Beef Buzz News
Internet Tools a Great Resource to Help Producers Develop Marketing Strategies and Manage Risk
Thu, 17 Aug 2017 11:48:24 CDT
The web-based calculator tool called, BeefBasis.com, is free to use and helps producers run the numbers on cattle marketing opportunities in their specific locations. Dr. Glynn Tonsor at Kansas State University, uses this tool and others on the internet, to develop marketing strategies for his cattle and to also manage his associated risk. Radio Oklahoma Ag Network Farm Director Ron Hays spoke with him about how producers can do the same. Based off his most recent calculations using the tool, Tonsor says cattle feeders, especially stockers, may have a prime opportunity coming up to sell some cattle.
"For somebody that's entertaining retaining that animal, so instead of selling that steer in the middle of October, maybe holding until January-," he explained. "Using the BeefBasis.com resource, I'm currently projecting a value of gain of about $92 per cwt."
Of course, Tonsor cautions that these projections are not a risk-free guarantee, acknowledging the volatility in today's markets. But, he says, if you can stomach a little risk and have access to cheap feed stuffs to pack the pounds on your cattle - the margins begin to look quite attractive. However, for those a bit more conservative, more interested in selling during that October period - Tonsor says there is another tool available to help you develop a cash strategy called, the K-State Feeder Cattle Risk Management Tool.
"The point of this tool is to basically outline the expected net selling price of doing nothing," he said explaining how the tool factors in futures hedging, buying put options, purchasing LRP contracts through the USDA and other complicated strategies as well. "The punchline of that tool is to identify what the net selling price would be as of today if you implemented each of those strategies."
Listen to Dr. Tonsor and Hays discuss some of the web-based tools designed to help producers develop their market strategies and what opportunities might arise in the near future, on today's Beef Buzz.
The Beef Buzz is a regular feature heard on radio stations around the region on the Radio Oklahoma Network and is a regular audio feature found on this website as well. Click on the LISTEN BAR below for today's show and check out our archives for older Beef Buzz shows covering the gamut of the beef cattle industry today.
Listen to Tonsor and Hays discuss web-based tools designed to help producers market their cattle
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