continued from previous storyexplains. “You also need to know your cash flow needs so you don’t get stuck having to dump grain to pay a bill.”
Larry Martin, who teaches a course in commodity risk management for the George Morris Centre in Guelph advises farmers to get educated on the basics of marketing, even if they are going to hire a professional. “People don’t tend to do very well at it themselves but even if they are going to hire someone, they should understand it,” Martin says.
Bancroft agrees with Martin on the importance of understanding the marketing tools and the pros, cons and risks of each. You also have to know your own risk tolerance and operate within those boundaries, he adds.
Maintaining an understanding of the marketplace on an ongoing basis will also help minimize stress levels, Bancroft says.
Part of the problem is that farmers are often afraid of selling too soon because of the fear that the price may still go higher. Martin offers some advice to help farmers sleep better at night. “If you get the opportunity to price something at a reasonable level, do it,” says Martin. “You know the old saying about a bird in the hand.”
Martin likes to call it a step program. “Lock in on some and then speculate on a smaller proportion,” he advises. “If the price goes higher, forward contract and buy call options to take advantage of the price increase.”
Bancroft advises farmers to ignore the coffee shop talk. Focus on your own goals and your own plan. Follow your plan and try not to look back afterwards and beat yourself up if you don’t get the absolute highest price, he says. But he also cautions that every plan needs to be flexible to adjust to changing market conditions.
Stress management means looking at what you do have control over and focusing on that, says Field, who encourages farmers not to worry about what others think.
After all, pride and independence are the biggest reasons why farmers don’t seek more help in dealing with stress and mental health, according to the 2005 survey.
Field also says there’s a tendency for men to withdraw and isolate themselves from those who care, but this further aggravates the situation by leading to family breakdown. Beverly Beuermann-King, a stress and wellness expert who grew up on a dairy farm near Seaforth, Ont., agrees with Field. “It’s healthier to reach out for support,” she says. “People need to know they aren’t the only ones going through stuff and it’s OK to talk about it.”
Spouses feel the stress too, warns Field. “They may have to stand by and watch what’s happening but have no control over the situation. They often lack support, too.” One thing spouses can do is to help make sure their partners are eating properly and watch for signs of trouble such as alcohol abuse, says Beuermann-King.
When looking for a counsellor, look for someone who understands your industry. This can be a non-judgmental place to discuss issues that you are grappling with, says Field. “A third person who’s objective can help you see your situation in a different way and perhaps see a new plan of attack.”
Unfortunately stress in farming will continue to play a big role for the forseeable future, so you will need to develop coping skills. “There’s so much volatility in the market these days,” says Martin. “I don’t think it will get better anytime soon.” CG