Farm Credit Canada is holding Ag Knowledge Exchange events across Saskatchewan this week, to help producers improve their management skills and get some insight from experts.
Grain Marketing Expert Brian Voth was the keynote speaker at the events held in Kindersley on Tuesday and Weyburn on Wednesday.
He talked about what he calls the 'seven deadly-ish sins of grain marketing'.
"Really what came about was 'what are the common mistakes that farms tend to make when it comes to their marketing plans?' and 'how do we address this?'. What I like to call it is a How-to Marketing Plan, but in reverse. We're going through the mistakes that farmers typically make, then by trying to avoid them, coming up with a better marketing plan for the farm," he said.
Voth also told producers that even though last season was challenging with many areas receiving excess moisture, every crop year is independent of the other, and they should approach their grain marketing in that fashion.
"We have to go off of long-term averages. To me, 2016 is the anomaly - it's not the norm. That's where these long-term averages when we're budgeting, and building the plan around that. Not saying to forget about 2016, because it's definitely a cautionary tale when we're talking about forward pricing and managing that risk. But, the principles have to be applied independently regarding what happened last year," he said.
Voth adds farmers should know their cost of production and what you want to make on your farm, and then make sales based on your preferred return on investment.