YJB graduate in 1976, now expert in commodity futures markets
What do motorcycles, snowmobiles, racing cars, farm machinery and rogue cows have to do with the commodity futures market?
For University of Illinois agricultural economist Scott Irwin – everything. Irwin realized that his risk-taking adventures while growing up on an Iowa farm near Bagley could be used as parables to illustrate and teach market principles. His new book “Back to the Futures” was published in April 2023.
For University of Illinois agricultural economist Scott Irwin – everything. Irwin realized that his risk-taking adventures while growing up on an Iowa farm near Bagley could be used as parables to illustrate and teach market principles. His new book “Back to the Futures” was published in April 2023.
(Photo source www.scottirwin.com)
The Jefferson Public Library invites Scott Irwin to an author talk and book signing at the Jefferson Municipal Golf Course clubhouse on Saturday, February 10, at 3 p.m.
In the summer of 2023, Irwin visited the library while in Jefferson visiting his mother, Pauline Irwin. He donated a copy of his book to the library and, with library director Jane Millard, planned for him to give an author talk on one of his return visits. “We are thrilled to welcome Scott, who is an expert in the field of agricultural marketing and grew up so closely with Jefferson,” said Millard.
In his new book, Irwin explains why it's important to understand futures markets, whether it's grains, livestock or the biggest market of all – crude oil. These huge markets are at the heart of our economy and affect us all.
“I always wanted to explain the commodity futures market to the general public, but didn't know how to get them to get it on the first page,” says Irwin. “It’s a complex issue.”
Irwin was inspired by another author, Michael Lewis, who used a format in which he shared 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 to a personal story, I could keep a book interesting and exciting,” says Irwin.
Working on the book took five years. Irwin and his friend Doug Peterson worked together to write the book. Peterson interviewed Irwin for two years as he recounted stories of his youth growing up on a farm in Iowa. The two then worked together with the transcripts to put the information into an easy-to-read and entertaining format.
Irwin opens the book and remembers a near-death experience. He was hit by a van when he was just 9 years old. The irony was that it happened in front of one of his favorite places – the grain silo.
“I always enjoyed going to the grain elevator with my dad. It was like the local coffee shop in our farm town in Iowa,” Irwin says. “It was a meeting place for farmers to drink coffee and share stories. I have always been fascinated by markets and loved them from a young age. I enjoyed returning to a seemingly secret room where the ticker tape was located. Commodity markets began with the grain elevator.”
Back to the Futures lays the foundation for understanding what a commodity is, the basics of how a commodity futures market works, and the role that hedgers and speculators play in the system. In addition to Irwin's expertise, he also shares insights from CME Group CEO Terry Duffy and Leo Melamed, who brought electronic trading to market.
“The main reason for writing this book was that I wanted to provide a fun and entertaining way to learn about commodity futures markets,” says Irwin. “But on a deeper level, I want people to understand the importance of markets not just to the agricultural industry, but to our entire economy.”
Dr. Irwin holds the Laurence J. Norton Chair in 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 economics 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 agricultural economist with the most followers worldwide. He is best known for his work on commodity speculation and biofuels. Additionally, 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 graduated from Yale-Jamaica-Bagley High School in 1976. In addition to his memories of time spent at the local grain elevator, he has fond memories of going to the movies, the pool and library in Jefferson, and attending the Greene County Fair and stock car racing.
“Another local connection to Jefferson’s past was discovered when Scott visited the library,” Millard added. “Some may remember his mother’s aunt, Nellie Hopper, who was director of the Jefferson Public Library from 1920 to 1946.”
The public is welcome to participate in this program. The golf clubhouse is wheelchair accessible and refreshments are served. Irwin will be happy to sign copies of his new book, Back to the Futures, which will be available for purchase following the program.
Comments are closed.