Grain Marketing

Registration Open: Basics of Grain Marketing Workshop January 16 & 17

Author: Wm. Bruce Clevenger, Field Specialist, Farm Management

Registration is now open for the Basics of Grain Marketing Workshop, January 16 & 17, 2025 at the OSU Extension Champaign County Office in Urbana, Ohio.  This in-person workshop offers education and farm-ready strategies on topics such as basis, market carry, margins, cash markets, forward and futures contracts, hedge to arrive and basis contracts, differed price, hedging, storage, and overviews on options, spreads, and crop insurance.  It’s “more than a 2-day workshop”, featuring pre-workshop activities on calculating grain cost of production and measure of risk comfort. The workshop will include grain marketing basics, applications, and activities, plus a panel of industry professionals.  A post-workshop grain marketing peer group will be offered to strengthen learning into action with webinar updates.  The workshop has 50 limited seats.

Expert instructors: Seungki Lee, The Ohio State University, Grant Gardner, University of Kentucky, and Ben Brown, University of Missouri.  Hotel block rate deadline: December 15, 2024.  Workshop registration deadline: January 3, 2025.  For more information and registration, visit https://go.osu.edu/grainmarketing

This workshop is possible with the support of grower checkoff dollars via the Ohio Soybean Council and Ohio Corn & Wheat.  This workshop is led by Ohio State University Extension and the Ohio State University Farm Financial Management & Policy Institute.

Join Us for Farm Office Live in 2025!

From the Farm Office Team

As we wrap up the year, the Farm Office Team would like to extend our heartfelt thanks to everyone who participated in our Farm Office Live webinars over the past year. Your engagement and support make these sessions impactful and worthwhile.

We are excited to announce the dates for our 2025 Winter Series and invite you to mark your calendars for these upcoming webinars. Sessions will take place on Fridays from 10:00 AM to 12:00 Noon on the following dates:

  • January 17
  • February 21
  • March 28
  • April 25

What to Expect

Farm Office Live webinars offer timely and essential updates for farm operations, from legislative changes to business management insights.

Here’s the Tentative Agenda for our first session on January 17, 2025:

  • Legislative Round-Up
  • Farm Business Analysis Program Update
  • Long-Term Care Update
  • Quarterly Fertilizer Update
  • Crop Input Outlook
  • Livestock Outlook
  • 1099 Reminders
  • Farm Policy & Farm Bill
  • Winter Program Update

Where to Find More Information

Stay up-to-date and access past recordings and slides on our website: Farm Office Live.

Save the Dates!

Don’t miss these opportunities to gain valuable insights and connect with experts who are here to help you navigate the ever-evolving agricultural landscape.

We hope you enjoy a wonderful holiday season, and we look forward to seeing you in 2025! As always, feel free to reach out if you have any questions.

Warm regards,
The Farm Office Team

Did you miss Farm Office Live: Farmer and Farmland Owner Tax Webinar 2024

On December 6, 2024, the Farm Office Team hosted their annual Farmer and Farmland Owner Tax Webinar, offering valuable insights into critical tax topics affecting the agricultural community. Designed to address the unique challenges farmers and landowners face, the session featured expert guidance from Barry Ward, David Marrison, Jeff Lewis, and Robert Moore.

Key Topics Discussed

The webinar provided in-depth discussions on the following topics:

  • Farm Economy and Tax Planning: Strategies to navigate tax implications in today’s agricultural economy.
  • Tax Planning for Low Income/Drought Years: Guidance for managing taxes during challenging financial years caused by adverse conditions.
  • Beneficial Ownership Information (BOI) Reporting: Understanding compliance requirements for BOI under new regulations.
  • Pending Sunset of Larger Estate Tax Exclusion Amount: Insights on planning for changes to the Unified Credit in 2026.
  • Residual Fertility/Fertilizer Deduction: Navigating deductions related to soil fertility management.
  • Clean Fuel Production Credit (I.R.C. § 45Z): Opportunities for farmers in clean fuel initiatives.
  • Current Agricultural Use Valuation (CAUV) Changes in 2024: Updates on CAUV calculations impacting property taxes.
  • IRC § 45Q – Credit for Carbon Oxide Sequestration: Leveraging carbon capture tax credits for sustainability efforts.
  • Farm Loan Immediate Relief under the Inflation Reduction Act: Clarifications on corrected 1099s for debt relief programs.
  • Taxability of USDA Discrimination Financial Assistance Awards: Determining the tax implications of these financial awards.
  • Sunsetting Tax Cuts and Jobs Act (TCJA) Provisions: Preparing for the expiration of key provisions affecting agriculture.

