Overview
The dairy business is inherently volatile. Markets swing as often as the weather changes, and disruption—from global pandemics and widespread disasters to government action—has become the new norm. However, with the right risk management tools and strategies, any farm or food business can make data-driven decisions to mitigate their market risk exposure, take advantage of favorable market prices, and be better prepared to survive adverse market prices.
The Dairy Risk Management Academy is a brand new risk management conference for all professionals in and around the dairy industry. Whether you’ve never hedged your prices before or you are a market veteran, this conference has learning opportunities and inspiration for you.
The Dairy Risk Management Academy will take place virtually, May 18-20, for two hours a day over the course of three days to integrate with your busy work schedule. The experts at StoneX and IDFA will be available throughout the three days to help you understand key market concepts and considerations.
Attendees can earn up to five (5) CPE credits. For information regarding receiving NASBA CPE credits for this program, please contact Dustin Winston at Dustin.Winston@StoneX.com.
Co-hosted by:
Agenda
| May 18, 2021 | Event | Speaker | Location |
|---|---|---|---|
| 1:00pm - 1:10pm |
Opening Remarks and Introductions
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Speakers: Kyle Schrad, Risk Management Consultant, StoneX Financial Inc. – FCM Division
Tom Wojno, Senior Vice President of Innovation and Member Advancement, International Dairy Foods Association |
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| 1:10pm - 1:50pm |
Futures & Hedging Basics
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• Importance of Price Risk Management
• Key Market Terminology • Margin – Financial Integrity of Dairy Futures • The “True Hedge” Concept with Dairy Consumer Application Speaker: Richard Jelinek, Vice President - Global Education, StoneX Financial Inc. – FCM Division |
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| 2:00pm - 2:10pm |
Break
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| 2:10pm - 3:00pm |
The Perfect Pie; Working Session
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A practical example of how to utilize futures to hedge the ingredients needed to produce a pizza.
Speakers: Kyle Schrad, Risk Management Consultant, StoneX Financial Inc. – FCM Division Dustin Winston, Commodity Finance Analyst, StoneX Financial Inc. – FCM Division |
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| May 19, 2021 | Event | Speaker | Location |
| 1:00pm - 1:50pm |
Introduction to Options
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• Terminology & Concepts
• Option Pricing
• “Love to Lose” Consumer Dairy Application
Speaker: Jared Morgan, Director - Global Education, StoneX Financial Inc. – FCM Division |
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| 1:50pm - 2:00pm |
Break
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| 2:00pm - 2:50pm |
Interactive Options Session
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Participate in a working session that explores how Options can be used to hedge.
Speaker: Dustin Winston, Commodity Finance Analyst, StoneX Financial Inc. – FCM Division |
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| May 20, 2021 | Event | Speaker | Location |
| 1:00pm - 1:50pm |
Fundamentals of Milk Market
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• What are the major supply and demand drivers for dairy?
• What are the Federal Milk Marketing Orders and how do they determine prices?
• Outlook for dairy supply, demand and prices
Speaker: Nate Donnay, Director of Dairy Market Insight, StoneX Financial Inc. – FCM Division |
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| 1:50pm - 2:00pm |
Break
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| 2:00pm - 2:50pm |
Panel with Industry Participants
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Learn from industry experts as they cover your most asked questions about the markets and risk management.
Speakers: Marcus Angwin, Trade Director - Americas, Pure Dairy Nate Donnay, Director of Dairy Market Insight, StoneX Financial Inc. – FCM Division Francis O’Connor, Director of Dairy Sourcing and Risk Management, Land O’Lakes Inc. Kyle Schrad, Risk Management Consultant, StoneX Financial Inc. – FCM Division |
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Opening Remarks and Introductions
Tom Wojno, Senior Vice President of Innovation and Member Advancement, International Dairy Foods Association
Kyle Schrad
Kyle Schrad, Vice President Global Dairy & Food Operations with StoneX Financial Inc., has extensive experience as an agricultural producer, having owned and operated a 500-acre corn and soybean farm in southern Minnesota since he was 18 years old. He also spent many years working on his father’s 4,500-acre corn and soybean operation. He joined FCStone’s Minneapolis office in January 2007 as a risk-management consultant, working with grain elevators in North Dakota, South Dakota, and Minnesota. In June, 2008, he joined StoneX's dairy group in Chicago where he has worked with producers, co-ops, processors and commercial end users for the past 10 years.
Thomas Wojno
As IDFA's Chief Operating Officer and Senior Vice President of Innovation and Member Advancement, Thomas Wojno is responsible for identifying and implementing innovative strategies to enhance IDFA services, expand its diverse membership and develop new opportunities for growth.
