management by Charlie Pearson, Neil Blue, Lee Melvill, Dave Wong, and Diane McCann-Hiltz.
- Know your cost of production
- Follow market situation and outlook
- Set target prices
- Know and assess delivery options
- Know and assess pricing alternatives
- Act on your written market plan
Prepared by Kim Zeleny, Alberta Ag-Info Centre, Alberta Agriculture & Rural Development