Access the Recording

Missed the live webinar or want to revisit key details? You can access the recording and slides:

Expert Guidance for Tax Planning

Each topic was tailored to help farmers and landowners make informed decisions during the 2024 tax season and beyond. The team provided practical advice for optimizing tax strategies, minimizing liabilities, and preparing for upcoming changes in the tax landscape.

Stay informed with updates from the Farm Office Team—your trusted resource for agricultural tax and management expertise!

Farm Office Live Scheduled for October 18

OSU Extension will be offering the October Farm Office Live webinar on Friday, October 18 from 10:00 to 11:30 a.m.  Farm Office Live is a monthly webinar of updates and outlooks on legal, economic, and farm management issues that affect Ohio agriculture. Some of the topics that will be addressed during this webinar include Fall Crop Insurance Update, USDA Drought Assistance Programs, Legal Update, Tribute to Paul Wright, Practical Out of Country Labor Resource for Farms, 4th Quarterly Fertilizer Price Summary, and  Winter Program Update. Featured speakers include guest Farm Office members Peggy Hall, Jeff Lewis, David Marrison, Robert Moore, Eric Richer, and Clint Schroeder. Register for this and future Farm Office Live webinars through this link on farmoffice.osu.edu.

Ohio State University Grain Marketing Update on October 18 – 7:30 AM

While you are harvesting or hanging out in the shop, join our OSU Extension Farm Management team on October 18 at 7:30 AM ! Listen in on Zoom.

OSU Extension invites Ohio grain producers to grab a cup of coffee and join a grain marketing conversation with Dr. Seungki Lee, Assistant Professor in the Department of Agricultural, Environmental, and Development Economics (AEDE) from 7:30 to 8:00 a.m. on October 18, 2024. During this webinar held via Zoom, Dr. Lee will provide insight on the October 11  World Agricultural Supply and Demand Estimates (WASDE) crop report and the current state of the Ohio grain market.

“This early morning webinar will be a great way for Ohio farmers to learn more about the factors impacting the corn, soybean, and wheat markets,” said David Marrison, Interim Director for OSU Extension’s Farm Financial Management and Policy Institute.

There is no fee to attend this webinar. Pre-registration can be made at go.osu.edu/coffeeandgrain. These webinars are sponsored by: OSU Extension, Farm Financial Management & Policy Institute (FFMPI), and the Department of Agricultural, Environmental and Development Economics (AEDE) all located in The Ohio State University College of Food, Agricultural, and Environmental Sciences (CFAES). More information can be found at: http://farmoffice.osu.edu.

Organic Grain Production Field Day – Marketing, Mindset and Weed Management

Organic grain equipment

Article is taken from https://agcrops.osu.edu/newsletter/corn-newsletter/2024-23/organic-grain-production-field-day-marketing-mindset-and-weed by Cassandra Brown, Eric Richer, CCA, Eugene Law, PhD

The Ohio State University and the Organic Agronomy Training Service (OATS), will host the workshop “Organic Grain Production – Marketing, Mindset and Weed Management” on Monday, August 19 at Bishop Family Farms in Mount Blanchard, Ohio.

Organic grains can be profitable, but organic production and marketing are quite different from conventional practices. This all-day event will provide agricultural advisors and farmers an opportunity to better understand the unique challenges, tools, and benefits of organic grain production.

Programming runs from 10 a.m. to 3:30 p.m. with registration opening at 9:30 a.m. Morning sessions are centered around the 3 M’s crucial in organic transition: mindset, machinery, and marketing. Talks and panel discussions will feature experienced farmers and grain marketers, along with organic educators from OATS and Ohio State. After lunch, the focus is on organic weed management in grains, with machinery demonstrations and talks by workshop farmer speakers and Ohio State weed ecology specialist Eugene Law.

The cost of $20 includes a provided lunch. Up to 4 hours of CCA credits are also available. For more information and to register, please visit https://organicagronomy.regfox.com/ohio-grain-workshop.

