Nebraska Extension releases Grain Marketing Plan app
A new mobile application from Nebraska Extension aims to help farmers manage their operations in a rapidly changing price environment. The free Grain Marketing Plan app is available on iPhone and iPad devices for users marketing corn, soybeans or winter wheat.
The app can help farmers develop customizable grain marketing plans pre- or post-harvest. It has a built-in reminder system so that once a farmer has entered decisions into their plan, he or she will receive alerts once a decision trigger has been hit. The decision triggers can be set up based on a target time or futures price. It is one of the first apps of its kind to allow users to not only view futures price information, but interact with them.
"The idea is that the mobile app will help producers make their grain marketing decisions, even while they're in the field," said Associate Extension Educator Jessica Groskopf.
While grain marketing plans are critical to an operation's success, the majority of Nebraska farmers have not developed a plan. Nebraska Extension hopes that this new user-friendly app can help producers decipher fact versus feeling when making grain marketing decisions.
"The Grain Marketing Plan app allows farmers to dictate their future, on their terms," said Cory Walters, assistant professor in the Department of Agricultural Economics. "A simple reminder for farmers of the decision triggers they committed to in the spring can make a huge difference in the overall success of a farming operation."
According to Walters, the app is beneficial in the current environment because it is important for farmers to actively market their grain during times of lower commodity prices. With rapidly changing prices, there are limited opportunities for farmers to price grain above break-even prices. This app can alert farmers when futures prices have hit their estimated break-even point.
For more information on the app, click here.
The Nebraska Corn Board, North Central Extension Risk Management Education Center and Nebraska Extension provided funding for the app.