Meet Rich Morrison: Spring Update Meeting Featured Speaker
The 2018 Spring Update Meetings are an opportunity for us to provide farmers with information regarding:
- 2018 market outlook
- Updates on crop insurance and the Farm Program
- Building a risk management plan that focuses on locking in a profit
- Strategies geared toward protecting your revenue and preserving your equity
One of the men spearheading these meetings is Rich Morrison. Senior Risk Analyst at Diversified Services Marketing Group, Rich has spent nearly 30 years in the grain industry and currently provides marketing information and risk management advice to grain growers across the nation.
In anticipation of the Spring Meetings, we sat down with Rich to gain some insight into his background, expertise, and passion for helping farmers reach their full potentials of success:
Ihry Insurance: Where did you grow up and how did farming influence your life?
Rich: I grew up on a corn & soybean farm in east-central Illinois. My summer job every year into college was walking beans, so I go to know every acre of our family’s farm very well. I remain very attached to our farm to this day, and I understand how all farmers feel that way about their farms.
Ihry Insurance: How, and when, did you know you wanted to pursue a life dedicated to helping farmers succeed?
Rich: I attended a seminar, during my junior year of high school, on hedging. While I wasn’t as excited about the mechanical side of farming, I was very intrigued by the business/marketing side.
Ihry Insurance: How has the grain industry changed since you were a child?
Rich: The volatility in commodity futures is much greater today than 40 years ago. Back then, a penny move was a big deal!
Ihry Insurance: Can you tell us more about your history in the grain industry and how that experience has influenced the work you are doing today?
Rich: I’ve worked as a buyer and a trader for an exporting company, as well as a buyer and logistics specialist for a processor. So I’ve got to see about every way that grain can move within the US.
Ihry Insurance: Why are crop insurance and risk management so crucial to the success and profitability of a farmer?
Rich: Crop insurance provides a “worst case scenario” for farmers. But crop insurance also gives farmers a guaranteed amount of bushels. We encourage farmers to market those guaranteed bushels when/if the market provides an opportunity to lock in a profit.
Ihry Insurance: Could you provide a little more information on the topics you will be covering at the Grower’s Meeting?
Rich: I’ll spend quite a bit of time explaining how to market grain in on-farm storage. I don’t anticipate large changes in market prices in the year ahead, but there will still be opportunities that educated producers will be able to take advantage of.
If you are interested in hearing from Rich, gaining insight into these important topics, and conversing with fellow farmers in the region, register now.