Thinking of Grain Market from Field: Updated 2024 Planting Estimates and Market Outlook

Article taken from https://u.osu.edu/ohioagmanager/2024/07/04/thinking-of-grain-market-from-field-updated-2024-planting-estimates-and-market-outlook/ by Dr. Seungki Lee, Department of Agricultural, Environmental, and Development Economics,  The Ohio State University

Click here to access a PDF of this report

 

Highlights 

  • Despite relatively hot and dry conditions, new crop growth is plain sailing.
  • Corn acreage is estimated to be larger than expected.
  • US grain stocks for both corn and soybeans are the highest post-Covid.
  • Ohio on-farm soybean stock is 64% higher than in 2023.

Introduction

Summer is a busy season for grain producers, leaving little time to analyze the market and strategize sales plans. Nevertheless, the first week of July is a good time to take a “10,000-foot view” of the market, as the USDA releases several important reports by the end of June. In this article, we will discuss grain market outlook by reviewing the USDA new crop planting estimates, WASDE report, and grain stocks report.

Continue reading Thinking of Grain Market from Field: Updated 2024 Planting Estimates and Market Outlook →

AEDE Economic Outlook and Policy Webinar Series 2024

The Department of Agricultural, Environmental, and Development Economics (AEDE) is hosting our annual Spring Monthly Webinar Series.

What are the key international issues with grain marketing in 2024? Do renewable energy needs ask too much of rural Americans? Uncertainty and rising prices have become fixtures in our financial and economic decision-making of late. This uncertainty and unrest have far-reaching impacts on not just our wallets but also on the very environment we live in. Join our expert economists for a new webinar series as we explore what’s going on in key commodity and labor markets. This series features a different AEDE economist breaking down an interesting topic every month throughout spring.

The Spring 2024 series schedule is below. Please register for each event you would like to attend separately by clicking the appropriate link on the AEDE website. Once registered, participants will receive a confirmation email with a link to view the selected webinar(s) live at the scheduled time(s). Participants will receive an automated reminder email for all upcoming sessions they registered to attend. Those unable to join live should still register to receive a recording of the webinar. All webinars will also be posted on the AEDE YouTube channel’s playlist for the series shortly after they are given live.  Click here to register.

  • January 24 – Dr. Jared Grant: “An Influencer’s Impact: How Trust May Shape Food Demand”
  • February 21 – Dr. Seungki Lee and Dr. Ian Sheldon: “Grain Marketing in 2024: What are the Key International Issues?”
  • March 20 — Dr. Yao Wang: “Place-Based Economic Development: The Case of Intel”
  • April 17 — Dr. Mark Partridge: “Do Renewable Energy Needs Ask Too Much of Rural Americans? A View from Ohio.”
  • May 15 — Dr. Ale Hollingsworth: “Excess Emissions: Environmental Impacts, Health Effects, and Policy Debate.”
  • June 5 — Dr. Margaret Jodlowski: “Agricultural Labor Supply and Citizenship Status”

Upcoming Organic Grains Conference Registration Opens

Registration is open for the 2nd annual Ohio State Organic Grains Conference, January 4-5, 2024 at the Maumee Bay Lodge and Conference Center near Toledo, Ohio. The 2024 conference offers programming for experienced organic growers, growers transitioning to or considering organic, and consultants or educators who support these growers. Continue reading Upcoming Organic Grains Conference Registration Opens →

Farm Science Review is just around the corner!

LONDON, Ohio – More than 50 companies will join the ranks as exhibitors for the 61st Farm Science Review Sept. 19-21 at the Molly Caren Agricultural Center. The new exhibitors represent various sectors in the agriculture industry including livestock handling, equipment advancements, agronomic technology, agricultural policy, and more.

Paulding County Extension Office has tickets for sale at a discounted price total of $10 per ticket. Tickets will be for sale until Monday, September 18 at noon. Continue reading Farm Science Review is just around the corner! →

Coffee & Grain Webinar Recap- Tight Supply Drives High Commodity Prices

On Monday morning’s Coffee and Grain Zoom, Dr. Seungki Lee (Assistant Professor in the Department of Agricultural, Environmental, and Development Economics) discussed the grain market outlook and the new crop prospects based on the USDA February World Agricultural Supply and Demand Estimates (WASDE) report. In all three major crops – corn, soybean, and wheat, strong prices are projected in the 2022/2023 market mainly due to the tight supply. Additionally, Brazil was singled out as its production can swing both the 2022/2023 and 2023/2024 commodity markets.

