YJB 1976 graduate now expert on commodity futures markets
What do motorcycles, snowmobiles, race cars, farm equipment, and renegade cows have to do with the commodity futures market?
For Scott Irwin, University of Illinois Ag Economist – everything. Irwin realized his risk-taking adventures growing up on an Iowa farm near Bagley could be used as parables to illustrate and teach about market principles. His new book, Back to the Futures, was published in April 2023.
For Scott Irwin, University of Illinois Ag Economist – everything. Irwin realized his risk-taking adventures growing up on an Iowa farm near Bagley could be used as parables to illustrate and teach about market principles. His new book, Back to the Futures, was published in April 2023.
(Photo source www.scottirwin.com)
The Jefferson Public Library is hosting Scott Irwin for an author talk and book signing Saturday, Feb. 10, at 3 pm at the Jefferson Municipal Golf Course clubhouse.
In the summer of 2023, Irwin visited the library while he was in Jefferson visiting his mother Pauline Irwin. He donated a copy of his book to the library and he and library director Jane Millard made plans for him to give an author talk on one of his return visits. “We are so pleased to host Scott, who is an expert in the field of ag marketing and grew up so close to Jefferson,” said Millard.
In his new book, Irwin explains why it’s essential to understand futures markets, whether you’re talking about grain, cattle, or the largest market of them all – crude oil. These massive markets lie at the heart of our economy and affect us all.
“I’ve always wanted to explain the commodity futures market to the general public, but didn’t know how to get them to open up to the first page,” Irwin says. “It’s a complex topic.”
Irwin was inspired by another writer, Michael Lewis, who used a format of sharing personal stories while explaining more technical topics. “I knew I had enough crazy stories in my life that if I could personalize the concepts of futures markets by relating them back to a personal story, I could keep a book interesting and moving along,” Irwin says.
The book was five years in the making. Irwin and his friend Doug Peterson worked together to write the book. Peterson interviewed Irwin for two years as he recounted stories from his youth while growing up on an Iowa farm. The two then worked with the transcripts to write the information into an easy-to-read and entertaining format.
Irwin opens the book recalling a near-death experience. He was hit by a delivery truck at just 9 years old. The irony was it happened in front of one of his favorite places to visit – the grain elevator.
“I always enjoyed going to the grain elevator with my dad. It was like the local coffee shop in our Iowa farm town,” Irwin says. “It was a gathering place for farmers to drink coffee and swap stories. I was always fascinated by the markets and was hooked from a young age. I enjoyed going back into what seemed like a secret room where the ticker tape was. The grain elevator was where the commodity markets begin.”
Back to the Futures lays the foundation for understanding what a commodity is, the basics of how a commodity futures market operates, and the roles hedgers and speculators play in the system. In addition to Irwin’s expertise, he also shares insights from Terry Duffy, CEO of the CME Group, and Leo Melamed, who brought electronic trading to the market.
“The number one reason for writing this book was that I wanted to provide a fun and entertaining way to learn about commodities futures markets,” Irwin says. “But on a deeper level, I want people to understand the importance of the markets to not only the ag industry, but also to our entire economy.”
Dr. Irwin holds the Laurence J. Norton Chair of Agricultural Marketing in the Department of Agricultural and Consumer Economics at the University of Illinois at Urbana-Champaign. He earned a bachelor’s degree in agricultural business from Iowa State University and both a master’s degree and a Ph.D. in agricultural economics from Purdue University.
Irwin is a global thought leader in the field of agricultural economics. His research on commodity markets is widely cited by other academic researchers and is in high demand among farmers, market analysts, traders, and policymakers. He is regularly interviewed by leading media outlets such as The Wall Street Journal, New York Times, Washington Post, Financial Times, Bloomberg, National Public Radio, Farm Journal, and Successful Farming.
With more than 40,000 followers on social media, Dr. Irwin is the most followed agricultural economist worldwide. He is best known for his work on commodity speculation and biofuels. In addition, his vision and leadership are a driving force behind innovative agricultural extension programs, including the award-winning farmdoc project, known as the “Wall Street Journal of ag business.”
Irwin is a 1976 graduate of Yale-Jamaica-Bagley High School. In addition to his memories of time spent at the local grain elevator, he fondly remembers going to the movies, the swimming pool, and the library in Jefferson, and going to the Greene County Fair and the stock car races.
“Another local connection to Jefferson’s past was discovered when Scott visited the library,” added Millard. “Some may remember his mother’s aunt Nellie Hopper, who was director of the Jefferson public library from 1920 to 1946.”
The public is invited to attend this program. The golf clubhouse is handicap accessible and refreshments will be served. Irwin will be glad to sign copies of his new book Back to the Futures, available for purchase following the program.
