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Crop Farmers’ Use of Market Advisory Services

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Author Info

  • Isengildina, Olga
  • Pennings, Joost M.E.
  • Irwin, Scott H.
  • Good, Darrel L.

Abstract

This study sought to examine the nature of farmers’ use of market advisory services based on the results of a survey of US crop producers. The survey revealed that market advisory service users tend to be significantly more risk seeking than non-users. Survey results indicated a large range in patterns of use of advisory services. Most farmers use advisory services to the greatest extent for marketing information, market analysis, and to keep up with markets. General guidelines (market strategies and price information) are utilized more than specific advice (e.g., specific pricing decisions, price forecasts). Only 11% of farmers reported that they closely follow the marketing recommendations provided by advisory services. Nonetheless, farmers report that the information provided by advisory services has a substantial impact on their marketing decisions. The implications of these results for advisory services, farmers, extension programs and research are discussed.

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Bibliographic Info

Paper provided by University of Illinois at Urbana-Champaign, Department of Agricultural and Consumer Economics in its series AgMAS Project Research Reports with number 37489.

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Date of creation: May 2004
Date of revision:
Handle: RePEc:ags:uiucrr:37489

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Keywords: Agricultural Finance;

References

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  1. Bertoli, Roberto & Zuluaf, Carl R. & Irwin, Scott H. & Jackson, Thomas E. & Good, Darrel L., 1999. "The Marketing Style Of Advisory Services For Corn And Soybeans In 1995," AgMAS Project Research Reports 14792, University of Illinois at Urbana-Champaign, Department of Agricultural and Consumer Economics.
  2. Martines-Filho, Joao & Irwin, Scott H. & Good, Darrel L. & Cabrini, Silvina M. & Stark, Brian G. & Shi, Wei & Webber, Rick L. & Hagedorn, Lewis A. & Williams, Steven L., 2003. "Advisory Service Marketing Profiles For Soybeans Over 1995-2000," AgMAS Project Research Reports 14791, University of Illinois at Urbana-Champaign, Department of Agricultural and Consumer Economics.
  3. Schroeder, Ted C. & Parcell, Joseph L. & Kastens, Terry L. & Dhuyvetter, Kevin C., 1998. "Perceptions Of Marketing Strategies: Producers Versus Extension Economists," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 23(01), July.
  4. Judith A. Chevalier & Glenn D. Ellison, 1995. "Risk Taking by Mutual Funds as a Response to Incentives," NBER Working Papers 5234, National Bureau of Economic Research, Inc.
  5. Colino, Evelyn V. & Cabrini, Silvina M. & Irwin, Scott H. & Good, Darrel L. & Martines-Filho, Joao, 2004. "Advisory Service Marketing Profiles for Corn in 2001," AgMAS Project Research Reports 37493, University of Illinois at Urbana-Champaign, Department of Agricultural and Consumer Economics.
  6. Joost M.E. Pennings & Scott H. Irwin & Darrel L. Good & Olga Isengildina, 2005. "Heterogeneity in the likelihood of market advisory service use by U.S. crop producers," Agribusiness, John Wiley & Sons, Ltd., vol. 21(1), pages 109-128.
  7. Pennings, Joost M.E. & Isengildina, Olga & Irwin, Scott H. & Good, Darrel L., 2004. "The Impact of Market Advisory Service Recommendations on Producers' Marketing Decisions," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 29(02), August.
  8. Irwin, Scott H. & Good, Darrel L. & Martines-Filho, Joao & Batts, Ryan M., 2006. "The Pricing Performance of Market Advisory Services in Corn and Soybeans Over 1995-2004," AgMAS Project Research Reports 37513, University of Illinois at Urbana-Champaign, Department of Agricultural and Consumer Economics.
  9. Anderson, Kim B. & Mapp, Harry P., Jr., 1996. "Risk Management Programs In Extension," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 21(01), July.
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Citations

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Cited by:
  1. Cabrini, Silvina M. & Stark, Brian G. & Irwin, Scott H. & Good, Darrel L. & Martines-Filho, Joao, 2004. "Portfolios Of Agricultural Market Advisory Services: How Much Diversification Is Enough?," 2004 Conference, April 19-20, 2004, St. Louis, Missouri 19013, NCR-134 Conference on Applied Commodity Price Analysis, Forecasting, and Market Risk Management.
  2. Joost M.E. Pennings & Olga Isengildina-Massa & Scott H. Irwin & Philip Garcia & Darrel L. Good, 2008. "Producers' complex risk management choices," Agribusiness, John Wiley & Sons, Ltd., vol. 24(1), pages 31-54.
  3. Cabrini, Silvina M. & Irwin, Scott H. & Good, Darrel L., 2005. "Style and Performance of Agricultural Market Advisory Services," 2005 Conference, April 18-19, 2005, St. Louis, Missouri 19037, NCR-134 Conference on Applied Commodity Price Analysis, Forecasting, and Market Risk Management.
  4. Cabrini, Silvina M. & Irwin, Scott H. & Good, Darrel L., 2005. "Efficient Portfolios of Market Advisory Services: An Application of Shrinkage Estimators," 2005 Annual meeting, July 24-27, Providence, RI 19469, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  5. Klumpp, Joni M. & Brorsen, B. Wade & Anderson, Kim B., 2005. "The Impact of Marketing Strategy Information on the Producer's Selling Decision," 2005 Conference, April 18-19, 2005, St. Louis, Missouri 19036, NCR-134 Conference on Applied Commodity Price Analysis, Forecasting, and Market Risk Management.
  6. Kliethermes, Brandon & Parcell, Joseph L. & Franken, Jason R.V., 2009. "Commercial Grain Merchandisers: What Do They Need to Know?," 2009 Conference, April 20-21, 2009, St. Louis, Missouri 53049, NCCC-134 Conference on Applied Commodity Price Analysis, Forecasting, and Market Risk Management.
  7. Good, Darrel L. & Irwin, Scott H. & Martines-Filho, Joao & Hagedorn, Lewis A., 2005. "The Pricing Performance of Market Advisory Services in Corn and Soybeans over 1995-2003," AgMAS Project Research Reports 14775, University of Illinois at Urbana-Champaign, Department of Agricultural and Consumer Economics.
  8. Pascucci, Stefano & de-Magistris, Tiziana, 2011. "The effects of changing regional Agricultural Knowledge and Innovation System on Italian farmers’ strategies," Agricultural Systems, Elsevier, vol. 104(9), pages 746-754.
  9. Pennings, Joost M.E. & Isengildina, Olga & Irwin, Scott H. & Good, Darrel L. & Garcia, Philip & Frank, Julieta & Kuiper, W. Erno, 2005. "Complex Choices: Producers Risk Management Strategies," 2005 Annual meeting, July 24-27, Providence, RI 19550, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

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