WEST DES MOINES - A group of 47 farmers traded their tractors for the trading floor this week as they traveled to the Windy City on an Iowa Farm Bureau Federation sponsored marketer's trip.
On July 11, participants observed the action of commodity pit trading, studied simulated electronic trading and discussed current market conditions and the future of the trade with Archer Daniels Midlands' vice president of research.
"These farmers have been thinking about the commodity markets' reactions to the reports of drought-like conditions and withering crops this season," said Ed Kordick, IFBF commodity services manager. "This trip gets them face-to-face with traders and people who work with the markets every day and allows them to connect the price discovery process to their farming business."
Several area farmers took part in a recent Iowa Farm Bureau Federation-sponsored trip to Chicago to observe commodity trading at the Chicago Board of Trade. Those attending included Brian Borcherding, Franklin County; Mike Borcherding, Frankline County; Kourtney and Nicole Nachazel, Hamilton County; Jeremy and Christa Nichols, Hamilton County and Aaron and Laurel Newell, Webster County.
Phil Kading is a 32-year-old farmer from Adair who took the trip with his wife, Leanne. ""I really found it (the trip) as a good networking tool to better my business," said Kading.
Local participants on the trip included Brian Borcherding of Franklin County; Mike Borcherding of Franklin County; Kourtney and Nicole Nachazel of Hamilton County; Jeremy and Christa Nichols of Hamilton County; and Aaron and Laurel Newell of Webster County.