See the attachment for Dr. Lee’s 3-page summary of this webinar

If you would like to watch to recording, it can be accessed at:

https://osu.zoom.us/rec/share/vd7HMk8CeQ17DKsgBLeFRTvVs_oLbVrCNVVSsVSIbdHXvwscwtBf_VcnVS94KCGY.Bj3ROPKQlmkgPtC1?startTime=1676291418000

2023 Small Farm Conference Registration Open!

Ohio State Extension announced plans to host a Small Farm Conference in Mansfield Ohio on March 11, 2023.  The theme for this year’s Mid-Ohio Small Farm Conference is “Sowing Seeds for Success.”

Conference session topics are geared toward beginning and small farm owners as well as farms looking to diversify their operations.  There will be five different conference tracks including Farm Office, Horticulture and Produce Production, Livestock, Agritourism/ Marketing, and Natural Resources.

Some conference topic highlights include: How to purchase our family farm, food animal processing, beekeeping, sweet corn, blueberry and pumpkin production, small ruminant nutrition, agritourism laws, fruit tree pruning, and cut flower diseases.

Anyone interested in developing, growing, or diversifying their small farm is invited to attend including market gardeners, farmers market vendors, and anyone interested in small farm living.

Attendees will have the opportunity to browse a trade show featuring the newest and most innovative ideas and services for their farming operations. The conference provides an opportunity to talk with the vendors and network with others.

The Conference will take place from 8:30 a.m. – 3:00 p.m. at the Mansfield OSU Campus in Ovalwood Hall, just minutes from I-71 and US Rt 30.

For conference and registration call OSU Extension Morrow County at 419-947-1070 or OSU Extension Knox County at 740-397-0401. Please follow this link to register for the conference: https://go.osu.edu/2023osusmallfarmconf

2023 Session Descriptions

Small Farm Conference Brochure 2023

Enterprise Budgets from OSU Extension

I have had some calls about the location of the OSU Extension enterprise budgets for Corn, Soybeans, and Wheat. I thought I would share the information with the entire email list. Budgets are located at https://farmoffice.osu.edu/farm-management/enterprise-budgets#2022. You will need to scroll down on the page and choose the budget you are looking for under 2023.

Have a great week!

September Farm Office Live – September 22 @ 10:00 AM

Sept 2022 Farm Office LiveThis season’s Farm Office Live schedule is set! We return on September 22 at 10 am, live from Farm Science Review! Make sure to register for this season’s Farm Office Live by following this link: https://osu.zoom.us/webinar/register/WN_3V84ep3zT6SsKDJ_k_2FQg

Registration does not carry over from year to year. So, if you want to stay up to date with all the latest farm management and ag law issues, make sure to sign up!

2022 to 23 Farm Office Live Flyer

September Farm Office Live Slide

March Edition of Farm Office Live

This month’s Farm Office Live will be held on March 16th, from 7 – 8:30 pm, and again on March 18th from 10 – 11:30 am. The Farm Office Team provides the latest outlook and updates on ag law, farm management, ag economics, farm business analysis, and other issues dealt with in your farm office.  Targeted to farmers and agribusiness stakeholders, our specialists digest the latest news and information and present it in an easy-to-understand format. To sign up for the webinar (and if you can’t attend the recording link) go to go.osu.edu/farmofficelive.

March topics will include

  • Updates on FSA programs
  • Federal Tax Law Update/Medicaid Planning Review
  • Financial Efficiency Review for Grain Farms
  • Fertilizer Update/Crop Budgets
  • Grain Marketing Outlook

Farm Office Live – Did You Miss the January Topics? Recording Available.

Farm Office Live provides the latest outlook and updates on ag law, farm management, ag economics, farm business analysis, and other issues dealt with in your farm office. Targeted to farmers and agri-business stakeholders, our specialists digest the latest news and information and present it in an easy-to-understand format.

Photo of Farm Office Team Presenters

To register, visit the Farm Office Live registration site at https://osu.zoom.us/webinar/register/WN_8abbbMu0RdC-oPB5DFuB3w.

Register once and you’ll receive reminders for future sessions.

