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BEEF INDUSTRY - Effective Pricing - Awareness WorkshopAt present, we are at the top of the market in terms of beef prices, and futures provide producers with a significant opportunity to secure high levels of income and take some of the uncertainty out of what can be a volatile market. By Priscilla Cuming - 1st July 2005 - Back to News Leading industry expert Robert Herrmann, of Ag Concepts Unlimited, will be demystifying forward pricing and the futures market and showing beef producers how they can work it to their advantage, at a one day RIST (Rural Industries Skill Training) workshop in on Monday July 25th from 10am at the Bairnsdale Department of Primary Industry.
Robert is RIST’s principal deliverer in the area of risk management, and is highly regarded for his understanding of issues facing the rural sector and ability to relate to and assist producers of all levels.
"The future of the cattle industry will increasingly be in the hands of cattle businesses who are expert at managing cattle and herd health, have a sound financial base and have plans in place to manage the one remaining variable – price." says Robert.
The workshop, part of the EDGEnetwork® program, addresses the concept of price risk management and provides the tools and skills which lay the foundation for implementation of a price risk management strategy for a beef enterprise.
The workshop is ideal for cattle producers, feedlotters, processors or exporters who are exposed to market uncertainty and would like to manage their prices in advance.
Mark Holcombe from Mansfield backgrounds steers for feedlots and participated in the Effective Pricing - Awareness workshop last year.
"I have implemented the strategies I learnt in the course in a big way" said Mark.
"I sell and buy using futures, I use futures to lock in profitability.
"When selling, I use a formula using the Eastern Young Cattle Indicator and basis premium.
"What it does for me is that it takes the risk out and guarantees a margin. I am risk adverse and I’m more than happy with the margins I’ve made.
"I am very keen to participate in the next stage of the course, Effective Pricing - Implementation." added Mark.
Beef producer Bob Thompson made the following comments after attending an Effective Pricing workshop.
"Understanding is the key to managing exposure. Anything that Robert (Herrmann) teaches makes it simple and easy to understand."
This sentiment was echoed by RIST’s Gippsland Representative Craig Bush.
"Robert has the unique ability to make a difficult concept simple and his easy-going style means that participants enjoy the learning experience.
The practical examples that Robert uses destroy the myths that risk management is just for the big boys." added Craig.
Robert Herrmann believes that "total management is the key to the success of any agricultural enterprise, and that price risk management and financial planning, form the cornerstones of any successful enterprise."
"With the continued volatility and instability of the spot market, forward pricing and risk management strategies are playing an increasingly important role for producers." added Robert.
For more information about the Effective Pricing – Awareness workshop to be held in Bairnsdale on Monday July 25, contact Keri Ross at RIST on (03) 5573 0943 or RIST’s Gippsland Representative Craig Bush on 0427 943 155.
Source: http://gippsland.com/ Published by: support@gippsland.com
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