Prior to joining IDFA, Wojno served as vice president of member value and strategy for the National Restaurant Association. During his tenure, NRA’s membership grew by 300 percent in three years and increased the association’s member retention rate from 83 percent to 94 percent.
Wojno also served as vice president of resource development for America’s Promise, an alliance organization built by General Colin Powell to support better outcomes in education, and as director of corporate relations with the U.S. Chamber of Commerce. Wojno began his career in business development at Bloomberg LP.
Wojno received a bachelor’s degree in business and organizational communication from Fairfield University in Fairfield, Connecticut. Wojno was the recipient of the 2016 Association Innovators awards, given by DC Live to those leaders driving growth and change in their respective associations and industries. See LinkedIn profile.
Futures & Hedging Basics
• Key Market Terminology
• Margin – Financial Integrity of Dairy Futures
• The “True Hedge” Concept with Dairy Consumer Application
Speaker: Richard Jelinek, Vice President - Global Education, StoneX Financial Inc. – FCM Division
Richard Jelinek
Richard Jelinek has been Vice President of Global Education at StoneX Financial Inc. since 2015. His primary responsibility is the development of price risk management education programs and materials on Futures, Options and OTC markets. Richard’s professional tenure includes 34 years at the Chicago Board of Trade and CME Group, where he focused on global price risk management training. His audiences include commercial customers, lenders, academics and governments. He also served as an Adjunct Professor in the English as a Second Language Department at Moraine Valley College. Mr. Jelinek’s professional career was preceded by a four-year tour in the United States Navy.
The Perfect Pie; Working Session
Speakers: Kyle Schrad, Risk Management Consultant, StoneX Financial Inc. – FCM Division
Dustin Winston, Commodity Finance Analyst, StoneX Financial Inc. – FCM Division
Kyle Schrad
Kyle Schrad, Vice President Global Dairy & Food Operations with StoneX Financial Inc., has extensive experience as an agricultural producer, having owned and operated a 500-acre corn and soybean farm in southern Minnesota since he was 18 years old. He also spent many years working on his father’s 4,500-acre corn and soybean operation. He joined FCStone’s Minneapolis office in January 2007 as a risk-management consultant, working with grain elevators in North Dakota, South Dakota, and Minnesota. In June, 2008, he joined StoneX's dairy group in Chicago where he has worked with producers, co-ops, processors and commercial end users for the past 10 years.
Dustin Winston
Dustin Winston is an Idaho native, graduating from the University of Idaho with degrees in Finance and Agricultural Economics. After finding a passion for commodity markets through his education in the Barker Capital Risk management program at the University of Idaho Dustin began to focus on the dairy industry. Since joining StoneX Financial Inc. in 2019, Dustin has served as a Commodity Analyst supporting the EDGE-X (Enterprise-level Dairy, Grains, Energy) team through quality market intelligence materials in the dairy and livestock markets. Dustin’s experience in the dairy and livestock markets as well as a background in analytics contribute to the support that StoneX is able to provide for its customers. Dustin leads the Continuing Education Credit initiative at StoneX. Dustin works directly with many agricultural organizations including publishing for Idaho Dairymen’s Association and Cheese Market News, and helping to educate students on market fundamentals through presentations at land-grant institutions.
Introduction to Options
Speaker: Jared Morgan, Director - Global Education, StoneX Financial Inc. – FCM Division
Jared Morgan
Jared Morgan is currently an Education Specialist for the FCM Division of StoneX Financial Inc. Jared draws from his education as well as personal experience in both crop and livestock production to develop and deliver educational programs on managing price risk using cash, futures, options, and OTC markets.
Interactive Options Session
Speaker: Dustin Winston, Commodity Finance Analyst, StoneX Financial Inc. – FCM Division
Dustin Winston
Dustin Winston is an Idaho native, graduating from the University of Idaho with degrees in Finance and Agricultural Economics. After finding a passion for commodity markets through his education in the Barker Capital Risk management program at the University of Idaho Dustin began to focus on the dairy industry. Since joining StoneX Financial Inc. in 2019, Dustin has served as a Commodity Analyst supporting the EDGE-X (Enterprise-level Dairy, Grains, Energy) team through quality market intelligence materials in the dairy and livestock markets. Dustin’s experience in the dairy and livestock markets as well as a background in analytics contribute to the support that StoneX is able to provide for its customers. Dustin leads the Continuing Education Credit initiative at StoneX. Dustin works directly with many agricultural organizations including publishing for Idaho Dairymen’s Association and Cheese Market News, and helping to educate students on market fundamentals through presentations at land-grant institutions.
