Most farmers develop excellent crop production plans each year, including strategies for weed control, fertilization, tillage, and match these practices with financial resources.
A grain marketing plan identifies a farmer’s specific price objectives as the production and/or storage season progresses. The marketing plan identifies strategies available to achieve the specific price objectives.
Like successful production plans, every plan has certain key elements such as objectives or goals, strategies and evaluation procedures, including marketing plans. You may be good at developing crop or livestock production plans so it should not be hard for you to understand the process of development of a marketing plan. But you need to learn more about the strategies that call for actions depending upon market situation and the objectives to be set.
“By failing to prepare, you are preparing to fail.”
― Benjamin Franklin, Founding Father of the United States
A grain marketing plan is defined as a set of written goals and strategies developed to achieve a specific grain sale price and timing. A grain marketing plan identifies a producer’s specific price objectives as the production and/or storage season progresses.
The plan then identifies the strategies available to achieve the price objectives. While it may take several forms, it is generally most useful if it is written down, and reviewed relative to market conditions on a regular basis.
Some key components of a grain marketing plan include a record of a producer’s specific price objectives as the production and/or storage season progresses. It also identifies strategies available to achieve the price objectives and assists a producer with adapting to changing market conditions.
Your marketing plan should be flexible and adapted as needed and when market conditions change. A marketing plan should be more about considering strategies and market planning on an ongoing basis rather than the development of a plan.
