Producers have finished harvest, got their bushels counted up. It is time to start selling grain. Actually, selling probably started a couple of months ago. As we head into the new year, it is time to revisit your marketing plan. A marketing plan is essential for any producer of commodities. A marketing plan acts as a roadmap that leads them through the season. Some grain may have already been sold into the market. Some grain may be committed by having a contract in the future. These sales are part of the original marketing plan that needs to be updated. Updating your marketing plan will allow the new information that has become available since harvest to be incorporated into your next set of actions. Information is one of the keys to developing a successful marketing plan. Information is more than going to your local coffee shop or phoning the elevator. A sound marketing plan includes information from a number of sources. The farm press through radio, television and print media can all be excellent source of information. The internet has become a very useful tool to gather information. Talking to other producers about what they have heard and read is important. All information sources must be accurate to be useful. Accuracy means that the information that obtained must be based on fact. It is dry in India. This fact leads some market analysts to believe that the price of peas and lentils could be on the rise. This belief is not a fact. Things like excessive world stocks of peas and lentils could be the reason that the price will not rise. Maybe the Indian government has a tariff on our peas and this will keep the price down. When taking a fact to a marketing decision, there needs to be a whole lot of things taken into consideration. There are market analysts that are out there for hire that will tell you how they think the market will respond to the facts as they see them. Paid advice is a tool that should be looked at when you are not spending the time and effort to develop the information that is required to develop a strong marketing plan. For a marketing plan to be successful, discipline is another key component. Discipline means that a plan is developed and it is followed through on. A marketing plan is developed to get over the problems that come from fear and greed that are human nature when selling any product. The self-control that is required to make a marketing plan successful must come from solid advice and strength from within. Marketing plans do work. Take time to develop one for your operation. The time will help you get a better price over the long term. The average price that is received for the production of your farm is the number that will determine your yearly profit level. Take time to develop a marketing plan that will allow your profit to be maximized.
By Dave Cubbon, P Ag