AGB 235 - Introduction to Agriculture Markets
Last Date of Approval: 2021
3 Credits
Total Lecture Hours: 45
Total Lab Hours: 0
Total Clinical Hours: 0
Total Work-Based Experience Hours: 0
Course Description:
This course covers basic concepts and economic principles related to markets for agricultural products from the farm to the consumer’s table. The course applies basic economic principles to analyze current issues in agricultural marketing. The course includes an overview of (1) markets for agricultural inputs and products, (2) farm and retail price behavior, (3) food marketing channels, and (4) hedging and futures markets. This course will provide students with hands-on marketing opportunities through Commodity Challenge Marketing Simulation and critical thinking skills pertaining to marketing grain from the college farm. Understanding and implementing different grain marketing strategies is critical to success for anyone involve in marketing agricultural commodities.
Prerequisites/Corequisites: None
Mode(s) of Instruction: traditional/face-to-face
Credit for Prior Learning: There are no Credit for Prior Learning opportunities for this course.
Course Fees: None
Student Learning Outcomes and Objectives:
Student Learning Outcomes:
1. Understand the functions performed by the agricultural and food marketing system.
2. Interpret market behavior of producers, agribusiness, and marketing and predict the likely effect of various marketing system changes.
3. Examine the basic workings of futures and options markets and their role in risk management and in speculation.
Course Objectives:
1. Agricultural Marketing System Introduction
2. Market Structure and Competition
3. Structure of Agribusiness Markets
4. Price Determination - Agricultural Supply
5. Marketing Margins - Farm to Retail
6. Distinguishing Supply & Demand Shifters
7. Elasticity, Flexibility
8. The International Market
9. Pricing & Exchange Systems
10. Qualities, Grades, & Branding
11. Ag Marketing & Procurement Channels
12. Processor, wholesale, retail and food
13. Futures introduction & basics
14. Futures and cash market
15. Using futures for hedging and speculation
16. Futures and risk management
17. Options Introduction
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