On a frigid winter day , Chad Hart tries to warm his economics students at Iowa State University to the idea of managing some of the risk of farming using the commodity markets. Because as he told them on the first day of class, farmers don’t make money planting or harvesting crops; they make money selling them. And Hart knows that marketing—managing those sales for the best profit—can be intimidating.
The U.S. Department of Agriculture predicts the nation’s farmerswill deliver a record 3.42 billion bushels of soybeans this year. The USDA is also forecasting that this year for the first time Brazil will overtake the United States as the world’s leading producer of soybeans.
Spring planting could linger into the summer for many Iowa soybean farmers. The state's trading partners and commodity markets are keeping a close eye on what happens here and it could impact the economy down the road. Grant Kimberley is the market development director for the Iowa Soybean Association. He tells Iowa Public Radio's Pat Blank, this year has been a challenge.