Fundamentals of Milk Market
Speaker: Nate Donnay, Director of Dairy Market Insight, StoneX Financial Inc. – FCM Division
Nate Donnay
Nate Donnay is the Director of Dairy Market Insight at StoneX Financial Inc. and has been applying his expertise in large complicated systems and statistical analysis to the international and U.S. dairy markets since 2005. As a consultant, he has worked with clients at all levels of the dairy marketing chain from the farm level up to processors and packaged foods companies, food distributors and restaurants, as well as related industries such as banks, private equity groups, government agencies, and industry associations. Through ongoing reports or one-off client-specific projects, he helps them understand the short- and long-term trends and the underlying relationships driving the market and what that means to their businesses.
Panel with Industry Participants
Speakers: Marcus Angwin, Trade Director - Americas, Pure Dairy
Nate Donnay, Director of Dairy Market Insight, StoneX Financial Inc. – FCM Division
Francis O’Connor, Director of Dairy Sourcing and Risk Management, Land O’Lakes Inc.
Kyle Schrad, Risk Management Consultant, StoneX Financial Inc. – FCM Division
Nate Donnay
Nate Donnay is the Director of Dairy Market Insight at StoneX Financial Inc. and has been applying his expertise in large complicated systems and statistical analysis to the international and U.S. dairy markets since 2005. As a consultant, he has worked with clients at all levels of the dairy marketing chain from the farm level up to processors and packaged foods companies, food distributors and restaurants, as well as related industries such as banks, private equity groups, government agencies, and industry associations. Through ongoing reports or one-off client-specific projects, he helps them understand the short- and long-term trends and the underlying relationships driving the market and what that means to their businesses.
Kyle Schrad
Kyle Schrad, Vice President Global Dairy & Food Operations with StoneX Financial Inc., has extensive experience as an agricultural producer, having owned and operated a 500-acre corn and soybean farm in southern Minnesota since he was 18 years old. He also spent many years working on his father’s 4,500-acre corn and soybean operation. He joined FCStone’s Minneapolis office in January 2007 as a risk-management consultant, working with grain elevators in North Dakota, South Dakota, and Minnesota. In June, 2008, he joined StoneX's dairy group in Chicago where he has worked with producers, co-ops, processors and commercial end users for the past 10 years.
Marcus Angwin
Having lived and worked in both Australia and Europe, Marcus joined Pure Dairy’s Memphis office in 2019 as our Trade Director in the Americas. Marcus has over 20 years’ experience in the global dairy industry, developing an expertise in the areas of origination, sales, research and risk management throughout his career. He has worked as a Senior Trader, Manager of Market Development and in a variety of sales and account management roles across a number of global agriculture and food businesses. Marcus’ rich history in dairy, across multiple enterprises and business departments, has given him a unique, holistic perspective of the industry, allowing him to consistently deliver the very best results for clients trading in the Americas.
When he is not working he can be found exploring the great outdoors and spending time with his family.
Francis O’Connor
Francis O’Connor is the Director of Dairy Sourcing and Risk Management for Land O’Lakes. He leads procurement and risk management for all sourced inputs to Land O’Lakes dairy products including butterfat, cheese, powders, milk, and value-added ingredients as well as risk management for all finished goods. Prior to this role, Francis led Land O’Lakes butterfat sourcing and risk management activities. Prior to Land O’Lakes, Francis spent 13 years as a management consultant focused on Procurement and Mergers & Acquisitions for Fortune 500, private equity and midmarket companies. He has spent time based in the US, China and England. Francis holds a bachelor’s degree in business administration from the University of Notre Dame.
All times Eastern
Registration fees are based on your company's IDFA membership status. For more information about membership, please email membership@idfa.org.
Member: $399
Non-Member: $499
Questions: Please contact IDFA at (202) 737-4332 or registrar@idfa.org.
Registration Assistance: Katie.Springer@StoneX.com
NASBA CPE Credit Questions: Dustin.Winston@StoneX.com
Speakers
Marcus Angwin
Trade Director - Americas, Pure Dairy
Marcus Angwin
Having lived and worked in both Australia and Europe, Marcus joined Pure Dairy’s Memphis office in 2019 as our Trade Director in the Americas. Marcus has over 20 years’ experience in the global dairy industry, developing an expertise in the areas of origination, sales, research and risk management throughout his career. He has worked as a Senior Trader, Manager of Market Development and in a variety of sales and account management roles across a number of global agriculture and food businesses. Marcus’ rich history in dairy, across multiple enterprises and business departments, has given him a unique, holistic perspective of the industry, allowing him to consistently deliver the very best results for clients trading in the Americas.
When he is not working he can be found exploring the great outdoors and spending time with his family.
Nate Donnay
Director of Dairy Market Insight, StoneX Financial Inc. – FCM Division
Nate Donnay
Nate Donnay is the Director of Dairy Market Insight at StoneX Financial Inc. and has been applying his expertise in large complicated systems and statistical analysis to the international and U.S. dairy markets since 2005. As a consultant, he has worked with clients at all levels of the dairy marketing chain from the farm level up to processors and packaged foods companies, food distributors and restaurants, as well as related industries such as banks, private equity groups, government agencies, and industry associations. Through ongoing reports or one-off client-specific projects, he helps them understand the short- and long-term trends and the underlying relationships driving the market and what that means to their businesses.
