Name: Reid and Reese Drenth
Hometown: Decorah, Iowa
Major and Graduation Date: Agricultural Business, May 2019
Favorite ISU Class:
Reese: My favorite class at Iowa State was Economics of Discrimination taught by Dr. Peter Orazem. From the job market to the marriage market, Dr. Orazem provided an insightful and entertaining look into how discrimination impacts market participants all around the world.
Reid: I had a couple of favorite courses while I was at Iowa State. First was Econ 235 taught by Dr. Gil DePaula. In this class we learned the basics of futures, cash, basis, and options. Secondly, Econ 337 with Dr. Chad Hart and Dr. Lee Schulz where we applied the concepts from Econ 235 to real world scenarios. I still use the knowledge from these two courses in my career every day and found a lot of value in the industry reps that the professors lined up to come speak to our classes as well. Both courses motivated me to pursue a career in grain merchandising.
Job Title & Company:
Reese: Grain Merchandiser, Landus
Reid: Merchandiser, Archer Daniels Midland (ADM)
Major Job/Position Responsibilities:
Reese: At Landus, I along with my colleagues, manage a grain position in excess of 200 million bushels. There are three main responsibilities I’m directly involved in to maximize its potential: procurement, risk management, and marketing. Each involves a great deal of attention to detail and can make or break our P&L. Every day I work with grain originators, CBOT futures, calendar spreads, and grain traders throughout the country to mitigate risk and generate revenue.
Reid: I currently work for ADM in our trading office in Minneapolis, MN. I am in our corn and bean rail group where I buy and sell shuttle and small trains as well as work with grain elevator customers on train logistics and timings. The grain moves into the PNW export market, Canada, Mexico, and other domestic markets within the US. I also use futures and spreads to manage risk and add value to our positions.
What do you like most about your job/position?
Reese: My favorite part is that each day brings a new challenge. Whether it’s crop growing conditions, geopolitical turmoil, or government policy, there are so many factors that impact grain trade flows. Each factor provides risk and opportunity which creates an exciting environment to grow my career.
Reid: I like that every day is different and brings a new challenge. The export environment is very fast-paced and competitive, which I enjoy as well. One of the most rewarding aspects of my job is that I can visualize and create my own market opinions based on what I see happening in the world and domestic supply and demand. I use that information to help my customers make better marketing decisions and create meaningful business relationships with them.
What advice would you give to current students pursuing a career in Agriculture and Life Sciences?
Reese & Reid: Take advantage of participating in as many industry events as you can. The College of Agriculture and Life Sciences does a phenomenal job of lining up industry reps to meet with students. These visits lead to building relationships and knowledge that will help with the next steps of your career and can lead to future employment. The Ag industry is very small and is a relationship-driven business. Enjoy your time building relationships with your classmates and be involved as much as you can, you never know who you’ll end up working for or with down the road.