Time is Now for Hoosier Farmers to Evaluate Contract Options
INDIANAPOLIS, Ind. (July 26, 2012) — Drought conditions across the Indiana have left many Hoosier farmers concerned about their forward contracts on their corn and soybeans. That’s why the Indiana Soybean Alliance and the Indiana Corn Marketing Council are encouraging farmers to talk to their buyers now about any concerns they have about delivery because of reduced yields.“This has been an extreme weather year, and we realize conditions across the state are varied, but almost every Hoosier farmer is experiencing some impact from the drought,” said Rosalind Leeck, ISA and ICMC director of grain marketing. “Now is the time for farmers to be looking at their crop and trying to estimate their yields at harvest.”
Once farmers have a good handle on what their expected production will be, ISA and ICMC suggest they get in touch with their grain buyers if there are concerns about not being able to deliver on their contracts this fall.
“If they have not already done so, we’re encouraging them to talk to their grain buyers about their expectations at harvest and discuss what options might be available to them,” said Leeck. “With a reduced crop, elevators may be altering the way they take grain this fall so a call prior to harvest may save farmers hassles once they get into the fields.”
The Indiana Soybean Alliance works to enhance the viability of Indiana soybean farmers through the effective and efficient investment of soybean checkoff funds and the development of sound policies that protect and promote the interest of Indiana soybean farmers. The ISA is working to build new markets for soybeans through the promotion of biodiesel, livestock, international marketing, new soybean uses, aquaculture, and research. ISA is led by an elected farmer board that directs investments of the soybean checkoff funds on behalf of more than 28,000 Indiana soybean farmers and promotes policies on behalf of the ISA’s 950 dues-paying members.
The Indiana Corn Marketing Council was established by the Indiana General Assembly to promote the interest of corn growers in the state and manage corn checkoff funds. The Council is composed of 17 voting producer directors and 10 appointed farmer, industry, and government representatives.
This communication was funded with Indiana corn and soybean checkoff dollars.