IFBF Young Farmers get firsthand look at Chicago commodity markets

Staff Writer
Story City Herald
IFBF Young Farmers get firsthand look at Chicago commodity markets

A group of 50 Iowa Farm Bureau members, including several Story County residents, recently left their fields to visit the trading floor as they traveled to Chicago on the Iowa Farm Bureau Federation (IFBF) Young Farmer Marketer’s trip to witness firsthand the trading of the commodity markets.

On July 16, participants witnessed the opening of the crop market, observed the action of commodity pit trading, and discussed current market conditions and global market factors with Steve Freed of ADM Investor Services, Inc.

They also toured Fair Oaks Farm in Fair Oaks, Indiana.

“With the large corn and soybean crops pressuring prices, the farmers were very interested to hear the comments from a Chicago market analyst,” said Ed Kordick, IFBF commodity services manager.

“Risk is great this year because of the downward pressure on prices and the costs of production that will not fall as fast as crop prices,” he said.

This trip allows young farmers to learn firsthand about the futures market that impacts their income each and every day.”

Local participants on the trip included Erik and Alaina Christian, of Story City, and Nick and Katie Hermanson, of Story City.