Richard Jelinek
Vice President - Global Education, StoneX Financial Inc. – FCM Division
Richard Jelinek
Richard Jelinek has been Vice President of Global Education at StoneX Financial Inc. since 2015. His primary responsibility is the development of price risk management education programs and materials on Futures, Options and OTC markets. Richard’s professional tenure includes 34 years at the Chicago Board of Trade and CME Group, where he focused on global price risk management training. His audiences include commercial customers, lenders, academics and governments. He also served as an Adjunct Professor in the English as a Second Language Department at Moraine Valley College. Mr. Jelinek’s professional career was preceded by a four-year tour in the United States Navy.
Jared Morgan
Director- Global Education, StoneX Financial Inc. – FCM Division
Jared Morgan
Jared Morgan is currently an Education Specialist for the FCM Division of StoneX Financial Inc. Jared draws from his education as well as personal experience in both crop and livestock production to develop and deliver educational programs on managing price risk using cash, futures, options, and OTC markets.
Francis O’Connor
Director, Dairy Sourcing and Risk Management, Land O’Lakes
Francis O’Connor
Francis O’Connor is the Director of Dairy Sourcing and Risk Management for Land O’Lakes. He leads procurement and risk management for all sourced inputs to Land O’Lakes dairy products including butterfat, cheese, powders, milk, and value-added ingredients as well as risk management for all finished goods. Prior to this role, Francis led Land O’Lakes butterfat sourcing and risk management activities. Prior to Land O’Lakes, Francis spent 13 years as a management consultant focused on Procurement and Mergers & Acquisitions for Fortune 500, private equity and midmarket companies. He has spent time based in the US, China and England. Francis holds a bachelor’s degree in business administration from the University of Notre Dame.
Kyle Schrad
Vice President, Global Dairy & Food Operations, StoneX Financial Inc. – FCM Division
Kyle Schrad
Kyle Schrad, Vice President Global Dairy & Food Operations with StoneX Financial Inc., has extensive experience as an agricultural producer, having owned and operated a 500-acre corn and soybean farm in southern Minnesota since he was 18 years old. He also spent many years working on his father’s 4,500-acre corn and soybean operation. He joined FCStone’s Minneapolis office in January 2007 as a risk-management consultant, working with grain elevators in North Dakota, South Dakota, and Minnesota. In June, 2008, he joined StoneX's dairy group in Chicago where he has worked with producers, co-ops, processors and commercial end users for the past 10 years.
Dustin Winston
Commodity Finance Analyst, StoneX Financial Inc. – FCM Division
Dustin Winston
Dustin Winston is an Idaho native, graduating from the University of Idaho with degrees in Finance and Agricultural Economics. After finding a passion for commodity markets through his education in the Barker Capital Risk management program at the University of Idaho Dustin began to focus on the dairy industry. Since joining StoneX Financial Inc. in 2019, Dustin has served as a Commodity Analyst supporting the EDGE-X (Enterprise-level Dairy, Grains, Energy) team through quality market intelligence materials in the dairy and livestock markets. Dustin’s experience in the dairy and livestock markets as well as a background in analytics contribute to the support that StoneX is able to provide for its customers. Dustin leads the Continuing Education Credit initiative at StoneX. Dustin works directly with many agricultural organizations including publishing for Idaho Dairymen’s Association and Cheese Market News, and helping to educate students on market fundamentals through presentations at land-grant institutions.
Thomas Wojno
Chief Operating Officer & Senior Vice President of Innovation and Member Advancement
Thomas Wojno
As IDFA's Chief Operating Officer and Senior Vice President of Innovation and Member Advancement, Thomas Wojno is responsible for identifying and implementing innovative strategies to enhance IDFA services, expand its diverse membership and develop new opportunities for growth.
Prior to joining IDFA, Wojno served as vice president of member value and strategy for the National Restaurant Association. During his tenure, NRA’s membership grew by 300 percent in three years and increased the association’s member retention rate from 83 percent to 94 percent.
Wojno also served as vice president of resource development for America’s Promise, an alliance organization built by General Colin Powell to support better outcomes in education, and as director of corporate relations with the U.S. Chamber of Commerce. Wojno began his career in business development at Bloomberg LP.
Wojno received a bachelor’s degree in business and organizational communication from Fairfield University in Fairfield, Connecticut. Wojno was the recipient of the 2016 Association Innovators awards, given by DC Live to those leaders driving growth and change in their respective associations and industries. See LinkedIn profile.