Olson: Set Price Targets, Plan Ahead

Despite the uncertainty in U.S. trade, North Dakota State University Extension Crops Economist Frayne Olson advises farmers to focus on core marketing strategies. “You as a farm manager are not fast enough to chase the marketplace,” Olson said. “Things are happening so quickly, the volatility is so high that you can’t chase the market.” Instead, Olson recommends setting price targets based on production costs and storage expenses.  Olson emphasized the importance of planning to manage risk. “At what price would you be willing to sell additional crop? And then put the orders in ahead of time,”