DOWNLOAD JANUARY SLIDES 

Future dates: 

February 16 7:00 – 8:30 pm
February 18 10:00 – 11:30 am
March 16 7:00 – 8:30 pm
March 18 10:00 – 11:30 am
April 20 7:00 – 8:30 pm
May 18 7:00 – 8:30 pm

Did you miss a Farm Office Live?  Access our past Farm Office Live recordings and materials https://farmoffice.osu.edu/farmofficelive

The Status and Changing Face of Ohio Agriculture

by: Ani Katchova, Associate Professor and Farm Income Enhancement Chair, Department of Agricultural, Environmental, and Development Economics, The Ohio State University

Farmers deal with many stressors, most of which are out of their control: extreme weather, market changes, COVID-19, trade wars, fluctuating market prices, and environmental challenges. In 2019 particularly, a harsh winter followed by high spring and early summer rainfall led to damaged hay fields, delays in the planting of corn and soybean crops, and an inability to harvest early season crops in a timely manner. Tariffs on exported farm products led to declines in soybean and corn prices and contributed to uncertainty about the long-term security of global trade relationships. Continue reading The Status and Changing Face of Ohio Agriculture →

Farm Office Live Scheduled for October 7, 2020

Join the OSU Extension Farm Office team for discussions on the latest agricultural law and farm management news.  The next session will be held on October 7, 2020, from 8:00 – 9:30 a.m.

Farm Office Live will be back for a review of the latest on round two of the Coronavirus Food Assistance Program (CFAP), 2020 crop enterprise budgets, new custom rates, and Western Ohio Cropland Values and Cash Rents survey summary, Ohio’s COVID-19 immunity legislation, and other current issues in farm management.

Join our experts for quick presentations and Q & A. Go to https://farmoffice.osu.edu/farmofficelive to register or view past webinars and PowerPoint slides.

Thinking about storing more grain this fall?

Source: Chris Bruynis, Associate Professor/Extension Educator

There are several market factors that may have farmers looking to increase their storage for this fall. With lower prices, some farmers will look to store grain and hope prices will improve. With the current basis and price improvement between the harvest period compared to the January/March delivery period of 22 to 40 cents for corn and 16 to 34 cents for soybeans, elevators are sending a message to store grain.

The concern I have is that we will use some facilities that are not typically used for grain storage making aeration challenging at best. With poor air movement, grain going into storage will need to be of better quality, lower foreign material, and probably lower moisture.

Farmers interested in learning some strategies for successful drying and storage of grain, specifically corn and soybeans, are invited to join a Zoom Webinar on Monday, August 24, 2020, at 8:00 PM.  Dr. Kenneth Hellevang, Ph.D., PE, Extension Engineer, and Professor from North Dakota State University will be the featured speaker. He is one of the leading experts on grain drying, handling, and storage.

To join the webinar, go to https://osu.zoom.us/j/7911606448?pwd=L1pQQ0VoODROZG56Q015enNBQkVVUT09 and enter the Password: STORAGE

Also, if you cannot attend the program during the broadcast time, the recording will be available on the Ohio Ag Manager website following the program. The recording will be located at  https://u.osu.edu/ohioagmanager/resources.

If you have questions, feel free to contact Chris Bruynis, bruynis.1@osu.edu or 740-702-3200. If you need assistance logging in on the evening of the program, contact David Marrison at 740-722-6073 or marrison.2@osu.edu.

Revisiting Corn Use for Ethanol

By: Todd Hubbs, Department of Agricultural and Consumer Economics, University of Illinois.  farmdoc daily (10):133

Stronger export numbers and lower acreage boosted corn prices since the end of June.  Concerns about demand weakness in ethanol production emerged recently.  A recovery in economic activity helped ethanol plants ramp up production as gasoline demand increased.  A resurgence in virus incidences threatens ethanol production over the short run and injects uncertainty into long-run prospects.

Gasoline demand recovered to almost 89 percent of pre-coronavirus lockdown levels in early July.  Despite this positive development, the recovery in demand flattened out over the last few weeks.  Gasoline stocks began to recede but still sit substantially above levels seen at this time of the year.  Attempts to reopen the economy hit a snag as the virus spread rapidly around the country after initial hopes saw a rapid opening in many areas.  At 8.648 million barrels per day, demand recovered substantially from the low point of 5.311 million barrels per day seen in early April.  The path back to normal gasoline demand levels appears stalled.  Ethanol production followed this recovery and will feel the implications of flattening gasoline use. Continue reading Revisiting Corn Use for Ethanol →