Commodity Markets

Relevant shortages of skills in the commodity markets area include market and price analysis, risk management, supply chain management, data analytics, and international trade and policy.

Predicated on the increased uncertainty in global economic and political conditions, these skills have become increasingly valuable for both public, academic, and private sector jobs. For example, a survey of grain merchandisers by Kliethermes, Parcell, and Franken (2011) showed that the ability to understand futures markets and basis is crucial knowledge for future employees. This paucity of professionals with commodity market expertise is exacerbated by the increasing numbers of agricultural economics graduates employed outside traditional agriculture sectors (Artz et al., 2014).

The demand for graduates with a solid practical understanding of commodity markets has grown even further with the development of new commodity-based financial investment instruments. Commercial and financial firms experience a rapidly expanding need for employees with experience in risk management, commodities, and financial derivatives. These skills are also crucial to the USDA’s Economic Research Service (ERS)’s ability “to anticipate trends and emerging issues in agriculture, food, the environment, and rural America and to conduct high quality, objective economic research to inform and enhance public and private decision making.”