The Fort Wayne Farm Show continued Wednesday at the Allen County War Memorial Coliseum. Jim Mintert, director of the Purdue Center for Commercial Agriculture, presented a seminar about some easy-to-use tools for farmers offered via their website, purdue.edu/commercialag.
One of those tools is the Crop Basis Tool that was developed by Mintert’s colleague Dr. Nathan Thompson.
“It allows you to look at what basis is doing currently in your part of the state relative to an average,” says Mintert. “It defaults to doing a three-year average, but you can look at data going all the way back to 2005 on the website. So, it allows you to get an idea as to how good the basis bids are locally, what the seasonal pattern is, maybe helps you identify some timeframes when you want to actually lock in the basis.”
“It allows you to look at current futures prices for corn and soybeans, and what the level of risk is that exists in that in that marketplace. It’s all based on option premiums. The scientists at the University of Illinois have developed a tool in the background that looks at option premiums and uses that to estimate how prices might actually go off the board.”
The third tool that Mintert discussed was the Crop Budget Spreadsheet that was created by his colleague Dr. Michael Langemeier.
“The spreadsheet that he uses has been made user friendly. You can download that spreadsheet and use that to plug your own numbers in, calculate your own breakevens, as opposed to just using the Purdue stylized numbers. So, very handy tool in terms of thinking about your marketing program and how that might compare to what your costs are.”
The Fort Wayne Farm Show will conclude at 4pm Thursday at the Allen County War Memorial Coliseum.
Hear Hoosier Ag Today’s reports from the Fort Wayne Farm Show below.