Joe Mencer Named 2022 Cotton Marketer of the Year
January 23, 2023 
Joe Mencer (left) receives the 2022 Joseph J. O’Neill Cotton Marketer of the Year award from Dr. O.A. Cleveland. (Photo: Jim Steadman)
Joe Mencer, a third-generation farmer from Lake Village, AR, has been working the family land since he was old enough to drive the farm equipment. He started farming on his own in 1979 with 125 acres of rice on his father and uncle’s land.
Today, his farming operation — a partnership with his wife and two sons — covers some 7,000 acres, including 2,000 acres in cotton, 1,000 in corn, 2,000 in rice, and 2,000 in soybeans.
That level of diversification requires a special level of attention. That’s also reflected in Mencer’s marketing efforts, which were successful enough to earn him the 2022 Joseph J. O’Neill Cotton Marketer of the Year award presented by ICE Futures (formerly the New York Cotton Exchange) and BASF.
“Best Crop We’ve Ever Had”
When it comes to marketing cotton, Mencer works with Paul Steinle at P.J.S Inc., a broker service in Lake Village — a relationship that goes back to Mencer’s and Steinle’s fathers.
“We do target orders,” he says. “We put in a price, and Paul watches the market. He contacts us when the price gets close, and we call trigger when it’s time. We also put in some firm orders, then just watch the market. If we think we have a good crop coming, we may put in some more target orders. Then, at the end of the year, we’ll see how much cotton we have left to sell and figure out where we want to be with it.”
With cotton prices fluctuating throughout 2022, Mencer says he sold a lot of cotton early at $1.15 through target orders just before the market dropped. That was also about the time he noticed a really good cotton crop taking shape on the farm. “The best we’ve ever had,” he says. As prices rebounded a bit, they had target orders in hand ready to take advantage of opportunities.
“I don’t do hedging very much because I don’t consider myself to be very good at it,” Mencer admits. “It seems like we do a better job selling to cash markets.”
Sharing Responsibilities
Mencer’s two sons are now assuming larger roles in the farm operation. Oldest son William went to law school before returning to the farm. He now manages all the legal paperwork, record keeping, and the H-2A visa process among other tasks. Younger son Joseph is showing a knack for marketing and works closely with Mencer and Steinle on buying strategies.
Mencer also credits some Stoneville varieties that are a good fit for their location and soil types and the BASF e3 Cotton program for part of their success.
“We’ve been in the e3 Cotton program for several years now,” he says. “They’re taking that cotton that’s getting excellent grades — we’re getting 56- to 57-cent loan values and a nickel a pound premium — and they’re able to custom market that out to mills that want high-quality cotton. That’s pretty good.”
Mencer likes the transparency taking shape between the farm and the finished product, even to the point of discovering that some of his cotton through the e3 program went into making the tee shirts for rock band Coldplay’s recent tour.
“I haven’t seen my shirt from them yet,” he laughs. “But the thought of it is pretty cool.”
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