Buy! Sell! Trade! We've all made bad marketing decisions... or been left with regrets on a selling choice. Now you'll have a chance to practice, at no expense to you. The 2012 ILFB Commodity Challenge lets you trade commodities on the cash, futures, and options markets... without losing a dime! What you do gain is knowledge... to better understand the mechanics of pricing crops in today's fast-paced agricultural world.
You can trade corn and soybeans on the cash, futures and options markets. Storage costs accrue at four cents, per bushel, per month. Cash prices are based on the same grain elevator's daily bids. You make decisions like how to manage price risk, and determine the best way to sell. Should you sell to a local cash market? Or will you use futures contracts to establish a price for delivery later in the year. Will you use options contracts to establish a minimum price? The choice is yours.
Prizes are awarded to the top three winners in three divisions. Divisions include Overall, Young Leader, and Women. First prize in each division is an iPad. Second place nets a $250 Visa Card, and third place earns a $100 Visa Card.
The contest runs from January 1, 2012 to November 30, 2012. Registration is open through July 1, 2012. Winners will be determined by calculating the highest cumulative value of cash grain sales, hedging gain/loss, and option trade gains/losses for all commodities at the completion of the game November 30, 2012. Winners will be announced at IFB's 2012 Annual Meeting.
Employees of Illinois Farm Bureau, county Farm Bureaus, or any IFB affiliated company are not eligible for prizes but may still participate in the challenge.
To sign up and find out more about this fun, learning challenge at www.ilfb.org/challenge. McHenry County Farm Bureau will be tagging on to this contest and will offer prizes as well. To register for our contest simply email us (mcfbmgr@att.net) your contact information and the user name you selected for the contest. Additional information will be provided at an informational meeting on Tuesday, February, 14 (see related event).