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Adoption of Milk and Feed Forward Pricing Methods by Dairy Farmers

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  • Wolf, Christopher A.
  • Widmar, Nicole J. Olynk

Abstract

Increasing volatility in milk and feed prices has led to higher levels of market and financial risk for dairy farmers. We examine dairy farmer use of forward pricing methods for milk sales and feed purchases. Operators with larger herds, higher levels of education, and those farm businesses that were not organized as sole proprietorships were more likely to have used forward pricing. We also examine reasons dairy farm operators had not used these tools to date and find that the most common reason was lack of knowledge. These findings may be used to target educational seminars and outreach to dairy farm managers.

Suggested Citation

  • Wolf, Christopher A. & Widmar, Nicole J. Olynk, 2014. "Adoption of Milk and Feed Forward Pricing Methods by Dairy Farmers," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 46(4), pages 527-541, November.
    • Handle: RePEc:cup:jagaec:v:46:y:2014:i:04:p:527-541_02
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    1. repec:ags:cfcp15:344291 is not listed on IDEAS
    2. Loughrey, J. & Thorne, F. & Kinsella, A. & Hennessy, T. & O'Donoghue, C. & Vollenweider, X., . "Market risk management and the demand for forward contracts among Irish dairy farmers," International Journal of Agricultural Management, Institute of Agricultural Management, vol. 4(4).
    3. MacDonald, James M. & Cessna, Jerry & Mosheim, Roberto, "undated". "Changing Structure, Financial Risks, and Government Policy for the U.S. Dairy Industry," Economic Research Report 262200, United States Department of Agriculture, Economic Research Service.
    4. Bolotova, Yuliya V., 2022. "Teaching Forward Contracts in Undergraduate Courses in Agribusiness and Agricultural Economics Programs," Applied Economics Teaching Resources (AETR), Agricultural and Applied Economics Association, vol. 4(4), September.
    5. Fernandez-Perez, Adrian & Frijns, Bart & Gafiatullina, Ilnara & Tourani-Rad, Alireza, 2022. "Profit margin hedging in the New Zealand dairy farming industry," Journal of Commodity Markets, Elsevier, vol. 26(C).
    6. Charlebois, Sylvain, 2016. "Policy-change Triggered Environmental Uncertainty in a Dairy Cooperative: The Case of Mila in South Tyrol," International Journal on Food System Dynamics, International Center for Management, Communication, and Research, vol. 7(3), pages 1-13, July.
    7. Pardeshi, Shefali & Loughrey, Jason & O'Connor, Declan, . "Farm Investment and Adoption of Fixed Milk Price Contracts on Irish Dairy Farms," German Journal of Agricultural Economics, Humboldt-Universitaet zu Berlin, Department for Agricultural Economics, vol. 73(1).

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